A short-term loan is a quick way to get cash for all your life’s instant upgrades or to cover unexpected expenses. Get up to ₹5 lakhs in 2 mins, designed to be repaid within a year and offer fast access to funds when you need them most.
A short-term personal loan is like a financial pit stop — the money you borrow to cover immediate needs, with a plan to pay it back relatively quickly, usually within a year or two. Think of it as a lifeline when you have to pay a heavy car repair bill, an urgent medical expense or even a sudden vacation. Short term loans are typically smaller in size compared to long-term loans, making them easier to manage and repay without committing to years of debt.
One of the perks is speed. You can get approved and receive cash quickly, which is handy when time is of the essence. However, they can come with higher interest rates compared to long-term loans, reflecting the shorter repayment period and higher risk for the lender. It's crucial to read the terms carefully and ensure you can comfortably make the repayments on time.
Short-term personal loans also vary widely depending on the lender, so shopping around for the best rates and terms is smart. Some may require collateral, while others might be based on your credit score and income alone. They're designed to be flexible, offering a quick fix without locking you into a long financial commitment. Just remember, while they can be a convenient solution, borrowing responsibly and understanding the terms are key to avoiding unnecessary stress down the road.
A short-term loan can provide crucial financial relief in various situations. For instance, it can cover unexpected medical bills, urgent car repairs, or home maintenance costs that cannot wait until your next paycheck. It's also useful for bridging temporary gaps in cash flow, such as covering business expenses before a client payment arrives. Moreover, it can be instrumental in seizing time-sensitive opportunities, like purchasing discounted inventory for a small business. Overall, a well-managed short-term loan offers flexibility and peace of mind, ensuring you can address immediate financial needs without disrupting your long-term financial stability.
Here's a look at the benefits associated with Fibe’s loan:
Here a step-by-step guide to apply for a short-term personal loan:
Qualifying for a quick short term loan in India with Fibe is super easy! No complications, no hassles — just straightforward access to the funds you need for your upgrades.
Eligibility Criteria
Here is a simple breakdown of how you can qualify:
You must be between the ages of 21 to 55 years.
A minimum monthly in-hand income of ₹15,000 in non-metro cities and ₹18,000 in metro cities is required.
You must be a resident of India.
Documents Required
Here’s list of required documents for your short term loan application:
A Selfie: Your picture in good lighting.
PAN card: Important document for identity verification.
Aadhaar card: Ensures the legality of your application.
Salary Slips (last 3 months) or Bank Statements (last 6 months): Shows your financial stability.
To get a short term loan instantly with Fibe, our 100% digital application makes it easy with minimal documentation. Simply submit the necessary documents and we’ll process your short term person loan quickly for faster fund disbursement.
Effectively manage your finances with the assistance of the Fibe EMI calculator. This tool is designed to help you project your monthly repayments for a personal loan of ₹4 lakh.
For short-term needs, personal loans are often the best option due to their quick approval process and flexibility. Instant cash loans and short-term installment loans can also be considered but they typically come with higher interest rates. Credit cards and lines of credit can be useful for very short-term needs if you can pay them off quickly to avoid high-interest charges.
The loan amount for a short-term loan varies based on the lender and the borrower’s creditworthiness. With Fibe, you can get cash up to ₹5 lakhs in just 2 minutes at affordable interest rates.
Repaying your Fibe loan amount generally involves the following steps:
Most short-term loans are unsecured, meaning they do not require collateral. However, the terms can vary from lender to lender. Some secured short-term loans might require collateral, such as a vehicle or other valuable asset, to guarantee the loan. Unsecured loans typically rely on your creditworthiness for approval. At Fibe, you can apply for a short term loan without any collateral.
The tenure for a short-term loan normally ranges from a few weeks to a year. The exact tenure depends on the loan product and the lender’s policies. Fibe offers a flexible repayment tenure starting from 3 months to 36 months.
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Subham Pawar
Shilpi Mukherjee
