Apply for a Short Term Loan Loans up to ₹5 lakhs Instant Approval Easy Application Apply Now Home Personal Loan Short Term LoanWhat is a Short Term Personal Loan?There will always be moments when momentary expenses will demand your immediate attention. A last-minute trip, medical emergency, purchase of a new laptop, and the list goes on. For every such big and small expense like these, a short-term personal loan is the perfect solution.Short or small-term loans are personal loans that have a short repayment tenure. This way, you can meet your financial requirements instantly without the burden of an extended repayment period.Looking for short-term sources of finances? Here’s why Zype can be the ideal choice!Why choose Zype for a Short Time Loan?Zype is an instant loan app that can offer super-fast access to credit, for a very short term. All you have to do is download the app from PlayStore/AppStore.With no document upload or paperwork, complete a simple application that won’t take you more than 5 minutes to complete. You can get approved for a personal loan up to ₹5,00,000 in 60 seconds! You will then receive your loan directly into your registered bank account in 24 hours.But Zype has more to offer. With a flexible repayment tenure of 3, 6, 9 and 12 EMIs, you can choose a personal loan repayment plan that fits your budget. Enjoy the ease of Zype personal loan in every way and meet your financial requirements in no time!Features and Benefits of Short Term Loans from ZypeShorter Loan TenureWith Zype, the flexibility of borrowing doesn’t end when you receive the money in your account. You can choose among flexible repayment tenure of 3, 6, 9 or 12 EMIs and repay your loans on your terms. Instant Loan ApprovalWhen the need for cash is urgent, it should be met quickly! Keeping this in mind Zype offers loan approval in 60 seconds! Collateral-Free LoansYou don’t have to provide any security like gold, jewellery, or any other assets to get a personal loan from Zype. This is because all small-term loans from Zype are unsecured loans. 100% Digital ApplicationSay goodbye to making endless trips to your lender because on Zype, everything from application to repayment is online. But that’s not all! With no document upload or paperwork, you can apply for a short-term loan in less than 5 minutes. No Hidden FeesWith Zype, you will never be charged any additional cost. Zype’s terms of borrowing are crystal clear. You only have to pay an interest rate and processing fees on the personal loan you take. Affordable Interest RateThe interest rate you’re charged decides if your loan is expensive. On Zype, you can get personal loans at a very affordable interest rate starting at 1.5% interest per month. Quick DisbursalAfter you have completed your application and accepted your offer, you will receive your loan directly into your registered bank account in 24 hours. Why Opt for a Short Term Loan?If you’re someone who needs quick access to funds without bearing the burden of a long repayment tenure, then a short-term loan can be invaluable for you. Beyond that, you also get instant approval and quick disbursal that can ensure that time doesn’t come between you and your instant need for cash.How to Calculate your EMI for Short-Time Loan?If you’re someone who needs quick access to funds without bearing the burden of a long repayment tenure, then a short-term loan can be invaluable for you. Beyond that, you also get instant approval and quick disbursal that can ensure that time doesn’t come between you and your instant need for cash.One of the good borrowing practices is to calculate your personal loan EMIs before you even start your application with a lender. Doing this can help you get the best personal loan offer and create a budget that fits your financial situation.This is the formula to calculate your EMI:E = P x R x (1+R)^N / [(1+R)^N-1], whereP is the principal amount you borrowR is the monthly interest rateN is the no. of months of EMI paymentShort Term Loan EligibilityA good borrowing practice is to check the eligibility criteria and required documents of a lender before applying for a personal loan. Doing this avoids too many credit inquiries in a short time and speeds up your application process.On Zype, this is what you need to complete your application and get a personal loan offer: Age18 years or above Monthly SalaryMonthly income of at least ₹15,000 Work experienceSalaried individual Citizen of IndiaValid PAN & Aadhaar cardDocuments required for Short Term Loan Mandatory DocumentsYou need to submit required documents such as PAN and Aadhaar card while completing your application and unlocking your credit limit. (Physical Copy Not Required) Proof of IdentityYou will need to take an online selfie during the application process to verify your identity. Proof of Income (Optional) If you want to apply for a higher credit limit, you will have to provide your bank statement for the last 4 months.Short Term Loan – Interest Rates and ChargesThere are some charges like personal loan interest rates and processing fees associated with taking a loan. With Zype, you will get all the information of the additional charges on your loan and get complete transparency on your loan terms.These are all the charges you need to be informed about: Fees & Charges Amount ChargeableInterest RateStarting at as low as 1.5% (monthly)Loan Processing ChargesProcessing fees from 2% to 6% on every loanInterest on Overdue EMIsPenal interest & late fees will be charged to your total outstanding loan on a daily basisFactors Affecting Short Term Finance Loan in IndiaThere are many factors that can affect the short term personal loan you take. This can vary from the loan amount and interest rate charged on your personal loan to your credit profile and monthly income. Loan Amount and Interest Rates:Based on your credit profile and submitted documents, you will be approved for a particular loan amount and interest rate. This outstanding amount will be divided into EMIs which you will have to repay every month, as per your repayment tenure. Credit Score:Your credit score is a 3-digit number that determines the eligibility of your personal loan. Having a high credit score of 750 and above can make you an ideal borrower among lenders, helping you get the best loan offers and terms. Financial ObligationsWhen you take a personal loan, you have to pay it back with interest according to your repayment tenure. Missing your EMIs can lead to negative consequences like penalty charges, a decrease in credit score and recovery calls from the lenders. Frequently Asked QuestionsDoes a Short Term Loan Affect Your Credit?Your short-term loan can have both – negative and positive impacts on your credit, depending on whether you make your repayments on time or not. If you pay all your EMIs on time, it will automatically help you build your credit score.Do Short Term Loans Require Collateral?On Zype, you don’t have to provide any collateral to get a short-term personal loan. This is because all Zype loans are unsecured loans.Which App is Best for Short Term Loans?Zype is the best app for short-term loans! With easy application, instant approval, quick disbursal, and flexible repayment tenure, you can get instant access to the money you need.What are Short Term Personal Loans?Short term personal loans are loans that have a short repayment tenure. On Zype, you can repay your loan in flexible repayment tenure of 3, 6, 9 or 12 EMIs.How Can I Get a Loan in a Short Time?On Zype, you can apply for a personal loan up to ₹5 lakhs in 5 minutes. After you have completed your application, you can get approved for a loan in 60 seconds. Accept your loan offer and receive the cash directly into your bank account within 24 hours.Which is Better Prepayment or Foreclosure?The choice between prepayment and foreclosure depends on your financial capacity and the terms of your loan.Foreclosure settles the debt completely, while prepayment reduces the outstanding balance and future interest.How to Apply for Loan Foreclosure?To apply for loan foreclosure, contact your lender, understand their foreclosure process, submit the required documents, and pay the outstanding loan amount along with any applicable charges.What is Short Term Finance Used For?Short term sources of finance are used for meeting any momentary expenses and are best suited for individuals who don’t want a long repayment tenure.How Much Loan Amount Can be Availed in a Short Term Loan?On Zype, you can avail a personal loan of up to ₹5 lakhs with a short-term loan repayment tenure.What is the Tenure for a Short Term Loan?Zype’s repayment tenure for a short-term loan can be 3, 6, 9 or 12 EMIs.