Short-term Personal Loan in India
At any point in life, a person may find themselves in need of funds, and the type of financial requirements they may have will depend on their respective situation. Financial difficulties are nothing new, especially for young individuals just starting on their own. It could occur for any reason, and the problem might only be momentary. During such circumstances, an instant short-term loan can be ideal to get through a temporary crisis.
Be it covering education fees, funding a dream vacation, a smartphone you have been eyeing, an electric car, or even a medical emergency, your needs could be anything. A small online can help bridge the gap between your restricted finances and important requirements.
Poonawalla Fincorp’s Personal Loan can make your life better in times of financial constraints. The best part about it in India can be used for any purpose. As a result, individuals can avoid dipping into their savings and use the excess funds from these loans as they desire.
Check EMI Value for Your Short Duration Loan
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EMI Amount = *
Interest Rates and Other Charges for Short-term Loan
| Interest Rates | 9.99%* p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹50 Lakh |
| Loan Processing Fees | Up to 3% |
| Lowest EMI per month | Starting from ₹2,124* per Lakh for 60 months |
| Loan Tenure | 12 – 84 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources & 4% If paid from other sources |
| Default Charges | 24% per annum |
| Repayment Instrument Dishonour Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| Hidden Charges | Nil |
Note: Default Charges: Penalty will be charged for non payment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.
Eligibility Criteria for A Loan For Small Tenure
To make your borrowing journey simpler, our short-term Loan eligibility criteria are relaxed and simple. You just need to meet the following eligibility criteria:
Age
Indian Citizenship
Work experience
Monthly income
Employer Category
- Age - Between 21 and 60.
- Citizenship - Indian
- Work Experience - 1 year and at least 1-month experience in the current organisation.
- Monthly Income - ₹30,000 or more.
- Employer Category - Full-time job at specified organisations (Central Govt, PSU, MNCs, etc.)
Documents Needed to Take A Loan for Short Duration
We believe in providing instant financial aid to our borrowers with only minimal documentation.
Following are the required documents for our short-term Loan:
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Proof of Identity
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Proof of Employment
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Proof of Address
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Financial Statements
Please note: The above-mentioned documents are inductive and may require additional documents during the loan procedure.
Reasons to Opt for an Urgent Short-Term Loan
Waiting for days when you need funds immediately is not an option. Instead, you can quickly opt for an instant loan to get you through a crisis. Here are the following reasons to opt for a short-term loan:
- Emergency - An emergency can knock at your door at any time and are unavoidable. This can include unforeseen wedding expenses, urgent house repairs induced by a particularly awful monsoon, hospitalisation, medical procedure bills, etc. For such emergency situations, you can opt for a short-term loan online with our streamlined application process and quick disbursal.
- Education - Boost your child’s higher education, be it domestic or international, with the help of our loan and pave their way for a brighter future.
- Travel and vacation - Cover all your travel-related costs, such as flight, accommodation, touring, insurance, etc., just by applying for a short-term loan.
- Renovate House - You can cover the costs of home renovations, whether you want to rebuild your kitchen, build a new balcony, or make any other home modification.
Advantages of Opting For A Urgent Short Amount Loan
At Poonawalla Fincorp, we understand the depth of our borrower’s situation and promise to deliver quick and hassle-free financing. Our loans are designed to make sure our borrowers experience the simplicity of borrowing and repayment. Some of the key features and benefits of our Loan are as follows:
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Instant approval and rapid disbursal
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Simple eligibility criteria
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Collateral-free Loans
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No usage constraints
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Flexible repayment plans
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High loan amount
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Attractive interest rates
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No hidden fees
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Easy Application Process
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Zero foreclosure/pre-payment fees
Instant approval and rapid disbursal
We promise a smooth and quick process, starting from loan application to disbursal. Thanks to our simple eligibility requirements and need for minimal paperwork.
Simple Eligibility Criteria
Our minimal and relaxed personal loan eligibility criteria help you avail of instant funds without much trouble.
No Collateral
With this Loan scheme for small tenure, you can obtain the funds you need without keeping any property as collateral. This way, you have total control of your possessions while borrowing from Poonawalla Fincorp.
No Usage Constraints
There are no limitations on how you can use this loan, so you can fund any expense you need to at any time. It is a flexible loan that is designed to make it simple for you to fulfil your requirements.
Flexible Repayment Tenure
We believe that paying back a loan should be a convenient and comfortable experience. For our loan scheme for Short-term, you can choose a tenure ranging up to 84 months, based on your convenience. This way, you will never exceed your set budget while repaying the loan.
High Loan Amount
With Poonawalla Fincorp, you can take out a Loan for small tenure of up to ₹50 Lakh based on your profile.
Attractive Interest Rates
The interest you pay determines the cost of your loan. Poonawalla Fincorp provides Short-term Personal Loans at interest rates starting from just 9.99%* p.a.
No Hidden Fees
We promise to convey all the loan conditions to our borrowers with full transparency. There is nothing hidden in our fine print, and you only pay what is clearly communicated.
Zero foreclosure/pre-payment fees
There are no additional charges if you intend to pre-pay or foreclose your loan before the end of your tenure.
Apply for Short Term Personal Loan
Apply
Online
Apply Online
Click on ‘Apply Now’ and complete the application form
Personal
Details
Personal Details
Enter your DOB, qualification, and residential details
Verification
Verification
Submit and upload all details for verification and assessment
Frequently Asked Questions About Short Term Loan
Short-term loans are unsecured loans that typically come with 1-2 years of repayment tenure. They are used to meet any urgent financial need, be it a medical emergency, debt consolidation, travel, etc.
Anyone can apply for a short-term Loan. You just need to meet the following eligibility criteria:
- Age - Between 21 and 60.
- Citizenship - Indian
- Work Experience - 1 year and at least 1 month experience in the current organisation.
- Monthly Income - ₹30,000 or more.
- Employer Category - Full-time job at specified organisations (Central Government, PSU, MNCs, etc.)
Consolidating your debts using a Loan for short duration, maintaining a reasonable debt-to-income ratio, completing loan repayments on time, etc., are some ways to improve your credit score.
We provide small tenure loans at the most attractive interest rates, starting at just 9.99%* per annum. Other charges include a processing fee of 0% to 3% of your loan amount plus taxes.
You can follow these few easy steps to receive the instant funds you need for fulfilling your obligations:
- Step 1 - Go to our website and under ‘Personal Loan’, click on ‘Apply Now’.
- Step 2 - Fill in your basic details and upload the necessary documents.
- Step 3 - Await loan application assessment and verification.
- Step 4 - Receive approval confirmation.
- Step 5 - Get the loan amount transferred to your bank account.
Financial emergencies can occur anytime. Fortunately, with our short-term loan, you can avail yourself of money instantly without any hassle.
Just follow the below-mentioned steps for applying for a loan:
- Step 1 - Go to the official website of Poonawalla Fincorp and visit the ‘Short Term Personal Loan’ page.
- Step 2 - Click the “Apply Now” button and complete the application form.
- Step 3 - Upload the required documents.
- Step 4 - After the document submission, the loan application will be processed for verification.
- Step 5 - Post verification and approval, the loan amount will be directly disbursed to your bank account.
Yes, you can get a short-term loan for 3 months. While applying for the loan you can tailor your repayment tenure as per your requirement.
*Terms & Conditions Apply
