Life often brings unexpected expenses that require immediate financial assistance, which savings may not always cover adequately. Under such circumstances, short-term Personal Loans can assist in dealing with pressing financial outlays without delay. These loans are nowadays available online through Personal Loan app and websites, making borrowing efficient. 

What are Short-Term Personal Loans?

Short-term Personal Loans provide small loan amounts for shorter repayment tenures. These loans can help meet unexpected expenses such as home repair, higher education fees, or urgent travelling. At Hero FinCorp, you can get loan amounts from Rs 50,000 to 5 Lakh at suitable interest rates, starting from 1.58% per month, and flexible repayment tenures of 12-36 months. 

Benefits of Short-Term Personal Loans

The benefits of short-term Personal Loans are as follows:

Access to Money

When financial emergencies arise, timely response is essential. When you apply for a Personal Loan through a loan app or website, you can get timely approval followed by swift disbursal.  

Repayment Terms

You can choose a suitable loan tenure per your repayment capacity and an instalment amount, making the loan repayment manageable.

Minimal Documents Required

A short-term Personal Loan requires basic KYC details and proof of income. Since the entire process is online, applicants do not need to submit physical copies of their documents.

Eligibility Criteria

To obtain a short-term Personal Loan, the applicant must meet some requirements. For example, when applying for a Personal Loan with Hero FinCorp, you should be between 21 and 58 years old with a decent credit score of 750 or above and earn at least Rs 15,000 monthly. Both salaried and self-employed individuals can apply.

Common Uses of Short-Term Personal Loans

Some of the common uses of short-term Personal Loans are:

Home Repairs

Damage to a house, such as a developing roof leak or faulty pipes, can happen unexpectedly. Repair work tends to need immediate financial assistance, which these loans are able to extend.

Urgent Travel

Family emergencies or last-minute travel can be costly. A personal loan helps cover these expenses without disrupting your budget.

Debt Consolidation

Handling multiple debts may be challenging. A short-term Personal Loan can be used to pay the debts and repay the loan in EMIs as per agreed tenure.

Steps to Apply for a Short-Term Personal Loan

Getting a short-term Personal Loan is easy. Here are the steps to apply for a short-term loan with Hero FinCorp:

Significance of EMI Calculation

Before applying, it is advisable to calculate EMI for Personal Loans to know the monthly instalments. An online EMI calculator can estimate the monthly instalment using the loan amount, interest rate, and repayment period.

How to Use an EMI Calculator?

It is simple to use an EMI calculator:

Once you enter these values, the calculator will show the EMI amount on the screen.

Factors to Keep in Mind Before Availing a Loan

You should consider some important factors before applying:

Loan Amount

Borrowing more than you need can strain your finances. It is advisable to borrow only the needed amount.

Interest Rate

Various lenders provide different interest rates. Viewing your options can help in getting favourable rates.

Repayment Tenure

Selecting an appropriate repayment period is important. A longer period lowers the EMI value, but a shorter period enables quicker debt repayment.

Monthly EMI

You must ensure your EMI is within your budget for the month. An EMI calculator can help you compute the EMI for Personal Loans beforehand and change the amount or tenure as needed.

Handling Repayments of Loans

Effective borrowing makes the repayment of loans manageable. Here are some tips to handle repayments well:

Why a Personal Loan App?

Short-term loans are accessible through the Personal Loan app. Here are some advantages:

Conclusion

Short-term loans offer prompt financial assistance when required through Personal Loan apps. These loans come with multiple options for interest rates, flexible repayment tenures, and minimal documentation requirements. So, next time you have an urgent financial requirement, apply online to get the required timely.