Features of Short Term Personal Loans
Short term personal loans are usually offered at interest rates starting from 11.99% p.a. onwards for tenures of 1 year or less, with no end-usage restrictions. However, some lenders might also consider personal loans offered for tenures of 2-3 years as short term personal loans. The applicants availing short term personal loans are not required to provide any collateral or security. Some lenders usually offer quicker loan disbursal to the applicants due to digital loan application and approval process.

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Short Term Personal Loan Interest Rates offered by Different Lenders
Lenders | Interest Rates | |
Cashe | 2.25% per month onwards | Apply Now |
Kreditbee | Up to 29.95% p.a. | Apply Now |
Fullerton India | 11.99 % p.a. onwards | Apply Now |
Note: Rates as of 5th June 2023
Advantages of Short Term Personal Loans
- Shorter tenures result in lower interest cost.
- The EMI/NMI ratio of the applicants does not remain blocked for a longer period, thereby, enhancing their eligibility for future loans.
Disadvantages of Short Term Personal Loans
Shorter tenures, especially for larger loan amount, would result in higher EMIs for the applicants.

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Lenders offering Short Term Personal Loans
Kreditbee
Kreditbee is an online platform that offers short term personal loans at interest rates ranging between 18%-29.95% p.a. It offers instant loan disbursal with minimal documentation to its personal loan applicants.
Interest Rates | 1.02%-2.49% per month |
Tenure | 62 days to 24 months |
Loan Amount | Rs 1,000-Rs 4 lakh |
Cashe
Cashe offers short term personal loans at interest rates starting from 2.55% per month. The applicants qualifying for personal loans at Cashe can get their loans approved and disbursed within a day. It also offers instant personal loans with quicker loan disbursal through digital applications.
Interest Rate | 2.25% per month onwards |
Loan Amount | Rs 1,000 to Rs 4 Lakh |
Tenure | 90 days to 540 days |
Minimum Monthly Salary | Rs. 12,000 |
Processing Fees | Up to 3% |
Fullerton India
Fullerton India offers short term personal loans at interest rates starting from 11.99% p.a. onwards. It also offers instant personal loans with faster loan approval and quicker disbursal.
Interest rate | 11.99% p.a. onwards |
Minimum Monthly Salary | Rs 20,000 |

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Eligibility Criteria for Applicants availing Short Term Personal Loans
- Minimum age: Around 21 years
- Occupation Profile: Usually offered to salaried individuals employed with reputed private companies or public sector organizations
- Minimum Monthly Income: Rs 10,000-Rs 20,000 depending on the lender
- Credit score: Applicants with credit scores of 750 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.
Related Post: Is it still possible to get a personal loan despite a low CIBIL score

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Documents Required for Loan Application
- 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