Short Term Loan: How to get short term loan for 6 months, how much interest will have to be paid

Only the person who has a bank account and the account has lasted for at least 6 months can apply for a short term loan. The applicant should have a regular source of income.

Aug 08, 2022 | 5:11 pm

TV9 Bharatvarsh | Edited By:


Aug 08, 2022 | 5:11 pm




A personal loan of 6 months is also a short term loan.  This loan means that you have to repay the entire loan amount within 6 months.  If you need money urgently, there are many banks that offer short term loans of 6 months.  The specialty of this loan is that it is given in the least paperwork and like an instant loan, money comes in your account instantly.  Let us know how to take a short term loan of 6 months and what will be the interest of this loan.  Also, what is the specialty of this loan.

A personal loan of 6 months is also a short term loan. This loan means that you have to repay the entire loan amount within 6 months. If you need money urgently, there are many banks that offer short term loans of 6 months. The specialty of this loan is that it is given in the least paperwork and like an instant loan, money comes in your account instantly. Let us know how to take a short term loan of 6 months and what will be the interest of this loan. Also, what is the specialty of this loan.

Talking about the specialty, this loan is a collateral free loan.  You do not have to pay any security to take this loan.  However, due to non-secured security, this loan is expensive as the interest rate is high.  In short term loan, you can take a loan of minimum Rs 1,000 and maximum Rs 5 lakh.  The tenure of short term loans ranges from 7 days to 180 days.  This means that you can repay the money within 7 days to 180 days from the day the loan meter is activated.

Talking about the specialty, this loan is a collateral free loan. You do not have to pay any security to take this loan. However, due to non-secured security, this loan is expensive as the interest rate is high. In short term loan, you can take a loan of minimum Rs 1,000 and maximum Rs 5 lakh. The tenure of short term loans ranges from 7 days to 180 days. This means that you can repay the money within 7 days to 180 days from the day the loan meter is activated.

Now let's talk about interest rates.  Axis Bank offers short term loans @ 10.25 percent.  Apart from this, SBI 10 to 13.75 percent, India Bulls Dhani more than 13.99 percent, HSBC Bank 9.50 to 15.25 percent, Home Credit charges interest at the rate of 2 percent every month.  Apart from this, MoneyTap charges 1.08 percent per month or 13 percent, Stashfin above 11.99 percent, Faircent 36%, CreditB 0.2-49% per month, Moneyview above 15.96 percent, PaySense 16.80 percent and Cashi above 27 percent.  This figure is taken from 'paisabazaar'.

Now let’s talk about interest rates. Axis Bank offers short term loans @ 10.25 percent. Apart from this, SBI 10 to 13.75 percent, India Bulls Dhani more than 13.99 percent, HSBC Bank 9.50 to 15.25 percent, Home Credit charges interest at the rate of 2 percent every month. Apart from this, MoneyTap charges 1.08 percent per month or 13 percent, Stashfin above 11.99 percent, Faircent 36%, CreditB 0.2-49% per month, Moneyview above 15.96 percent, PaySense 16.80 percent and Cashi above 27 percent. This figure is taken from ‘paisabazaar’.

Only the person who has a bank account can apply for short term loan and the account has lasted for at least 6 months.  The applicant should have a regular source of income.  The applicant should be of salaried class and work in a private or government limited company.  It is also to be kept in mind that the applicant has not defaulted any loan in the past.  The person who fulfills these conditions will easily get a short term loan of 6 months.

Only the person who has a bank account can apply for short term loan and the account has lasted for at least 6 months. The applicant should have a regular source of income. The applicant should be of salaried class and work in a private or government limited company. It is also to be kept in mind that the applicant has not defaulted any loan in the past. The person who fulfills these conditions will easily get a short term loan of 6 months.

Banks or NBFCs do not demand any collateral or security from the customer for granting this loan.  If there is a sudden need of money or there is a big purchase, then a short term loan of 6 months can be taken.  Small expenses are easily settled with this loan.  There is no problem in processing this loan and paper work is also less.  Banks or NBFCs do not demand a very high credit score to grant a short term loan of 6 months.  You can repay the loan amount every month from your salary.  As soon as you apply for the loan, its money gets deposited in the account immediately.

Banks or NBFCs do not demand any collateral or security from the customer for granting this loan. If there is a sudden need of money or there is a big purchase, then a short term loan of 6 months can be taken. Small expenses are easily settled with this loan. There is no problem in processing this loan and paper work is also less. Banks or NBFCs do not demand a very high credit score to grant a short term loan of 6 months. You can repay the loan amount every month from your salary. As soon as you apply for the loan, its money gets deposited in the account immediately.






Most Read Stories


Source link

Leave your vote

Related Articles

Back to top button

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.