Majorly, personal loans are long-term and have high interest rates on the lent amount. However, there are a few personal loan types which can be taken for shorter duration also. A depositor can easily visit a bank for demand loan against old deposits, National savings certificate, LIC policy etc. What banks do is that they lend 90% of the value as loan.
Individuals with a strong financial backup can pay back the amount within 30 days along with interest if required. They can also choose to provide additional funds to exclusive individuals with high credit score. Obviously, the interest rates are higher for individuals taking long term loans.
Short term Personal loans in India
What all can be explored for short term personal loans in India? There’s an option for you to explore tech driven platforms for instant personal loans. These automated platforms are simple and approachable. The process is 100% online and seamless. Such apps can be used for instant personal loans, advance funds, idle money etc. Money gets instantly transferred via online channels at a blink of an eye. The base of the scenario is that the individual should essentially be service class.
Let’s get back to the real question now? How can one get a short term personal loan in India? Short term personal loans do not require complex documentation like a typical personal loan through agents. One can repay the personal loan taken to the lending institution within minimum 90 days. So what can you possibly do?
Apply for a quick short term personal loan If you meet the eligibility conditions, get an approved loan and withdraw immediate funds from the account. In case you have sufficient balance in your account, start paying back before closure once. Alternatively,
- Expand your credit card/account limit
- Withdraw as much as required at a certain point in time
- Reciprocate as per the set limit of your account
So, what are the possible choice of short term loans (Repayable within 90 days)? Below are the categorized short term loans that one can avail:
- Unsecured financing options: One can use their credit card to get a personal loan, in sync with your credit limit. Your limit decides your interest rate and principle amount too.
- Bridge loans: Bridge loan is one unheard source of short term loans; however, it can be used for meeting short term working capital needs.
- Refund Anticipation Loan (RAL): This personal loan can be procured against your estimated tax refund.
- Payday loans: Payday loans are provided based the repayment clause of repayment the next pay day. They are acquired in smaller amounts as they are unsecured in nature.
Hope this serves your purpose well.
