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Short Term Personal Loan

4.5/5

15.6L Reviews

5.7cr+Satisfied Customers
65+Lending Partners
₹65k Cr+Loans Disbursed
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Wide Choice

Curated offers from 30+ lenders

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Quick Disbursal

Money in your account instantly

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SmartMatch

Offers ranked according to eligibility

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Digital Process

Hassle-free & paperless

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee6,500
ICICI Bank
100% Digital Process*Quick Disbursal
Max Loan Amt.Upto 25L
Rate of Interest11% - 13%
Tenure upto1-5 Years
Processing FeeUpto 2%
Axis Bank
Low Processing fee
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Why Choose Paisabazaar?
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Compare & Choose the Best Offer

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Pre-approved Offers with Instant Disbursals

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Know Your Chances of Approval

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End-to-End Digital Process

How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Personal Loan Overview: Understanding Short-Term Capital

Interest rates As per the applicant’s credit profile
Loan amount Depending on the repayment capacity
Loan tenure Up to 1 year
Collateral Collateral-free
Usage Urgent financial requirements, except speculation
Loan disbursal Instant
Loan application Applied through instant loan apps

Explore Short Term Personal Loans from 5K to 50K

Short Term Personal Loan Interest Rates

Lenders Interest rates (p.a.)
Paisabazaar Loan App 9.98% onwards
Fibe Personal Loan 18.00% onwards
kreditBee Personal Loan 12.00% - 28.50%
Olvy Personal Loan 18.00% onwards
Moneyview Personal Loan 14.00% onwards

Eligibility Criteria for Micro & Short-Term Advances

Applicants planning to avail short term personal loans should meet the following eligibility criteria on personal loan:

  • Indian residents can apply for Short Term Loans.
  • Minimum age of the applicant at the time of loan application should be 21 years and the maximum age at the time of loan maturity should be 58 years.
  • Applicants having an EMI/NMI ratio below 55%, including the existing EMIs and EMI of the proposed personal loan have higher approval chances.
  • Applicants with credit scores of 760 and above usually have higher chances of availing personal loans. However, lenders offering short-term personal loans usually approve applications with lower credit scores as well.

Documents Required for 100% Paperless Short-Term Approvals

Below-mentioned are the documents required during personal loan application of short term personal loans:

  • Duly filled application form with photograph
  • ID proof: Voter ID, Aadhar card, PAN card, driving license, passport, etc.
  • Address Proof: Telephone bill, electricity bill, rental agreement, ration card, passport, Aadhar card, driving license, etc.
  • ITR/Form 16
  • Recent bank statement reflecting salary credited into the account.

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Short Term Personal Loan EMI Calculator

  • Short-term personal loan EMI calculator is an online financial tool responsible for evaluating the EMIs and total interest cost payable throughout the loan tenure.
  • The tool is fast, accurate, convenient, accessible, easy to navigate and saves a lot of time that was otherwise spent in manual calculations.
  • Individuals can assess their loan affordability even before loan application and apply for a lender fitting well within their budget.

Step-by-Step Guide on How to Apply for a Short-Term Personal Loan Online

You can apply for a short-term personal loan online through Paisabazaar in the following steps:

  • Login to the Paisabazaar Loan app.
  • Click on the “Personal Loans” icon on the dashboard.
  • The app fetches your credit report and shows curated offers based on your credit profile.
  • Opt for the best-suited offer and apply.

Compare Short-Term Personal Loans vs Traditional Long-Term Credit

Short-term Personal Loans Long-term Personal Loans
Offered for a tenure of usually 3 - 12 months. Offered for a maximum tenure of usually 5 years.
Higher EMIs. Usually lower EMIs.
Total interest cost is low. Total interest cost is higher.
Usually smaller loan amounts. Usually higher loan amounts.

Pro-Tips to Secure Instant Cash Loan Approval Within Minutes

You can follow the below-mentioned tips to get your personal loans approved instantly:

  • Maintain a high credit score (usually 760 and above).
  • Check for pre-approved offers.
  • Keep your documents handy for upload.
  • Leverage existing relationship with the bank and save the documentation time.
  • Check your eligibility using Paisabazaar’s Personal Loan Eligibility Calculator before loan application to speed up the approval process.

Common Reasons for Short Tenure Loan Rejections and How to Avoid Them

Common reasons for the rejection of short-term personal loans include:

  • Low credit score.
  • Unstable job.
  • Inconsistent income.
  • EMI/NMI ratio above 55%.
  • Incomplete documentation.
  • Errors in the application.
  • Too many loan applications in a short span.

By avoiding the above-mentioned mistakes, you can increase the chances of your short-term personal loan approval.

Structural Comparison: Short Term Personal Loan vs Credit Card vs Loan Against FD

Features Short-term Personal Loan Credit Card Loan Against FD
Type of Credit Unsecured Revolving credit Secured
Repayment tenure Usually up to 1 year Flexible Based on the FD tenure
Loan disbursal Fast Instant Quick
Loan amount Generally smaller Limited to the credit card limit provided by the bank Up to 85% of the value of FD
Credit score Timely repayments increase the credit score Timely repayments increase the credit score while high credit utilization reduces it. Does not impact the credit score if repaid on time
Usage Urgent personal financial requirements For everyday spends In case of financial emergency

How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Avail Personal Loan for
All Your Needs

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Avail Personal Loan for
All Your Needs

FAQs

What is the minimum monthly income required for a short term personal loan?

Lenders usually offer personal loans to individuals having their monthly income of Rs. 25,000. However, the loan eligibility depends on the EMI/NMI ratio which should be below 55%, including the existing EMIs and EMI of the proposed personal loan.

Can freelancers and self-employed individuals apply for a 3 to 12-month loan?

Yes, freelancers and self-employed individuals can apply for a loan for 3 - 12 months.

Does a low income affect the maximum loan amount approved?

The approved loan amount is calculated based on the EMI/NMI ratio of the applicant. If the EMI/NMI ratio is below 55%, including the existing EMIs and EMI of the proposed personal loan, you become eligible for a short-term personal loan.

Does a lower CIBIL score automatically disqualify me from short-term borrowing?

Individuals with a poor CIBIL score may not qualify for personal loans. Some lenders offer personal loans to individuals with a low CIBIL score but at a higher interest rate and smaller loan amount.

Why are short term personal loan interest rates higher than regular loans?

Short term personal loans are collateral-free and offered for a very short tenure, usually 3 - 12 months. Since, the risk involved is higher, they are offered higher interest rates as compared to regular loans.

How much interest do you pay on a 3-month short term loan?

If a short term personal loan of Rs. 50,000 is offered at 11% p.a. for 3 months, the total interest incurred would be Rs. 919.

Is a salary slip mandatory for securing a short-term personal loan?

A salary slip is not mandatory but essential for availing short-term personal loan. However, applicants without a salary slip can submit their bank statements and ITRs during loan application.

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What our customers say

Smooth & hassle-free loan approval experience

I want to express my gratitude for your exceptional support & guidance throughout my loan application process to Aman (EW17239). Your professionalism & clear communication made the journey smooth and manageable. I appreciate how you helped during loan approval & fast-tracked the documentation. It is rare to find someone so committed to their clients. I truly value the effort you put into ensuring a successful outcome. Thanks again for your invaluable help.

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Sanjay Kumar GuptaMar 30, 2026

Exceptional guidance throughout the process

I’d like to express my sincere appreciation for Mr. Aman Kumar (EW32023) for the excellent assistance provided. His professionalism & willingness to help made the experience smooth & pleasant. Aman Kumar demonstrated patience & clarity while addressing queries and ensured that everything was handled efficiently. Such dedication & customer-focused service truly deserve recognition. Please convey my thanks and appreciation to him for his outstanding support.

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Jyotirmoy SinghaMar 23, 2026

Very helpful and easy to reach

I really wants to appreciate Mohankumar Dhandapani for closing my loan requirement in such a short time and nice manner. He is very much approachable helped me based on my requirements. He explained me all the options in very short time even one option failed immediately helped me to get other options worked. Excellent job done by Mohankumar Dhandapani all the best keep you same way approachable you will get more customers. Thanks to Paisabazar too.

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Kirubagaran GanesanFeb 24, 2026

Reliable help when i needed it most

I am writing this email to express my sincere thanks for your excellent support and guidance on Paisabazaar. My experience was very smooth and satisfying because of your help. You explained everything clearly and made the whole process easy and comfortable for me. I truly appreciate your professionalism, patience, and quick response. I am very happy with the service and would definitely recommend to others because of the great support I received from you. Thank you once again

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DharmeshFeb 22, 2026

Committed support that made everything easy

I’d like to appreciate the Paisabazar team for the excellent loan service. I especially want to recognize one of your agents, Mr. Prince Kumar, for his outstanding support. For more than a month, he continuously followed up with me and assisted me. His commitment & professionalism made the experience smooth & hassle-free. I appreciate his efforts and dedication. Kindly acknowledge his performance and consider rewarding such a sincere employee.

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BhupendraFeb 18, 2026

My Trust in Paisabazaar has Increased

I would like to take a moment to share my sincere feedback regarding the support I received from your team. The executive who assisted me was extremely professional, polite, and knowledgeable. They patiently understood my concern, explained the process clearly, and guided me step by step toward the right solution. I truly appreciate the transparency, timely responses, and genuine effort shown to help me.

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Lalit MaviFeb 12, 2026

Best Place for Taking Loans

I contacted customer care with a few queries, and I am very satisfied with the support I received. The representative was polite, patient, and explained everything clearly. My questions were resolved properly, and the overall experience was smooth and helpful. Thank you for the excellent customer service

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Kokil BarnwalFeb 12, 2026

Easy loan approval with good guidance

Thank you for the support provided for getting personal loan approval. During this process I worked with Mr. Aman Bajpai (EW17239) who was co-ordinator for this entire process of Personal loan, I was incredibly impressed by his efficiency and problem-solving skills. He went out of their way to ensure all my questions were answered and that the disbursement timeline stayed on track. His coordination was really appreciable.

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Riyaj AtarFeb 9, 2026

Apne higher education ke liye loan liya tha

Muhje higher education ke liye loan chahiye tha. Paisabazaar pe apply kiya. Got it at the right time. Quite helpful.

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Puja DanuJan 22, 2026

Sabse jada helpful log the yaha

Maine bht jagah try kiya tha personal loan ka, yaha try kiya toh helpful log mille. Har steps mai aram se samjhaya or usse muhje loan lene mai jda dikkat nhi aayi.

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Anuradha GuptaJan 21, 2026
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Sushmita Mishra profile
Written ByLinkedIn icon
Sushmita Mishra
Shamik Ghosh profile
Reviewed ByLinkedIn icon
Shamik Ghosh

Paisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.

The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.

The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.

Address: Paisabazaar Marketing & Consulting Pvt. Ltd. 135 P, Sector 44, Gurugram (HR) 122001

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