What is a short-term personal loan?

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!

Benefits and features of a short-term personal loan:

  • Flexible and Attractive Interest Rate
  • Instant Approval
  • Minimal Paperwork
  • 100% Paperless Application Process
  • Quick Disbursal
  • Short Tenure

Documents required for short-term personal loans

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.

Accepted Documents:

Proof of identity
Proof of address
Proof of Age
Salary slips for the last three months (for salaried)
Bank statement for the previous three months
Income tax returns or form 16
Proof of income / financial statements (for self-employed)

Eligibility criteria for short-term loan:

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.

PayMe aims to fulfill your dreams and aspirations with an affordable small personal loan. Therefore, our loan eligibility criteria are easy to comply with.

  • Age: From 21 to 58 years
  • Employment: Salaried & Self-employed
  • Minimal Income: More than 15000
  • Credit Score: 650+
  • Nationality: Indian

How do I apply for a short-term personal loan online?

Getting an instant short-term personal loan is quite simple. Here is how you can apply for an instant short term loans.

  • Register yourself on the PayMe app by entering your mobile number.
  • Upload your documents online and complete your KYC process.
  • Provide income proof documents like a bank statement, salary slip (for a salaried individual), or ITR (for self-employed).
  • The loan amount will be credited into your bank account the same day your loan is approved.

Short-Term Personal Loans - FAQs

What is the loan amount that is given for short-term loans?

Loan amounts start at just Rs. 2,000 and can extend up to Rs. 5 lakhs for short-term loans.

How do I repay my loan amount?

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.

Is there any collateral needed for a short-term loan?

No, you do not need to provide any collateral as security for the loan amount.

What is the tenure for a short-term loan?

The repayment tenures can range from 1 month to 12 months (1 year).