Short term loans for Salaried Employees

Banks and NBFCs provide short term loans to salaried employees because of the income guarantee. Especially, government employees are at the top when it comes to being preferred customers, because of the job security. These are followed by employees working in MNCs and corporates.

Short terms as the name suggests are loans that are given over a short tenure generally ranging from 1 month to 1 year. Short term loans are useful if you want to meet an urgent expense without going through the rigorous schedule of normal personal loan. Because of the low tenure, most borrowers especially salaried ones, prefer short term loans.

Many lenders offer pre-approved instant short term loans to select customers (usually based on their existing relationship) based on their age, monthly income, banking history, etc). The EMIs for these short term loans depends on the loan amount. For a larger loan amount, you will be paying a higher EMI.

Features of Short term loans

Flexible End use – The borrower can use the money in any way they want. Whether it is meeting a medical expense or going for a vacation, they can use it for a wide range of purposes

No collateral required – Short term loan lenders generally do not require any collateral. All they require are few documents to justify the borrower’s repaying ability

Minimal Documentation – Short term loans have minimal documentation compared to other type of loans. These days with the digitilization, the documentation can be completed within minutes

Quick Disbursal – Since the customer require the funds for urgent use, banks and NBFCs make it a point to disburse the loan amount as quickly as possible

Tenure – Short term personal loans as the name suggests have low tenure. Usually, the tenure ranges from 1 month to 1 year

Loan Amount – Loan amounts start at just Rs.5,000 and can go up to Rs.3 lakhs for instant personal loans

Eligibility Criteria for Short term loans

• Age: 21 years minimum, 60 years maximum
• Must be salaried (govt or private firm)
• Minimum Income of Rs. 15000 atleast
• Must be an Indian resident
• Good credit score

*Please note that these are generalized eligibility criteria for short term loan for salaried. Certain lenders may have additional eligibility criteria, we recommend you to check the respective lender’s page

Documents required for Short Term loan

• ID Proof (Voter ID, Aadhar Card, Pan card)
• Address Proof (Ration Card, Aadhar Card, Voter ID)
• Proof of employment
• Last 3 months salary slip
• Last 6 months bank statement
• 1 Passport size photograph

*Note: The documents mentioned here are standard. Certain lenders may ask for additional documents.

How to Calculate the EMIs for my Short term Loan?

To calculate your EMIs, use our Personal Loan EMI calculator. Follow the steps as indicated below:

Step 1: Go to our EMI Calculator page in our website

Step 2: Fill in the fields with your loan amount, tenure, and interest rate. Click on ‘Calculate’ button.

Step 3: You will automatically get the Loan EMI for the tenure. You can also get  the Monthly breakdown of EMI in Principal and Interest components along with the balance