Lesser loan tenure
A short-term loan is typically approved for up to 3 years, avoiding long-term repayment burdens.
Short Term Loan
Loan up to ₹5 Lakhs
Minimum Salary Required ₹15K
Instant Approval in 10 Minutes
Personal Loan EMI Calculator
Get a Short Term Loan Online Upto Rs 5 Lakh
A short-term loan from Hero FinCorp offers instant financial relief with quick disbursal and a paperless process. Available for amounts between Rs 50,000 to Rs 5,00,000, the loan can be used for various urgent needs. With flexible tenures of up to 3 years, Hero FinCorp ensures easy and convenient loan management through its digital platform.
Features and Benefits of Short Term Loan
A short-term loan is an easy solution for a financial crisis. Since the amount borrowed is small, it can be repaid through manageable EMIs. Instant loan apps make it easier to apply for short-term loans online from anywhere—be it at home, office, or on the go. Just download the app and start your loan application. Learn more about the benefits and features of short-term loans through the Hero FinCorp app:
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
Short-term loans have simple eligibility and minimal documentation, making online applications easy. Here are the personal loan eligibility criteria needed for instant approval.
Age criteria
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
At Hero FinCorp, the documents required for personal loan include proof of identity, address, and income. Easily upload them online via our website or app. Requirements vary for salaried and self-employed individuals.
Documents Required for Salaried
Proof of photo identity
Driver's Licence, Passport, PAN Card, Aadhaar Card
Mandatory Documents
Filled Loan Application Form, Passport Size Photograph
Proof of Income
Six-Month Salary Slip & Bank Account Statement, Form 16
Job Continuity Proof
Appointment Letter from Current Employer
Proof of Residence
Driver's Licence, Passport, Aadhaar Card, Utility Bill
Proof of Business Existence
Not Applicable
Documents Required for Self-Employed
Proof of photo identity
Driver's Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Photograph
Proof of Income
Last Six Months Bank Statement, ITR for the Last Two Years
Job Continuity Proof
Not Applicable
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
Interest Rate and Charges for Short Term Loan
With Hero FinCorp, you can secure a low-interest 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 Hero FinCorp website or install the personal loan app
- 2
Go to the instant personal Loan page and click ‘apply now’
- 3
Enter your mobile number and verify with the OTP received
- 4
Choose the loan amount you need
- 5
Verify your KYC details to check income eligibility
- 6
Click ‘Submit’ to complete your application
Short Term Loan Related Blogs
Personal Loan
Common Reasons Personal Loan Applications Are Rejected for Salaried Individuals03 Jul, 2025
Personal Loan
Top Private Engineering Colleges in India for CSE 2025: Rankings, Fees, and Admission Process02 Jul, 2025
Personal Loan
Electric Two-Wheelers You Can Buy with a Personal Loan: Complete Cost Breakdown27 Jun, 2025
Personal Loan
Kedarnath Travel Guide 2025: Best Time to Visit, Registration, Route, and Stay Tips27 Jun, 2025
Personal Loan
Switzerland Trip Cost from India in 2025: Complete Budget Guide for Travelers26 Jun, 2025
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.