In the ongoing Covid-19 scenario, at any point in time, people can face a shortage of funds due to immediate financial emergencies that happen to be unforeseen liabilities like a sudden business loss, job, or illness can be the reason for immediate financial help. If you are facing any such financial shortage, do not hesitate in applying for short-term cash loans online as it is one of the fastest ways of getting finances and overcoming the difficult situation.
Bygones are the time-consuming lengthy loan procedures when the loan used to get sanctioned within a week or more. Numerous financial institutions and NBFCs have witnessed such a need for urgent financial support and created online instant loan apps and official websites for the ease of acquiring short-term cash loans in India.
A short-term cash loan, also termed “instant cash loans or instant personal loan” are easily available online in a range of Rs.50,000 – 1,50,000 or above on an affordable interest rate for salaried and self-employed individuals. An instant cash loan is approved quickly within few seconds and directly disbursed into the borrower’s bank account.
Factors responsible for short-term cash loans online in India
In India, there are various reasons why short-term cash loans are gaining popularity. So, let’s have a look at some of the top reasons when a short-term loan is required:
Wedding expenses – While you try to save for your big day, most wedding expenses overshoot the planned budget, and you may not wish to compromise on your special day. This is when short-term cash loans can help.
Debt consolidation – Another significant need for short-term cash loans appears for debt consolidation. It is a smart move if you consider a short-term cash loan to convert multiple loans into one.
Home renovation – Refining your home is an investment, and you should never hold back your home decoration due to financial strain, especially when it is an emergency to fix areas in the house. It is a valid reason for taking a short-term cash loan online in India.
Medical emergency – Once you visit the hospital due to serious illness, there is no break to the expenses. In that case, short–term cash loans or instant personal loans are the best options for immediate finance.
Vacation – if you are a passionate traveler and aim to visit various destinations, you can apply for an instant cash loan or short-term loan for booking a holiday package. It may also include urgent travel for work or meeting an ailing relative etc.
Eligibility criteria & documentation for short-term loans in India
Before applying for a short-term cash loan in India, you should fall under the following eligibility criteria:
• You should be in an age group of 21 – 58 years
• You should earn a minimum salary of Rs.15,000 or above monthly
• You should submit the last six months bank statement
• You should have proof of Indian citizenship
Hassle-free documents to get short–term cash loans in India
You can get short-term cash or instant cash loan by providing the following paperless documents:
• Identity proof involves your – Aadhar card/Smart card driving license/ /PAN card
• Address proof involves your – utility bills/voter ID/ Aadhar Card
• Professional details, whether salaried or self-employed, submit your company address, profession, work experience, and income proof.
With the ease of acquiring short-term loans online, many households in India have survived financial challenges in recent times.
