Lesser loan tenure
A short-term loan is generally taken for up to 3 years and doesn’t linger for years giving a burden of repayment.
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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.
Short-term loan is highly preferrable these days as the loan amount is not heavy and easily repaid in affordable EMIs. Short-term personal loan is an ideal risk-free loan made available to the borrowers for a shorter period only.
Easy Digital Process
Minimal Documentation
Quick Disbursal
Personal Loan EMI Calculator
Why Hero FinCorp for Short Term Loan
Short-term loan available on an instant basis is a great deal when financial tides are rising higher. Instant short-term loans not only suffice the financial emergency for that moment but also balance the burden just in time. Hence, believe in the Hero FinCorp personal loan app for a seamless digital experience to acquire short-term loans.
Hero FinCorp is an instant personal loan app. It is specifically designed to provide instant short-term loans between Rs.50,000 to 5,00,000. The amount is easily available within minutes of approval. The procedure for availing of instant short-term finance involves paperless documentation and real-time verification. Once verified and approved, disbursal is done within 48 hours.
Hero FinCorp 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 Hero FinCorp and pay at your convenience in a flexible tenure of 6 months to 3 years.
Use the in-built EMI calculator tool in the Hero FinCorp personal loan app to get the desired EMI on short-term loans, based on the loan amount, interest, and tenure.
Hero FinCorp instant personal loan is a short-term loan online that borrowers can use for any urgent purpose. It is not limited to meet a single purpose and can be flexibly used to fix various urgent financial needs. Whether it is paying a house rent, booking an unplanned journey, paying education fees, handling repairs, etc. On the commercial front also, a short-term loan is valuable especially for small and medium-sized businesses or start-ups.
Features and Benefits of Short-Term Loan
Acquiring a short-term loan is the easiest way to deal with a financial crisis. Borrowers are not at risk as the borrowed amount is not huge and can be repaid gradually in EMIs. The instant loan apps have made it simpler to get short-term loans online from the convenience of your comfort zone. Whether home, office, or anywhere else, you can simply download the loan app and start the short-term loan application online. Know the benefits and features of availing short-term loans via instant personal loan apps like Hero FinCorp:
Loan Amount
Short term loan amount varies between Rs.50000 to 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.
Paperless Documentation
Short-term loans online have eliminated the need of submitting physical documents. Thanks to the instant loan apps, KYC details, and income proofs are verified online
Transparency
Instant short-term loans are not bounded by any hidden charges or high processing fees. Transparency in loan processing increases the trust on the financer for future loan consideration
Calculate EMIs
Instant loan apps enable borrowers to calculate EMIs in advance using the EMI calculator. This gives clarity on the easy management of short-term loan
Lower interest rate
Short-term loans with a low interest rate makes the repayment affordable with reduced EMIs. Low interest rate encourages borrowers to apply for a short-term loan as the tenure is not lengthy, loans get clear faster.
Quick disbursal
The short-term loan application procedure is undoubtedly easier, due to the digital loan apps. Quick disbursal in the borrower’s bank account makes it a viable option during a financial emergency.
Documents Required for a Short Term Loan
At Hero FinCorp, we have minimal documentation requirements to apply for a Short Term Loan. Thе еssеntial documеnts includе proof of identity, addrеss and incomе. Skip thе hasslе of visiting a branch in pеrson – you can еasily submit your documеnts through our wеbsitе or app by uploading thеm onlinе. However, since the documentation requirements vary for salaried and self-employed individuals, gather the correct documents to complete the formalities. Go through the documentation requirements carefully.
Required Documents for Salaried
Proof of photo identity
Driver's Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Six Month Salary Slip & Bank Account Statement, Form 16
Job Continuity Proof
Appointment Letter From the Current Employer
Proof of Residence
Driver Licence, Passport, Aadhaar Card, Utility Bill
Required Documents for Self-Employed
Proof of photo identity
Driver's Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Last Six Months Bank Statement, ITR for the Last Two Consecutive Years
Proof of Residence
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Proof of Business Existence
Copy of Tax Registration, Shop Establishment Proof, Company’s Registration Certificate
Whether the loan is for 50,000 or 5,00,000 borrowers should check the eligibility criteria before applying for short term loans. It is to ensure there are no cases of fraud:
01
Age criteria: Applicant should be between 21-58 years
02
Minimum monthly income for salaried: Applicant should at least earn a minimum amount of Rs.15,000 monthly
03
Minimum monthly income for self-employed: Minimum earning should be Rs.15,000 monthly and six months bank statement is compulsory
04
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 5 lakh requires
05
Aadhaar card is the first document when applying for short term loan
06
In the absence of Aadhar card, you can provide your Pan card/ driving licence
07
Other important documents include your professional and financial details inclusive of 6 months bank account statement
08
Your account should be in any of the accepted banks as suggested by the financial institution
Ensure you meet the eligibility criteria and have the necessary documentation ready to smoothly proceed with your urgent Short Term Loan application.
How to Apply for Short Term Loan
Hero FinCorp instant 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:
- 1
Install Hero FinCorp Instant Personal Loan App from Google Play Store
- 2
Register with basic details – mobile number and, email address
- 3
Set the desired EMI using the loan EMI calculator
- 4
Paperless verification of KYC details using a security code
- 5
Bank account verification through net banking; the credentials are never stored
- 6
Instant loan approved in minutes and transferred to the bank account
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Frequently Asked Questions (FAQs)
When you take a short-term loan but exceed or miss the given repayment tenure, in such cases the credit score gets affected negatively. Manage your repayments wisely even for a short-term loan to secure loan acquisition in future.
Taking a personal loan is a subjective need. The financial emergency can vary depending upon short-term or long-term instant loan need. If the loan requirement is under 3 lakhs, you may opt for instant short-term loan.
Short-term loans are small cash loans, basically an unsecured loan type that doesn’t demand a collateral for instant loan approval.
There are hundreds of personal loan apps available for short-term loans online. However, a secured personal loan app, by Hero FinCorp proves to be one of the best short-term loan apps, helping with immediate cash needs.
A short-term personal loan is a type of small cash loan that is approved instantly in a small amount via an instant cash loan app. A limited amount is approved for a shorter tenure with an affordable rate of interest.
A short-term loan is a small cash loan that can be easily repaid in a tenure of 6 months to 3 years. It is a limited loan amount that can suffice immediate cash needs. Short term loans enable borrowers to avail of short-term loans from Rs.50,000 to 3 Lakh.
The best source to get a short-term loan in less time is via instant personal loan apps online. Download the app, initiate the loan application and expect the loan approval instantly in minutes.
Short-term finance is useful for managing various financial expenses. It can be used for the management of urgent monetary needs or as a commercial capital to support mid-size businesses. Home repairs, renovation, educational fees, medical expenses, etc. can all be covered under short-term finance.
A short-term loan is an unsecured loan taken for a shorter period not more than a couple of years whereas long-term loans are secured loans that require a collateral/guarantor for approval. Long-term loans are generally of a longer tenure is 3 years.
You can download an instant personal app like HeroFincorp Personal Loan app to avail immediate cash loan for supporting urgent financial needs. Immediate cash loans are short-term loans that are approved and disbursed within 48 hours.
The advantages of short-term finance are varied:
- Quick loan approval through instant loan apps
- Collateral free that reduces the time taken in loan processing
- Fulfils urgent cash needs in times of emergency
- Not heavy on the pockets, borrowers do not hesitate in taking short-term finance
- Repayment is easy as the loan amount taken is affordable to repay
There are very few disadvantages of short-term loan:
- Limited loan amount is approved that might not be enough to fulfil all your instant cash needs.
- Interest rate levied is on a higher side as the loan is collateral-free in nature
- Pre-payment if done, incurs a penalty charge
There are multiple instant personal loan apps in India that provide short-term loans. HeroFinCorp is one of the leading instant loan apps helping borrowers with short-term loans up to 3 lakh.
Borrowers can avail a minimum of Rs. 50000 and maximum of Rs. 3 lakhs through short term loans.
Short term loan EMIs can be repaid easily via net banking or automated mode of payment.
As the loan amount is less and taken for a less period of time, no collateral or security is required against the loan.
The repayment tenure for short term loans is generally up to 3 years, depending upon the lenders.