Short Term Loans Online in India

Short Term Personal Loan Online in India

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Short Term Personal Loan Online in India

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  • Post last modified:November 8, 2023

TWe people often need clarification about what to rely on for their small financial needs as there are minimal platforms and sources which can satisfy their short-term needs. However, the only way for these is to acquire short-term personal loans online in India. It makes our life more hassle-free. Whether you’re planning for a vacation or buying a second-hand scooter, short-term loans will be your savior. The interest rates for short-term loans are usually lower than other loans. However, by opting for a short-term loan, you’ll be protected from all vast liabilities. In this article, we will talk about various companies in India which provide short-term personal loans online in India at low interest. We will discuss short-term personal loans online in India, loan applications, and how you can opt for these short-term loans.

Eligibility Criteria of Short-Term Personal Loans Online in India

Various policy providers provide short-term personal loans online in India. However, the regular eligibility criteria that you need to follow in all the companies are

  1. The minimum age for an individual to apply for short-term loans is 21 years.
  2. The company provides short-term personal loans online in India to all salaried employees and wagers. However, the application may differ from each other.
  3. The company provides loans to those who have a stable salary of up to 12,000 per month
  4. The individual must have a civil score of 60 or more than that.

Documents Required for Applying for Short-Term Personal Loans Online in India

Suppose you’re an interested person and want to take short-term personal loans online in India to satisfy your financial needs. In that case, you need to submit these essential documents for further proceeding with short-term personal loans online in India:

  • Aadhaar card
  • PAN card
  • Salary slip
  • Photograph
  • Bank statement or ITR

Top 10 Companies Providing Short-Term Personal Loans Online in India

Various companies are providing short-term personal loans online in India. Important details for providing short-term personal loans online in India are discussed in the table below. Here we will talk about various companies providing short-term loans online in India:

Company

Loan amount

Age

Interest rate

Processing fee

Minimum income requirement

Loan tenure

State Bank of India personal loans

Up to Rs. 15 lakh 21- 60 years 9.60% – 15.30% 1% of the loan amount + applicable tax 5,000 per month Maximum 60 months or remaining service period, whichever is less.

ICICI bank personal loans

10.50% to 18.49% For the salaried employee: 23 – 58 years

For self-employed: 25 – 65 years

Up to 20 lakhs Up to 2.25% pa. a. of loan amount + GST 5% p.a. of principal outstanding + GST From 12 – 60 months

HDFC bank personal loan

From 10.50% to 21.50% p.a.  From 21 to 60 years 15,000 per month Upto 2.5% of the loan amount with a minimum of 1,999 INR Up to 15 lakhs From 12 months to 60 laks

Kotak Mahindra personal loan

From 10.50% – 20.99% From 21 – 58 years Up to 15 lakh Up to 2.5% of the loan amount GST and other applicable statutory levels Lock-in period for 12 months, 5% foreclosure charge + GST on the principal outstanding Up to 60 months

Axis Bank personal loan

From 12% – 24% p.a. 1.5% to 2% + GST as applicable Nil 21 – 60 years 50,000 to 15 lacs Upto 60 months

Citibank personal loan

From 9.99% to 18.99% p.a. Up to 30 lacs Up to 3% –            –            1 to 5 years

Bajaj finserv personal loan

From 13% to 16% p.a. 2.25% to 3%   30,000 INR Up to25 lacs 12 to 60 months

Bank of Baroda personal loans

From 10.50% to 16.60% p.a. 2% –            –  Four years

Standard chartered personal loan

From 11.49% to 19% p.a.   –            –            –            From 12 to 60 months

Tata Capital Personal loan

From 110.25% to 19 % –            –            –            Up to 25 lacs 12 months to 84 months

 

Details of Top 10 Companies Providing Short-Term Personal Loans Online in India

Many companies are providing short-term personal loans online in India but we are listing the Top 10 companies providing short-term personal loans online in India which help you in your financial crises.

1. SBI Bank of India Personal Loans

SBI bank provides short-term loans and is quite a known platform for short-term personal loans online in India. The procedure is quick, and the plan offers attractive interest rates on the agenda. The maximum loan amount you can acquire is around 15 lacs. The SBI Bank of India personal loans ranges from Express credit loans, SBI pension loans, SBI Saral personal loan, and many more.

2. ICIC Bank Personal Loans

ICICI is a reliable bank that provides short-term personal loans online in India. Her interest is calculated monthly, allowing the lump sum amount to be withdrawn. The procedure is simple and can be done by any individual effortlessly. The interest rate of personal loans is around 10.99%.

3. HDFC Bank Personal Loans

HDFC has been providing services to lots of people in India and is known as a leading platform for short-term personal loans online in India. It provides loans for up to 15 lacs at one go. The HDFC bank offers a low interest rate, and no collateral or security is required.

4. Kotak Mahindra Personal Loans

Kotak Mahindra Bank is undoubtedly quite famous for providing short-term personal loans online in India. However, it offers personal loans to every person. You do not have to give any security for the loan. The bank also provides the option of refinancing other loans.

5. Axis Bank Personal Loans

Axis Bank provides fast personal loans online in India. The interest rate of personal loans is comparatively low compared to others. There is no such need for security and collateral. The Axis Bank provides various features and advantages on every loan or plan.

Also Read: Axis Bank Car Loan EMI Calculator

6. CiTiBank Personal Loans

 This is a platform that offers short-term loans at low-interest rates. CitiBank prefers giving loans to salaried employees as compared to regular wages. The interest is fixed for these loans. The bank even provides various special offers on loans.

7. Bajaj Finserv Personal Loans

Bajaj Finserv is one of the easily accessible and known banks that provides short-term personal loans online In India. The individual can claim the loans according to their requirements. The bank offers various features along with competitive interest rates. You must pay the payment within 48 hours of completing the application process.

8. Bank of Baroda Personal Loans

The Bank of Baroda provides personal loans to every eligible person, including salaried employees and daily wagers. You can opt for or loan up to 10 lacs. The collateral is needed, and you have to pay for processing. The bank even provides the option of EMIs for easy access.

9. Standard Chartered Personal Loans

A standard chartered personal loan purely works to provide short-term loans to their customers. You can take this loan for your short-term needs. However, no collateral is needed. You can take a loan to satisfy your every short-term requirement. Moreover, all the process is done on an online basis.

10. Tata Capital Personal Loans

Tata Capital provides a range of features and variations in their short-term personal loans online in India. The processing cost for the loan is comparatively low. No collateral is required. The process for application is easy and contains minimal paperwork. Moreover, all the processing cost is quite common.

Conclusion

Various platforms and banks provide short-term personal loans online in India at low rates. Above, we have discussed all the best banks for short-term loans. You can visit the official websites of these banks to start your loan.

Short-Term Personal Loans Online in India – FAQs

Which bank provides personal loans with the lowest interest rates?

Ans. The CIBIL is the company that provides the lowest interest rates to its customers with a common credit history. However, various public sector banks also offer low-price short-term loans.

What is the personal loan interest rate reduction?

Ans. The personal loan interest rate reduction refers to the falling interest of the bank’s monthly loans.

What is the personal loan flat interest rate?

Ans. The flat interest rate of personal loans is the rate that remains constant during the loan period. The flat interest rate may differ from bank to bank.

What is the short-term personal loan used for?

Ans. The short term personal loans are used for immediate needs. It even helps you in dealing with unexpected and sudden expenses.

Who gives short-term loans?

Ans. The financial institution provides short-term loans. Usually, short-term loans last 1-2 years to pay off your short-term need.

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