Apply for Short Term Loans in India: Eligibility Criteria and Steps to Apply
Short-term loans typically are for lower amounts and for a shorter period of time. Such loans can come in handy for small businesses, salaried employees or self-employed individuals looking for a business or personal financial solution. The borrowing amount varies depending on the individual’s requirements and ranges from Rs. 100 to Rs. 5,00,000. It comes in handy to meet any financial need either during an emergency (which can be sudden or unprecedented) or otherwise.
Navi is a highly rated loan provider (4.4-star rating in Google Play Store, December 2020) and is best suited for your short term loan requirements.
The entire process from App download, eligibility check, KYC and getting credit in your bank account instantly takes just a few minutes. Just follow the simple below-mentioned steps to apply for short term loans from Navi. The steps are as follows:
- Download the Navi app from Google Play Store and simply register using your mobile number.
- Click on “Apply” to apply for instant short term loans.
- As soon as you choose “Apply”, submit your answers to some simple questions:
-Your full name as stated on your PAN card
-Your age
-Your marital status
-Your area PIN code
-Your employment details – Salaried/ Self-employed/ Others
-Your monthly income level
-Your PAN card number - Once you submit the application form, it will undergo a digital eligibility check process in the Navi App which will take less than a few minutes (sometimes seconds)
- You will be shown an offer which is customizable for the loan amount, EMI amount and the tenor of the loan (period of the loan)
- Next, the KYC process entails selfie upload and submission and verification of your Aadhaar Number.
- Post KYC, and link your bank account details, your loan will instantly get credited to your bank account.
Short Term Loans Details
| Loan Amount | Up to ₹20 Lakh |
| Interest Rate | 9.9% to 45% p.a |
| Foreclosure Fee | Nil |
| Tenure | Up to 72 months |
There are some benefits of applying for a short term loan through Navi such as:
- 100% Paperless:
There is no documentation required by Navi in order to process a short term loan. You need to apply for a short-term loan through the Navi app, enter your PAN number and Aadhar Card number and apply for the loan. No documents need to be physically or digitally submitted for the same.
- Online Transaction:
Once the loan is processed, the amount would be credited to your bank account details as furnished by you. The EMI would also be deducted from the same bank account. Hence the entire process is completely online without going through the hassle of paying EMI through cash or cheques on a monthly basis.
- Zero Collateral:
Navi’s short-term loan is an unsecured loan. So, there is no need to pledge for any collateral security or a third party guarantee for the sanction of the same.
- EMI Calculator:
The online Personal loan EMI calculators will show the net EMI amount payable every month. You can easily change the loan amount and the tenure to assess the best affordable EMI rate in the Navi App to suit your needs.
- No rigid eligibility criteria
Navi follows a technology-based model and hence does not have any specific eligibility criteria to apply for a loan, unlike other financiers in India.
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Eligibility criteria for short term loans
Although the eligibility criteria for availing of short cash loans vary from lender to lender. However, since Navi follows a technology-driven model to approve loans, there are no fixed eligibility criteria.
Most lenders, however, have basic eligibility criteria for approving short term loans such as:
| Age criterion | The applicant must be at least 18 years of age for availing short term loan. The age bracket may have essentially arisen to 21-25 years depending on the demands of the lender concerned. The maximum age limit is 65 years. |
| Occupation criterion | The applicant requires to be either a salaried employee or self-employed |
| Income criteria | It depends on the demands of the lender. |
| Credit score range | For availing of the facility of getting short term personal loans, the credit score needs to be at least 650. |
Calculate Your Short Term Loan EMI
Loan Amount
Rate of Interest (P.a)
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Loan Tenure (Months)
Monthly EMI
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Total Interest
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Documents required for short term loans
Usually, in order to avail of instant short loans, you need to submit certain documents. However, in the case of Navi, you can apply for short term loans through your mobile application by providing your Aadhaar and PAN number only. There is no hassle of uploading documents on the app.
Most lenders have a requirement for the following documents:
- Identity proof
- Income proof or bank statements
- Age proof
- Address proof
- Recent coloured photograph
How can a short-term loan help you?
Short-term loans can come in handy while managing unprecedented financial needs at short notice or financial needs that are required for a shorter period of time only. Some of the significant advantages is you apply for short term loans include:
- Flexible Loan Amount:
The loan amount is significantly flexible depending upon the need of the individual ranging between Rs. 100 to Rs. 5,00,000 or even higher. - Instant Eligibility check:
Short term loans have instant approvals. Thus, the loan amount is credited in your bank account instantly after the digital verification process. - Repayment:
The repayment terms for a short time loan are also quite simple to follow and cause no significant financial burden. You have 36 months to repay the short term personal loans with Navi. - Availability:
The availability of short-term loans is also significantly easy as the loan amount remains comparatively low. - No collaterals:
Short term personal loans are unsecured loans. Hence there is no requirement for any guarantee or collateral to avail the same.
Final Word
In order to apply for short term loans online, you just need to download the Navi app on your smartphone and simply register and avail the opportunity to access short term loans from anywhere in India. Irrespective of your location, you can apply for the required short loans and get it sanctioned within minutes.
Looking for urgent loans? Navi offers instant personal loans up to Rs. 20 lakh in a 100% paperless manner. Download the Navi app, apply and get the mount disbursed to your account within minutes.
FAQs
Ans: Short term loans fulfill a number of financial requirements which can be personal or otherwise. There is no fixed usage defined for availing a short term personal loan. It can be utilised for any reason.
Ans: Yes, short term loans can be used for small scale businesses or start-ups or for the fulfilment of any other business needs. It can be used for expansion or working capital requirements as well. You can apply for short term loans for any purpose.
Ans: The tenure for repayment of short term cash loans depends from lender to lender. However, if you apply for a short term personal loan from Navi, you can repay the same upto 36 months.
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