Sometimes, there may be situations that may need urgent requirements for money. With a facility like short term loans like personal loans, you can acquire funds easily. What’s more, since it’s a short term loan, you can also repay it quickly.
Short term loans are ideal solutions to cover urgent monetary needs without many formalities. If you wish to know more about short term loans like the small personal loan, then this post is for you!
What are the short term loans?
As the name suggests, short term loans are available for a short tenure. It provides you with a considerable amount to meet your urgent and immediate needs. Based on your small personal loan eligibility, you can avail as high as up to Rs.25 lakh.
For what purposes short term loans are availed?
Most of the borrowers avail the small personal loan facility for reasons such as:
- Wedding expenses
- Higher education
- Medical emergencies
- Debt consolidation
- Buying a new or used car
- Business expansions and more
- Going on a vacation
What benefits the small personal loan offer?
- Large loan amount made possible
If you are loan eligible, then you can get the approval for an amount as high as up to Rs.25 lakh. The amount is sufficient to help you cover so many needs quickly. If you want to know how much loan can I get on my Salary, then there is a way out. You can use the loan eligibility calculator available free on a lender’s website to find out quickly.
- Hassle-free approval process
Lenders know that you are applying for short term loans to meet your urgent needs. Therefore, they don’t take much time to sanction your loan request. The loan approval process takes place instantly.
- Money disbursal within 24 hours
After you get the approval for the small personal loan, the creditor disburses the approved loan amount in your bank account within 24 hours. It means being able to access the money soon and covering your needs in a flash.
- Collateral free loan facility
Short term loans are unsecured and are provided on the basis of your creditworthiness. It means that you don’t need to submit any collateral or security to apply for the loan.
- Flexible tenure
Applying for short term loans like the small personal loan means that you don’t need to worry about repaying the loan instantly. Yes, most of the renowned lenders provide you with the flexible tenure facility of up to 60 months. It means being able to stretch the loan amount and paying a small EMI per month to manage your monthly outlays.
- Competitive rate of interest
The short term loans don’t require you to manage to pay a higher amount as part of the interest. The loan market concerning small personal loans is quite competitive. Hence, that leads to a reasonable rate of interest. And it is owing to the competitive rate of interest and a short tenure, the overall amount that’s repaid is manageable and not high.
You are now aware of the basics of short term loans. If you have urgent financial needs that you want in no time, then opting for the small personal loan is a smart idea.
You can get the best deal by comparing all offers on a third-party website without hassles.