Short term loans provide quick cash for a short duration that is easy to avail. No one knows under what circumstances, a financial emergency may arise. In order to handle such crises, a short term loan may act as a saviour. Without affecting the regular standard of living, a short-term loan will help you to tide over critical financial situations with ease.
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.
Nowadays, instant short term loans can be accessed with ease. As the name suggests, these loans can be availed instantly and help you meet your financial needs anytime and anywhere. Such types of unprecedented financial obligations can be met anywhere and at any point in time. Say, in case of a sudden medical emergency, or during any family function such as marriage, vacation, and so on. Short-term loans are unsecured loans and can be availed within minutes of application through personal loan Apps available on the Internet through your smartphone.
You can easily avail instant short term cash loans through the Navi app. All you need to do is to download the Navi app and apply for a short loan online.
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:
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:
The loan amount is significantly flexible depending upon the need of the individual ranging between Rs. 100 to Rs 500,000 or even higher.
Short term loans have instant approvals. Thus, the loan amount is credited in your bank account instantly after the digital verification process.
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.
The availability of short-term loans is also significantly easy as the loan amount remains comparatively low.
Short term personal loans are unsecured loans. Hence there is no requirement for any guarantee or collateral to avail the same.
There are some benefits of applying for a short term loan through Navi such as:
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.
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.
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.
The online 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.
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.
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. |
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:
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.
So just download the Navi app to avail the opportunity of instant short loans.
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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