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Short Term Loan

Short-term loan is just the right type of finance that supports urgent credit needs. From buying a new smart gadget to paying balance debts, a short-term loan can help to maintain a stable financial status. As compared to other loans, a short-term personal loan is taken for a shorter tenure usually for a year. Sudden cash requirements or balancing shortage of funds are primary reasons why borrowers rely on short term loans.

Since, the loan is taken for a shorter period, the EMI incurred is quite affordable and easy to repay. This makes a short-term loan much more viable than a long-term loan. You can apply for a short-term loan through various financial institutions via their credit websites, instant loan apps, customer care assistance or personally visiting the branch.

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Why Simply Cash for Short Term Loan?

Simply Cash is an instant personal loan app powered by Hero FinCorp. It is specifically designed to provide instant short-term loans between Rs. 50,000 to 1,50,000. The amount is easily available within minutes of approval. The procedure for availing instant short-term finance involves paperless documentation and real-time verification. Once verified and approved, disbursal is done within 24 hours.

Simply Cash personal loan app is a complete digitized instant loan platform. You can manage your loan account online and check important details like interest rate, EMIs and repayment tenure from anywhere at the tip of your finger. So, take a risk-free short-term loan via Simply Cash and pay at your convenience in a flexible tenure of 6 months to 2 years.

Use the in-built EMI calculator tool in the Simply Cash app to get the desired EMI on short term loans, based on the loan amount, interest and tenure.

Features and Benefits of Short Term Loan

Lesser loan tenure

A short-term loan is generally taken for up to 2 years and doesn’t linger for years giving a burden of repayment.

Loan Amount

Short term loan amount varies between Rs.15,000 to 1.5 lakhs, depending upon the loan provider. This is easy to repay when broken down into EMIs.

Loan Approval

The time taken for a short term loan is quick with minimal documentation whereas a long term loan with a higher amount requires more verification of the borrower’s creditworthiness and assets.

Open for All Borrowers

Short term loan is available even to those borrowers having low credit scores.

Collateral Free

Being an unsecured loan, no security or assets are required to be mortgaged against the loan.

Short Term Loan Eligibility and Required Documents

  • Whether the loan is for 50,000 or 1,50,000, borrowers should check the eligibility criteria before applying for short term loans. It is to ensure there are no cases of fraud:
  • 1

    Age criteria: Applicant should be between 21-58 years

  • 2

    Minimum monthly income for salaried: Applicant should at least earn a minimum amount of Rs.15,000 monthly

  • 3

    Minimum monthly income for self-employed: Minimum earning should be Rs.15,000 monthly and six months bank statement is compulsory

  • 4

    Income proof: 6 months bank statement of salaried or personal account

  • The online hassle-free documentation reduces the stress of physical loan application. Submission of mandatory documents or details for an instant short-term loan up to 1.5 lakh requires:
  • 5

    Aadhaar card is the first document when applying for short term loan

  • 6

    In the absence of Aadhar card, you can provide your Pan card/ driving license

  • 7

    Other important documents include your professional and financial details inclusive of salary slips and income statements>

  • 8

    Your account should be in any of the accepted banks as suggested by the financial institution

How to Apply for Short Term Loan

Simply Cash personal loan app is loaded with multiple features for instant loan on a short-term basis. The process of loan application is very easy, follow the steps below:

How to Apply for Short Term Loan
  • Install Simply Cash Instant loan app from Google Play Store

  • Register with basic details – mobile number and, email address

  • Set the desired EMI using the loan EMI calculator

  • Paperless verification of KYC details using a security code

  • Bank account verification through net banking; the credentials are never stored

  • Instant loan approved in minutes and transferred to the bank account

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Accepted Banks:

ICICI BANK LTD HDFC BANK LTD AXIS BANK IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK

EQUITAS SMALL FINANCE BANK LTD KOTAK MAHINDRA BANK LTD IDFC FIRST BANK LTD UJJIVAN SMALL FINANCE BANK LTD BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK RBL BANK LTD BANK OF MAHARASHTRA DEUTSCHE BANK AG PAYTM PAYMENTS BANK LTD CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD AU SMALL FINANCE BANK LTD CITI BANK BANDHAN BANK DHANALAXMI BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK JANA SMALL FINANCE BANK LTD UCO BANK

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