Benefits of Short-Term Loans

Regardless of your emergency, an instant, short-term loan can help you get the funds immediately. Once you get through the verification process with Piramal Finance, your loan amount will be disbursed into your bank account. The best part about short-term loans is that the disbursement happens within 24 hours.

Another great thing about short-term loans is that their repayment tenure is brief. Thus, a short-term loan is quite cost-effective. With highly affordable interest rates and flexible lending tenure, opting for this unique line of credit facility is truly beneficial.

Please note that similar perks are available across several other types of short-term loans. So, to narrow down things as per your requirement. We have listed some of the top benefits of short-term loans here:

• You have the option to avail of the loan without pledging any collateral.
• You can quickly address your urgent financial requirements.
• After submitting some essential documents, you can receive your funds instantly.
• You can easily apply for short-term loans online and get the quickest approval.
• You can avail of the pre-approved offers to speed up your loan application procedures.
• You can repay your short-term loan at your convenience with flexible tenures of up to 5 years.
• You will have 100% transparency in loan fees.

What are the Eligibility Criteria for Short-Term Loans?

If you plan to apply for short-term loans online, you must meet the basic eligibility criteria. They include:

• You need to be a citizen of India in order to avail of short-term loans.
• You should be at least 21 years old and employed and not above 60 years of age.
• You should have a minimum credit score of 750 or above. However, Piramal Finance provides short-term loans to people with low credit scores.
• You can either be self-employed or a salaried professional in a reputed firm.

You can always use the short-term loan eligibility calculator on Piramal Finance's website. This way, you will get an estimate of the sanctioned amount before you apply for a short-term loan.

What are the Documents Required for Short-Term Loans?

You need to submit a few documents to get access to your loan amount as soon as possible. So make sure you go through the document checklist of Piramal Finance before applying for a short-term loan.

However, some of the basic documents that you need to submit for short-term loans are:

• Identity proof with an Aadhaar card, PAN card, Voter's ID card, Driving license, etc.
• Residential address proof with driver's license, passport, telephone bill, electricity bill, or any other utility bill.
• Recent passport-size photographs
• Salary slips for the past three months
• Bank account statements of the past three months, etc.

Once you provide these documents, along with others, your short-term loan will be approved. And within 24 hours of approval, you can get your loan amount disbursed to your bank account.

What are Additional Charges for Short-Term Loans?

A few additional charges are associated with short-term loans. They include:

• Processing Fees: While availing of short-term loans, you are required to pay a small amount towards the processing fees of your loan amount. Please note that most of these charges are not inclusive of the GST amount.
• Penalties: If you default on your monthly repayments, you must pay a penalty interest on your due amount. Your penalty interest amount will increase significantly as you delay your monthly repayments.
• Applicable Interest Rates: You will already know that your loan's interest rate is calculated on the loan amount and the tenure. So, for short-term loans, you can easily repay the principal along with interest within a shorter timeline at cost-effective rates.
• Delayed Payment Charges: Defaulting your monthly EMI can easily attract late payment fees.