Short term loans are loans which are essentially provided for a short tenure upto 18 months. These loans can be useful at the time of emergency or when you have money crisis for a short period. Also, these loans are dispatched faster than the other category of loans as the requirements to qualify for it is comparatively lesser and simple.
Features of a Short-Term Loan:
- No need for collateral while availing the loan.
- Salaried individuals can avail Short-term loans by using our online platform, which is quick, easy to understand and only requires basic documentation.
- Same approval for the Short-Term loan application.
Short Term Loan Eligibility
All salaried individuals can get a loan from us. Check if you are eligible below;
- Age: The borrower's minimum age should be 21 and maximum should be 60.
- Income: Net Monthly Income should be between Rs. 20,000 - Rs. 25,000.
- Residence Type: The borrower should be staying with parents or in own house.
- Locations: Currently residents of Mumbai.
- Employment Type: Only salaried individuals are eligible to apply for a loan.
The documents that you will need to submit when applying for a Short-term loan are as follows:
- PAN Card
- Proof of Residence: Latest electricity bill
- Proof of Income: Salary slips for the most recent 3 months
- Bank statements for the last 3 months
Loan processing fee is charged at the time of loan disbursal. Processing fee is 4% (3% of the loan amount + 1% towards Insurance) and applicable taxes. Fixed documentation charge of Rs. 1,000 is charged from each borrower for Short term loan. The total amount is deducted from the disbursed amount.
- Q. Can Short term loans be taken with a low credit rating?
A. We believe in a sincere borrower. Minimum credit score required under Short term loan is 650 plus. There should not be any default in last 8 years (Any borrower having any defaults after 2012 will not be entertained for any loan under this product).
- Q. Will I need to make arrangements for a guarantor to get my short-term loan approved?
A. You will not need a guarantor for your loan application to be approved, though a guarantor (with good credit score) always help for better terms.
- Q. Do I need to furnish a collateral or a security for my short-term loan application?
A. No security required (All short-term loans at our platform are unsecured loans).
- Q. How long can I take to repay a short-term loan?
A. A short-term loan needs to be typically repaid within 18 months. The repayment period will depend on your profile assessment and ability to pay EMI.
- Q. What will be Short term Loan Interest Rate?
A. Interest rate is @ 1.5% flat per month
- Q. Can I extend my repayment due date?
A. You will need to repay the due amount within the date specified. Failure to do so attract penalty charges and impact your credit score adversely.
- Q. Is there any prepayment charges?
A. No. There are no prepayment charges. To learn about your prepayment amount, please email us at firstname.lastname@example.org.
- Q. Is there any account statement charges?
A. No. There are no account statement charges. A borrower can download the loan statement online from dashboard. Physical account statements will be charged separately.
Fulfill your Short-term capital need. It's simple, instant and requires zero physical documentation.
Get your Short-term loan from OMLp2p today.