What Are Short-term Personal Loan Options Available in India
Last updated: Feb 21, 2022, 05:54 AM ISTShort-term personal loans prove to be useful during financially challenging times. It is a preferred loan option due to its shorter repayment tenure. Being a short-term loan facility, the risk of defaulting on the loan account is rare. However, one feature to look after is a higher rate of interest as compared to the traditional secured loans that come with a longer repayment tenure. Short-term personal loans are the best option, which even a first-time borrower can avail for meeting various short-term needs like medical expenses, rent, etc. Payday loans and cash advances are types of short-term loans.
There are now various instant personal loan apps available through which one can easily avail of short-term loans from the comforts of their home or office. Just download the loan app from Google Play Store and get instant personal loans.
Features of Short-term Personal Loans
The features of short-term personal loans differ between lenders but some common features are stated below
- Collateral-free personal loan for both salaried and self-employed borrowers
- Loans available are as low as Rs.10,000 up to 2 lakhs
- 100% digitized loan application and approval process
- Hassle-free paperless loan documentation process and online KYC verification
- Flexible loan tenure can be chosen via the EMI calculator tool
- Loan once approved gets instantly credited to the borrower’s account within a business day
Digitization has led to the development of many new and credible online instant personal loan platforms which provide short-term personal loans for meeting immediate financial requirements. SimplyCash by Hero FinCorp is one of the popular instant cash loan apps in India offering short-term loans between Rs.50,000 to 1.5 lakhs at an affordable interest rate, starting from 2.08% per month.
SimplyCash, a venture by Hero FinCorp, is a user-friendly, fully digitized online instant personal loan app that helps with instant money to be used for a variety of purposes. Also, borrowers can know the EMI to be paid in advance via flexibly changing the variables in the EMI calculator, till a suitable EMI is derived.
How to apply for a short-term personal loan via SimplyCash?
- Get SimplyCash quick loan app installed from Google Play Store
- Register through your mobile number, and provide your email address
- A loan EMI calculator is made available that helps you customize your loan requirements
- Paperless KYC verification is the next step
- Verification of the registered bank account through net banking, retaining the security of data
- Instant loan approval with a few seconds of verification
- The loan amount gets transferred to your bank account in a business day
So, take a risk-free short-term loan via SimplyCash and pay at your convenience in a flexible tenure of 6 to 24 months.
Before applying for a short-term loan, it is important to identify as to which loan type whether the short-term or long-term will fulfil your financial need at that point in time. Getting a short-term personal loan is now easier than before. Simply download an instant loan app of your choice and proceed with the loan application as instructed.