A short-term loan is always a safe financial option. Limited amount of loan taken is easy to pay and so gradually short terms loans up to 1.5 lakhs gained popularity. Amount of 1.5 lakhs may appear low, but it can meet various financial needs such as – clearing the medical bills, paying long due rent, making a down payment, paying for urgent repairs, booking group travel tickets urgently, and more!
SimplyCash, powered by Hero FinCorp is a super speedy personal lone app best known for short-term loans ranging from Rs.50,000 to 1.5 lakhs. These are unsecured loans available in the easiest possible way with zero collateral, paperless documentation, and minimum eligibility criteria.
Let’s see the eligibility criteria to get short term cash loans via SimplyCash:
- Age criteria: Applicant should be between 21 - 58 years
- Minimum monthly income for salaried and self-employed: Applicant should at least earn a minimum amount of Rs.15,000 monthly
- Income proof: 6 months bank statement of the salaried or personal account
Submission of mandatory documents for small cash loans via SimplyCash:
- Aadhar card and PAN card details for E-KYC verification
- A smart card driving license is also a personal identity proof that can be submitted optionally.
- Other important documents include your professional and financial details inclusive of income statements.
Apply for Short Term Cash Loan via SimplyCash
- Install SimplyCash Instant cash loan app from Google Play Store
- Register with basic details – mobile number and email address
- Set the desired EMI using the loan EMI calculator
- Paperless verification of KYC details using a security code
- Bank account verification through net banking; the credentials are never stored
- Small cash loan approved in minutes and transferred to the bank account on a working day
So, you see the above requisites are not hard to fulfill, which makes the processing of small cash loans quick. Instead, the convenience has increased thanks to digital personal loan apps and lender websites. No more physical loan applications that lacked instant approval.
During the pandemic situation, small cash loans or short-term loans proved to be a great support to manage the financial gaps that occurred due to lack of work and unemployment scenarios.
Benefits of Short-Term Loan
A short-term loan is much safer than long-term loans. So, it is advisable to get clarity on the features and benefits of short-term loan to make the most out of this loan facility:
Lesser loan tenure: A short-term loan is generally taken for 1 to 3 years and doesn’t linger for years giving a burden of repayment.
Loan Amount: Short-term loan amount varies between Rs.15,000 to 2 lakhs, depending upon the loan provider. This is easy to repay when broken down into EMIs.
Loan Approval: The time taken for the short-term loan is quick with minimal documentation whereas long term loan with a higher amount requires more verification of the borrower’s creditworthiness and assets.
Open for All Borrowers: Short term loan is available even to those borrowers having low credit scores.
Collateral free: Being an unsecured loan, no security or assets are required to be mortgaged against the loan.