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.
Axis Bank Personal Loan Interest Rates April 2023Axis Bank Personal Loan interest rates are currently starting at 10.49% p.a. for loans of ₹25,000... Read More »
No Credit Check Loans in IndiaWhat is No Credit Check Loan? A ‘no credit check loan’, as the name suggests, does not... Read More »
Instant Cash Loan in 1 Hour Without DocumentsInstant Cash Loan in 1 Hour Are you in any emergency cash crisis and in need of an instant cash ... Read More »
Personal Loan on PAN Card – Check Your Eligibility & Apply Now!Do you need urgent cash to pay for an unexpected expense, a pending bill, or a medical emergency? A... Read More »
What are Short Term Loans? – Key Features and BenefitsShort Term Loan A short term loan provides urgent assistance for an individual’s financial req... Read More »
Interest Rate on NBFC Personal LoanNBFC Personal Loan Non-Banking Financial Companies (NBFCs) are becoming increasingly popul... Read More »
How to Apply for a Pre Approved Personal Loan?Pre Approved Personal Loan Pre-approved loans are instant personal loans that are offered by ban... Read More »
Personal Loan Disbursal ProcessA personal loan is an unsecured loan which you can avail to deal with any type of financial emergen... Read More »
Unsecured Loan – Types, Benefits, Interest Rate & EligibilityWhat is an Unsecured Loan? An unsecured loan is a type of loan that doesn't require any collater... Read More »
Small Cash Loan on Aadhaar Card without PAN CardSmall cash loans are type of personal loans offered by banks and NBFCs to meet short-term financial... Read More »
Personal Loan for Low CIBIL Score Applicants – Eligibility Criteria and How to ApplyOverview - Personal Loan With Low CIBIL Score Be it for a medical emergency, a sudden business o... Read More »
What is a Fast Loan – Features, Interest Rates and How to Apply Online?What is a Fast Loan? A fast loan is an instant personal loan that allows you to borrow money wit... Read More »
Top 10 Chit Fund Schemes in India in 2023Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »
10 Best Gold ETFs in India to Invest in April 2023Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »
10 Best Demat Accounts in India for Beginners in 2023Creation of Demat accounts revolutionised the way trades were conducted at the stock exchanges. It... Read More »
20 Best Index Funds to Invest in India in April 2023What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »
Best Arbitrage Mutual Funds to Invest in India in April 2023Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »
10 Best SIP Plans in India to Invest in April 2023What is SIP? SIP or Systematic Investment Plan is a method of investing a fixed amount in ... Read More »
10 Best Corporate Bond Funds in India to Invest in April 2023Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »
10 Best Bank for Savings Account in India [Highest Interest Rate 2023]Savings account is a type of financial instrument offered by several banks. It lets you safely depo... Read More »