Short-Term Loan is a kind of loan people take for short tenure which is less than one year. These short-term loans are really helpful when you are planning for your anniversary or planning for your birthday. The interest rate is not so high. Most of the time Short-Term Loans are provided by private finance companies.
How to apply for Short-Term Loans?
You can apply online easily for short-term loans in India. There are so many lenders who offer short-term loans online. Before applying for any short-term loans you should check some thinks below we will discuss those and how you can apply online for a short-term loan.
- The most important thing before taking any loan is to compare the interest rate from online. If you are planning to avail a short-term loan you should check the interest rate, processing fees, late repayment charges and how good customer service is.
- Before applying online for a short-term loan to a particular lender first make sure that you can match the eligibility criteria that the lender is offering.
- You must fill the application form online. You have to write the key details in your forms like the loan tenure, loan amount and your contact details.
- Once you have submitted your short term loan application you have to wait for lenders approval. The lender needs to verify your application.
- If your short-term loan gets approved you will receive the fund in your bank account.
Eligibility Criteria for Short-Term Loans
- You should be a resident of India if you are availing a short-term loan.
- You must be a salaried individual or self-employed individual.
- You should be over 18 years.
- For a short term loan must have a savings bank account.
- Your monthly income should be at least Rs.15,000
- If you are a salaried person you must have an experience of two years.
- If you are self-employed then you should have a business at least for one year.
- DOCUMENTS REQUIRE to IDFC Personal Loan Eligibility Criteria
KYC DOCUMENTS to fulfill IDFC Personal Loan Eligibility Criteria
- Pan Card
- Adhaar Card
- Voter’s ID
- Passport Size Photo
INCOME DOCUMENTS to fulfill Short-Term Loans
- Salaried: Last 3 years of PAYSLIPS, 6 months’ salary account bank statement.
- Self – employed: IT files of the last 2 years, Financial Documents, last 6 months primary account statement of the company.
- Installments applicant is currently paying, all the numbers of credit cards and credit limit applicant has.
PROOF OF EMPLOYMENT / BUSINESS CONTINUITY to fulfill Short-Term Loans eligibility criteria
- Salaried: Form 16 or appointment letter of 2 years earlier.
- Self Employed: Tax registration certificate of dated 2 years or an earlier period.
- Property Documents (HL/LAP) to fulfill Short-Term Loans eligibility Criteria
- If the property is under construction proof of booking amount or allotment letter.
- If the property is ready Sale deed, Property tax paid certificate (latest).