You may have faced situations in life where you need a small amount of money but immediately. You don’t have the time to arrange the money from something else. The requirement or the importance of the incident is quite higher, and you have to get the money at hand immediately.
In that case, only the banks or lending institutions can help you with the money. But the process of loan is long enough in itself, and you need to perform huge paperwork to get the loan approved. But what you don’t have in this situation is time. Keeping these kinds of requirements in mind, the banks and lending institutions have come up with a different kind of loan that offers you the money as soon as possible within short notice with less paperwork.
What is it?
Immediate disbursement of the amount, less paperwork, and minimum one-year tenure of return are available only with Short Term Loan. The money can be used in supporting a business or other investment as capital. But as this loan is approved within short notice, the banks or lending organizations make sure that you Get instant approval almost immediately after applying for the loan.
But you have to pay back the money with interest at a given date, one year from the disbursement of the loan. You need to maintain this condition. The name has come from this short repayment time. You can get 18 months at the highest to repay the loan in this plan.
Eligibility of the borrower
If you are looking to apply for a loan for a short period, you must possess these qualities as an eligibility criterion.
- If you are a businessman, you must not have a loan to pay back at this moment. The business can be a start-up or a full-fledged business.
- If you are a salaried employee, both Governmental and Non-Governmental can apply for the loan.
- Your age must be 21 or above to apply for this urgent loan.
- Your credit score must be 750 or above it to get the loan approved.
- The amount of the loan depends on the credit profile of the borrower. One can get a maximum of 2lakhs at a time.
Features of the loan
Short Term Loan is interesting and beneficial to different borrowers who have their personal and professional needs. The features are beneficial to the applicants.
- You don’t need to provide a guarantor or keep some asset mortgage to get this loan instantly.
- If you are prepared with all the required papers for the loan and meet all the eligibility criteria, your loan will be approved immediately.
- You don’t need to submit huge paperwork. Only basic personal details and financial documents can do the job for approval.
- If you already have the criterion matched in your bank where you have other accounts, you are already eligible for the loan immediately. Just avail it at the right time.
The leading loan lending institution assures that you can pay back the money over online means in your flexible way. You can be assured of the approval at the earliest for using the amount at the required sector.