Lesser loan tenure
A short-term loan is typically approved for up to 3 years, avoiding long-term repayment burdens.
Short Term Loan
Hero FinCorp’s Short-Term Personal Loan provides flexible repayment between 3 and 12 months, making it ideal for borrowers who need funds for a limited duration but don't want to be in debt for a long time.
Loan up to ₹5 Lakhs
Minimum Salary Required ₹15K
Instant Approval in 10 Minutes
Calculate Personal Loan EMI
Get a Short Term Loan Online Upto Rs 5 Lakh
When sudden expenses come up, arranging money at short notice can be overwhelming. With Hero FinCorp, you can get a short term loan of Rs 50,000 to Rs 5,00,000 through a quick and paperless application process, saving you from the hassle of lengthy paperwork. It offers competitive interest rates, so you don’t end up paying more than you should. Plus, with flexible loan repayment options of up to 3 years, managing your EMIs becomes far less stressful, all handled easily on a digital platform.
Why Choose Hero FinCorp for Short Term Personal Loan?
Hero FinCorp, an RBI-licensed NBFC, helps you handle sudden expenses with short-term loans designed for quick relief. Here is why it is a smart choice:
1. 100% Digital Process: Apply, get approved, and complete the submission online without any paperwork.
2. ZERO Collateral Required: You don’t need to pledge security, making the loan quick and hassle-free.
3. Competitive Interest Rates: Rates start at 19% per annum, keeping borrowing within reach.
4. Approval in Just 10 Minutes: Get instant access to funds when you need them the most.
5. Flexible Repayment: Choose a tenure that fits your monthly budget and repay comfortably.
Features and Benefits of Short Term Loan
Learn more about the benefits and features of short-term loan:
Loan Amount
Short-term loan amounts range from Rs 50,000 to 5 Lakh, making it easy to repay in manageable EMIs.
Loan Approval
If you meet the eligibility requirements, short-term loans are approved within minutes of applying online.
Open for All Borrowers
Short term loan is available even to those borrowers having low credit scores.
Collateral Free
Being an unsecured personal loan, no security or assets are required to be mortgaged against the loan.
Paperless Documentation
Short-term loans are paperless, requiring only your KYC details and income proof.
Transparency
Instant short-term loans are not bounded by any hidden charges or high processing fees.
Calculate EMIs
Instant loan apps enable borrowers to calculate EMIs in advance using the personal loan EMI calculator.
Lower interest rate
Short-term loans with a low interest rate make the repayment affordable with reduced EMIs.
Quick disbursal
Quick disbursal in the borrower’s bank account makes it a viable option during a financial emergency.
Eligibility Criteria for Short Term Personal Loan
Instant short-term loan online have simple eligibility and minimal documentation, making online applications easy. Here are the personal loan eligibility criteria needed for instant approval.| Eligibility Criteria | Details |
|---|---|
| Age | Applicant should be between 21-58 years. |
| Citizenship | Being an Indian resident citizen is a must. |
| Work Experience | Minimum work experience for salaried employees is 6 months and 2 years for self-employed. |
| Monthly Income | Minimum income requirements of Rs 15,000 per month. |
Documents Required for Short Term Loan Online
Obtaining a personal loan with minimal documents is easy and fast. Just have the following documents available for both salaried and self-employed person, to process your application instantly.
- Aadhar Card
- Pan Card
Interest Rate and Charges for Short Term Loan
With Hero FinCorp, you can secure a lower interest rates on personal loan, starting from 1.58% per month or 19% to 30% per annum, with minimal documentation. Besides the personal loan interest rate, here’s a quick overview of additional fees and charges to expect. Our fee structure is fully transparent, ensuring no hidden costs beyond these specified charges.
| Fees & Charges | Amount Chargeable |
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Minimum 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges 2. Interest amount paid is non-refundable 3. Processing charges are also non-refundable |
How to Apply for a Short Term Personal Loan Online?
Hero FinCorp process of short-term personal loan application is very easy, follow the steps below:
- 1
Visit the FinCorp website or download a personal loan app.
- 2
Click on instant personal loan and then click apply now.
- 3
Enter your mobile number. Register yourself using the OTP received.
- 4
Select your desired loan amount.
- 5
KYC verification and check for eligibility.
- 6
Click submit to complete the online application form.
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Frequently Asked Questions
A short-term loan is a small cash loan that can be easily repaid in a tenure of 1 to 3 years. It offers a limited loan amount that can suffice immediate cash needs. Hero FinCorp enables borrowers to avail short-term loans from Rs 50,000 to 5 Lakh.
No, short-term loans are unsecured loans that do not require any security or collateral for loan approval.
The repayment tenure for short-term loans is generally up to 3 years, and can vary depending upon the lenders.
At Hero FinCorp, borrowers can avail a minimum of Rs 50,000 and a maximum of Rs 5 Lakh through short-term loans.
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.
Taking a short-term Personal Loan is a subjective need. The financial emergency can vary depending upon short-term or long-term instant loan needs. If the loan requirement is up to 5 Lakh, you may opt for an instant short-term loan.
A short-term loan is an unsecured loan taken for a shorter period of 1-3 years, whereas long-term loans are secured loans that require a collateral/guarantor for approval. Long-term loans are generally of a longer tenure exceeding 3 years.
When you take a short-term loan but exceed or miss the given repayment tenure, the credit score gets affected negatively. Manage your repayments wisely even for a short-term loan to secure loan acquisition in the future.
The advantages of short-term finance include:
Quick loan approval through instant loan apps.
Collateral-free nature, reducing the time taken for loan processing.
Fulfills urgent cash needs in times of emergency.
Not heavy on the pockets; borrowers do not hesitate in taking short-term finance.
Repayment may be easy as the loan amount taken is small.
There are very few disadvantages of short-term loans:
A limited loan amount is approved that might not be enough to fulfill all your instant cash needs.
Interest rate levied may be on a higher side as the loan is collateral-free in nature.
Prepayment, if done, may incur a penalty charge.
The best source to get a short-term loan in less time is via instant Personal Loan apps online. Download the app, register and fill in the loan application, and expect the approval instantly in minutes.
You can download an instant Personal Loan app like Hero FinCorp to avail of an immediate cash loan for supporting urgent financial needs. Immediate cash loans are short-term loans that are approved in minutes and disbursed quickly.
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.
Short-term loan EMIs can be repaid easily via net banking or automated mode of payment.
The EMI of a loan changes based on the amount of loan, rate of interest, and repayment tenure. You can use a Personal Loan EMI Calculator online before you apply.
The salary requirements might vary from lender to lender. At Hero FinCorp, the income requirement to apply for a salary advance loan is Rs 15,000.
Yes, even if you do not have a salary slip, you can get a loan. You can submit other proofs such as bank statements, ITRs or a Form 16 with your loan application.
You can apply online through the Hero FinCorp website or loan app. If you are eligible, the loan sanction can be done within 10 minutes followed by a quick disbursal.
Yes, income documentation is necessary for loan applications. This helps the lender assess your repayment ability. In the absence of salary slips, a lender can accept Form 16, bank statements or income tax returns (ITRs) as alternatives.
Yes, it's possible. But the lender may offer a higher interest rate or require additional documentation depending on your income and ability to repay.
No. Documentation is required as it is an integral part of the loan approval process. But when you apply online with Hero FinCorp, you may not have to provide documentation offline. Just provide PAN and Aadhaar numbers and proof of income.
Yes, loan apps such as Hero FinCorp can approve your loan in 10 minutes provided you meet all eligibility requirements and provide necessary information.
Disclaimer
*Approval & Agreement: Loan approval is at Hero FinCorp's discretion. By applying, you agree to our Terms & Conditions, Privacy Policy, and Loan Agreement.
*Data Use: You consent to electronic processes and data use for loan assessment, as per our Privacy Policy.
*Security: Keep your account and device secure. Report our customer care for unauthorized activity immediately.
*Grievances: For concerns, refer to our Grievance Redressal Policy.
*EMI Payment: Refer to our T&Cs here*
*RBI Mandate: RBI requires transparent disclosures. Learn more from RBI.