A short-term personal loan is a type of loan given to an individual for a short tenure that usually ranges from one month to a year. These are advantageous for individuals who cannot get loans for a longer term from a bank or a lender for various reasons. In addition, short-term loans are generally insecure, so you are not required to put up any assets or collateral as security for the loan amount. It is also known as short-term instalments or short-term finance.
Apply for an online short-term personal loan today with PayMe and fulfill your dreams!
PayMe is committed to making the user's borrowing journey as smooth as possible. There is no heavy paperwork required. Just upload a few short term personal loan documents. Both salaried and self-employed individuals can avail themselves of instant short term loans. The documents required when you apply for a loan include KYC proof, income proof, business details, and a couple of other things.
The short-term loan eligibility calculator lets you know the maximum instant short-term loan amount a borrower can avail of depending on their income and repayment capacity. Several factors will determine your loan eligibility, such as income, credit history, age, and other financial liabilities.
Getting an instant short-term personal loan is quite simple. Here is how you can apply for an instant short term loans.
Loan amounts start at just Rs. 2,000 and can extend up to Rs. 5 lakhs for short-term loans.
You can repay your short-term loans through EMI payments using UPI, net banking, NEFT, and IMPS using the virtual account designated for the purpose. In addition, the auto-debit form (NACH) sometimes allows the lender to deduct EMIs directly from your bank account.
No, you do not need to provide any collateral as security for the loan amount.
The repayment tenures can range from 1 month to 12 months (1 year).