The repayment tenure for a Short Term Loan is usually up to one year from the date of disbursal.
Short Term Loans don’t require collateral or security and often need minimum to no paperwork.
As Short Term Loans are primarily taken to fund a sudden and temporary financial need, they are approved almost immediately.
Banks and NBFC Network
Loans Disbursed Annually
Total interest payable
Total amount payable
Short Term Loan Details
- What is a Short Term Loan?
- Eligibility Factors
- Documents Required
- How To Apply
- Loan Verification Process
- Rate of Interest
- Other Details
They are instantly disbursed, need minimum to no paperwork and the repayment tenure is usually up to a year from the date of disbursal.
Eligibility:Small businesses, Start-ups, etc that don’t have a line of credit from a bank can apply for a Short Term Loan. Both salaried professionals and self-employed individuals are also eligible. However, the criteria for eligibility can vary from one applicant to another.
- 21 and above.
- 750 and above.
- Up to ₹2 Lakhs depending on your credit profile.
- Proof of Identity: PAN Card / Voter ID / Aadhaar Card / Passport / Driving License
- Proof of Address: Bank Account Statement / Aadhaar Card / Lease Documents / Property Purchase Agreement / Utility Bill / Passport / Driving License
- Proof of Income:
- For Salaried Professionals: Salary Slip / Bank Account Statement / Form 16
- For Self Employed Individuals: ITR / P&L Statement and Balance Sheet / Bank Account Statement
- Proof of Business: Certificate of Practice / Partnership Deed / GST Registration and Filing Documents / MOA & AOA / Shop Act License
- Fill up your personal details such as occupation, city, phone number, etc. Then, click Proceed.
- For personalised deals on Short Term Loans best suited to your needs, enter your company name, work experience, etc.
- A compilation of Short Term Loan offers from our wide network of partner Banks and NBFCs will be displayed, based on your eligibility and chance for instant approval. Select a lender that best meets your requirements.
- Fill out any additional details that may be required.
- Your selected lender will send you an instant e-approval. Following which, the Short Terms Loans team from Apnapaisa.com will get in touch with you to guide you through the documentation process.
- Start by selecting a Bank/NBFC that’s providing you with the best terms that are most suited to your needs.
- Submit an online application for a Short Term Loan on Apnapaisa.com. Your application will be transferred by us to your preferred lender.
- Having received your Short Term Loan application, a representative from Apnapaisa.com will call you to verify its details. A pick-up for the documents required will then be subsequently arranged by us at a place and time of your convenience.
- As soon as your documents are collected and successfully verified, your Short Term Loan application will be approved by the said lender.
- Sign the loan agreement and the requested amount will be instantly disbursed to your account.
Check the list below to know the current rate of interest on Short Term Loans, offered by some of India’s leading banks and NBFCs.
- Late payment charges:
Banks/NBFCs may charge a late payment fee if an EMI is not paid on time.
- Processing fee:
There’s usually a minimum processing fee charged by the Bank/NBFC to disburse a Short Term Loan. In most cases, the standard GST is also applicable over the processing fees.
Frequently Asked Questions