What is a short-term personal loan?
A short-term personal loan is a quick financial solution designed to meet urgent needs, with a repayment period typically lasting less than a year. It can be used for various personal expenses such as medical emergencies, weddings, education, travel, or debt consolidation. These loans are known for their fast approval process, minimal documentation, and quick disbursement, making them an ideal choice when immediate funds are needed. The short repayment period helps you manage your finances effectively, ensuring you can address pressing financial needs without long-term financial commitments.
Features and benefits of short term loan
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Address urgent financial needs like business expenses and medical emergencies with ample funding.
Quick finance up to Rs. 55 lakh
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Collateral-free finance
Get a loan without pledging any asset or applying with a guarantor.
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Instant approval
Apply online and get approval in 5 minutes* courtesy of simple eligibility criteria.
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Disbursal in 24 hours*
Receive the loan amount in your account within 24 hours* of approval.
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Minimal documents
Submit basic personal loan documents with your application to support your eligibility.
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Pre-approved loan offers
Avail of pre-approved loan offers to hasten approval and access personalised financing.
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Zero inflation in charges
Read the terms and conditions and be assured of 100% transparency in loan fees and charges.
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Up to 45%* lower EMIs
Pay up to 45% lower EMIs with the Flexi personal loan facility by opting for interest-only EMIs.
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Online loan account
View your loan repayment schedule and pay EMIs easily via the customer portal - My Account.
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Flexible repayment
Divide your EMIs over a tenor that ranges up to 96 months.
When you need money urgently, short-term personal loans can be a great solution. These loans are designed to provide quick financial relief, helping you manage unforeseen expenses like medical bills, weddings, or travel. Short-term loans typically have a repayment period of less than a year, making them an ideal option for people who need immediate funds but want to avoid long-term financial commitments. There are different types of short-term loans, each suited to specific needs. Some options include payday loans, personal loans, and micro loans, which vary in terms of loan amount, interest rates, and repayment terms. With minimal documentation and fast approval, these loans ensure that you can access funds quickly and conveniently. If you find yourself in an emergency, exploring the types of short-term loans available can help you select the right option for your needs.
What is a short-term personal loan?
If you need money urgently to meet your urgent financial requirements, With a short-term personal loan, you can get money and repay the amount over a short period, usually less than a year. Bajaj Finserv offers quick short-term loans of up to Rs. 55 lakh at attractive rates of interest. You can avail of a short-term loan for personal needs such as medical emergencies, wedding expenses, higher education, debt consolidation, and international travel.
What are the benefits of a short-term personal loan?
Since the eligibility criteria are straightforward and the documentation requirement is small, you can apply online for a short-term loan and get approved for it in just 5 minutes*. Post verification, you get the funds disbursed to your account within 24 hours*.
Repayment of a short-term personal loan is cost-effective as the tenor is not lengthy. However, we offer flexible repayment terms, and you can space out your EMIs over a convenient tenor to make your debt outgo manageable. If you prefer to ease your way into repayment, you can opt for a Flexi interest-only loan and pay up to 45%* lower EMIs.
Eligibility criteria for instant short term loan
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Nationality
Residing Indian
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Age
Between 21 years and 80 years*
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Salaried, employed with an MNC, public or private company
Employment
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CIBIL score
Check your CIBIL Score for FREE685 or higher
To know how much funding you can get with a short-term loan, use the Personal Loan Eligibility Calculator to get an estimate. It indicates what you may qualify for based on your income and fixed obligations.
EMI calculation for short term loan
The easiest way to plan repayment is to use the personal loan EMI calculator. Once you enter the loan amount, interest rate, and tenor, the calculator displays your EMI.
Documents needed for short term loan in India
Typically, you need the below documents to get an urgent short term loan:
1 |
KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card |
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PAN card |
3 |
Employee ID card |
4 |
Salary slips of the last 3 months |
5 |
Bank account statements of the previous 3 months |
6 |
Utility bill of electricity and piped gas |
Interest Rates and Charges for Short-term Loan
When considering a short-term loan, the fees and charges are typically low, making it an affordable option for urgent financial needs. Here are the key points to know:
- Nominal Fees: Short-term loans come with minimal fees, making them a cost-effective solution.
- No Hidden Charges: You can trust that there are no hidden charges, ensuring transparency throughout the loan process.
- Transparent Terms: Always read the loan terms and conditions carefully to understand the details of the fees and repayment schedule.
- Competitive Interest Rates: The interest rates for short-term loans are reasonable, making them manageable even with a shorter repayment period.
- Quick Approval: With fast processing and minimal documentation, securing a personal loan is quick and easy.
For more information on current personal loan interest rates, and to apply for a short-term loan, explore the full terms and conditions to ensure you are making an informed decision.
Apply: Personal loan online
Reasons to Opt for a Short-Term Loan
A short-term loan can be a practical solution for those who need immediate financial assistance. Here are some reasons why you might consider applying for a short-term loan:
- Quick Access to Funds: Short-term loans offer fast processing, allowing borrowers to access funds quickly during emergencies.
- Flexible Use: You can use the loan for a variety of needs such as medical emergencies, travel expenses, or paying bills.
- Short Repayment Period: With a shorter repayment timeline, you can quickly repay the loan and reduce your financial burden.
- Minimal Documentation: The process of applying for a short-term loan is simpler, with fewer documentation requirements.
- No Collateral: Short-term loans are typically unsecured, so you do not need to provide assets as security.
If you need money urgently, applying for a short-term loan can help you address unexpected expenses without long-term commitments.
How Can a short-term loan help you?
A short-term loan can be a valuable financial tool in various situations. Here’s how it can help:
- Quick access to funds: Ideal for emergencies, a short-term loan provides rapid access to cash when you need it most.
- Flexible repayment: With shorter repayment periods, you can clear the debt quickly, reducing long-term financial commitment.
- Minimal documentation: Easy to apply with less paperwork, making the process faster and more convenient.
- Improves credit score: Timely repayments can positively impact your credit score, enhancing future borrowing potential.
- Covers immediate expenses: Perfect for managing unexpected expenses, such as medical bills or urgent repairs.
Why Choose Bajaj Finserv as Your Personal Loan Partner?
Bajaj Finserv offers an ideal solution for those seeking a short time loan. Here’s why it stands out:
- Fast Disbursal: Bajaj Finserv ensures quick approval and disbursal of loans, making it easy for you to access funds during emergencies.
- Attractive Interest Rates: With competitive interest rates, Bajaj Finserv makes it affordable to repay your loan without financial strain.
- Minimal Documentation: The application process is simple with minimal paperwork, making it hassle-free for you to apply for a short-term loan.
- Flexible Repayment Tenure: Choose from flexible repayment options to match your financial capacity.
- No Collateral Required: Bajaj Finserv offers unsecured loans, eliminating the need for assets as security.
Whether for medical emergencies, travel, or personal needs, Bajaj Finserv offers an efficient, transparent, and reliable way to handle your financial requirements.
How to apply for a short-term loan online?
Fill out your short term personal loan application form online by following these easy steps:
- 1 Enter your 12-digit Aadhaar number
- 2 Fill in the loan amount and tenor that you desire
- 3 Upload the documents requested and get instant approval on your short-term personal loan
- 4 Post document verification, receive the funds in your account within 24 hours*
*Conditions apply
Frequently asked questions
Short-term loans usually have a short tenure. Our Insta Personal Loan has tenure options ranging from 12 months to 87 months.
Every credit form has risk associated with it. You need to read all the terms and conditions carefully and assess your repayment capacity before opting for any kind of loan.
Any individual who meets the eligibility criteria set by the lender can get a short-term personal loan. Bajaj Finance Insta Personal Loans offer pre-assigned limits to our borrowers based on their creditworthiness, repayment history, debt-to-income ratio and other factors.
Yes, you can get a short-term Rs. 30,000 personal loan. With our Insta Personal Loan, you can get pre-approved offers for loans of Rs. 20,000 to Rs. 12,76,500.
To calculate short-term loan interest, use the formula: Interest = Principal×InterestRate×Time. Multiply the loan amount (principal) by the interest rate and the loan period. The result gives the total interest payable.
A short-term loan can affect your credit positively if repaid on time, boosting your score. However, missed payments or defaults can negatively impact your credit score, making future borrowing more difficult.
Short-term finance is used for covering immediate or unexpected expenses, such as medical emergencies, urgent repairs, working capital needs, or bridging gaps in cash flow for businesses.
With Bajaj Finserv Personal Loan, you can get a loan amount ranging up to Rs. 55 lakh.
With Bajaj Finserv Personal Loan, you can choose a tenure ranging from 12 months to 96 months.
A short-term loan can improve your credit score by showing your ability to repay on time. Consistently repaying the loan increases your creditworthiness and demonstrates responsible borrowing.
Yes, many lenders offer short-term loans with flexible repayment periods, including options for 3 months. Ensure you meet the lender's eligibility criteria and can repay within the agreed term.
No, short-term loans are typically unsecured, meaning you do not need to provide collateral. The loan is granted based on your income, credit history, and ability to repay.
