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
- The minimum age for an individual to apply for short-term loans is 21 years.
- The company provides short-term personal loans online in India to all salaried employees and wagers. However, the application may differ from each other.
- The company provides loans to those who have a stable salary of up to 12,000 per month
- 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
- 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:
Minimum income requirement
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.
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.