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:
-Your full name as stated on your PAN card
-Your marital status
-Your area PIN code
-Your employment details – Salaried/ Self-employed/ Others
-Your monthly income level
-Your PAN card number
|Loan Amount||Up to ₹20 Lakh|
|Interest Rate||9.9% to 45% p.a|
|Tenure||Up to 72 months|
There are some benefits of applying for a short term loan through Navi such as:
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.|
Rate of Interest (P.a)
Loan Tenure (Months)
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:
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:
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.
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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