What is a short-term personal loan?
If you need money urgently to meet your urgent financial requirements, you can consider short term loans. With an instant short term loan, you can get money and repay the amount over a short period, usually less than a year. Bajaj Finserv offers quick short-term loans of up to Rs. 55 lakh at attractive rates of interest. You can avail of a short term personal loan to manage medical emergencies, wedding expenses, higher education, debt consolidation, and international travel.
Features and benefits of short term loan
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Address urgent financial needs like business expenses and medical emergencies with ample funding.
Quick finance up to Rs. 55 lakh
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Collateral-free finance
Get a loan without pledging any asset or applying with a guarantor.
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Instant approval
Apply online and get approval in 5 minutes* courtesy of simple eligibility criteria.
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Disbursal in 24 hours*
Receive the loan amount in your account within 24 hours* of approval.
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Minimal documents
Submit basic personal loan documents with your application to support your eligibility.
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Pre-approved loan offers
Avail of pre-approved offers to hasten approval and access personalised financing.
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Zero inflation in charges
Read the terms and conditions and be assured of 100% transparency in loan fees and charges.
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Up to 45%* lower EMIs
Pay up to 45% lower EMIs with the Flexi personal loan facility by opting for interest-only EMIs.
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Online loan account
View your loan repayment schedule and pay EMIs easily via the customer portal - My Account.
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Flexible repayment
Divide your EMIs over a tenor that ranges up to 96 months.
What is a short-term personal loan?
If you need money urgently to meet your urgent financial requirements, With a short-term personal loan, you can get money and repay the amount over a short period, usually less than a year. Bajaj Finserv offers quick short-term loans of up to Rs. 55 lakh at attractive rates of interest. You can avail of a short-term loan for personal needs such as medical emergencies, wedding expenses, higher education, debt consolidation, and international travel.
What are the benefits of a short-term personal loan?
Since the eligibility criteria are straightforward and the documentation requirement is small, you can apply online for a short-term loan and get approved for it in just 5 minutes*. Post verification, you get the funds disbursed to your account within 24 hours*.
Repayment of a short-term personal loan is cost-effective as the tenor is not lengthy. However, we offer flexible repayment terms, and you can space out your EMIs over a convenient tenor to make your debt outgo manageable. If you prefer to ease your way into repayment, you can opt for a Flexi interest-only loan and pay up to 45%* lower EMIs.
Eligibility criteria for instant short term loan
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Nationality
Residing Indian
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Age
Between 21 years and 80 years*
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Salaried, employed with an MNC, public or private company
Employment
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CIBIL score
Check your CIBIL Score for FREE685 or higher
To know how much funding you can get with a short-term loan, use the Personal Loan Eligibility Calculator to get an estimate. It indicates what you may qualify for based on your income and fixed obligations.
EMI calculation for short term loan
The easiest way to plan repayment is to use the personal loan EMI calculator. Once you enter the loan amount, interest rate, and tenor, the calculator displays your EMI.
Fees and charges
The fees and charges for a short-term loan are nominal. Learn about the current personal loan interest rates and read the terms and conditions for more insights. Be assured of zero hidden charges and 100% transparency. The fees and charges for a short-term loan are nominal, making it a cost-effective solution for your financial needs. When considering a personal loan online, it's important to familiarize yourself with the current personal loan interest rates to make an informed decision. Additionally, carefully read the terms and conditions to understand all aspects of the loan, ensuring there are no surprises later. You can be confident that there are zero hidden charges, and the entire process is conducted with 100% transparency, giving you peace of mind as you manage your finances. With quick approvals and minimal documentation, securing a personal loan online has never been easier.
How Can a short-term loan help you?
A short-term loan can be a valuable financial tool in various situations. Here’s how it can help:
- Quick access to funds: Ideal for emergencies, a short-term loan provides rapid access to cash when you need it most.
- Flexible repayment: With shorter repayment periods, you can clear the debt quickly, reducing long-term financial commitment.
- Minimal documentation: Easy to apply with less paperwork, making the process faster and more convenient.
- Improves credit score: Timely repayments can positively impact your credit score, enhancing future borrowing potential.
- Covers immediate expenses: Perfect for managing unexpected expenses, such as medical bills or urgent repairs.
How to apply for a short-term loan online?
Fill out your short term personal loan application form online by following these easy steps:
- 1 Enter your 12-digit Aadhaar number
- 2 Fill in the loan amount and tenor that you desire
- 3 Upload the documents requested and get instant approval on your short-term personal loan
- 4 Post document verification, receive the funds in your account within 24 hours*
*Conditions apply
Documents needed for short term loan in India
Typically, you need the below documents to get an urgent short term loan:
1 |
KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card |
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PAN card |
3 |
Employee ID card |
4 |
Salary slips of the last 3 months |
5 |
Bank account statements of the previous 3 months |
6 |
Utility bill of electricity and piped gas |
Frequently asked questions
Short-term loans usually have a short tenure. Our Insta Personal Loan has tenure options ranging from 12 months to 87 months.
Every credit form has risk associated with it. You need to read all the terms and conditions carefully and assess your repayment capacity before opting for any kind of loan.
Any individual who meets the eligibility criteria set by the lender can get a short-term personal loan. Bajaj Finance Insta Personal Loans offer pre-assigned limits to our borrowers based on their creditworthiness, repayment history, debt-to-income ratio and other factors.
Yes, you can get a short-term Rs. 30,000 personal loan. With our Insta Personal Loan, you can get pre-approved offers for loans of Rs. 20,000 to Rs. 12,76,500.
Yes, it is possible to take out a personal loan for a short duration like 3 months. However, keep in mind that interest rates and terms may vary among lenders. Ensure to compare options, consider fees, and assess your ability to repay within the specified timeframe before committing to a loan.
Typically, there is no collateral required for an instant personal loan.
With Bajaj Finserv Personal Loan, you can choose a tenure ranging from 12 months to 96 months.
To calculate short-term loan interest, use the formula: Interest = Principal×InterestRate×Time. Multiply the loan amount (principal) by the interest rate and the loan period. The result gives the total interest payable.
A short-term loan can affect your credit positively if repaid on time, boosting your score. However, missed payments or defaults can negatively impact your credit score, making future borrowing more difficult.
Short-term finance is used for covering immediate or unexpected expenses, such as medical emergencies, urgent repairs, working capital needs, or bridging gaps in cash flow for businesses.
With Bajaj Finserv Personal Loan, you can get a loan amount ranging up to Rs. 55 lakh.
With Bajaj Finserv Personal Loan, you can choose a tenure ranging from 12 months to 96 months.
