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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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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%
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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

Apply Now

What are Short Term Personal Loans?

Short Term Personal Loans or STPL are loans offered for a loan tenure 1 year or less. Shorter tenure results in higher EMIs but the overall interest cost is reduced. Therefore, such loans are ideal for smaller loan amounts. Lenders offering loans through digital channels provide short term loans with minimum or no documentation, quick loan approval and fast disbursal. However, due to shorter repayment tenure such loans carry high credit risk, and hence, are offered at a very high interest rate.

Explore Short Term Personal Loans from 5K to 50K

Interest Rates for Short Term Personal Loans by Various Lenders

Personal loan interest rates offered by various lenders to individuals availing loans with shorter tenure are given below:

Lenders Interest Rate
Fibe 18% p.a. onwards
Bhanix Finance and Investment Limited (CASHe) 33.5% -36% p.a. (2.79% -3% p.m.)
Kotak Mahindra Bank (Mid-Month Advance Loans) 10% p.a. onwards

Lenders offering Short Term Personal Loans

Fibe (formerly known as EarlySalary)

Fibe is an online platform that offers instant cash loans at interest rates @ 18% p.a. onwards. To apply, simply download the Fibe app or register on Fibe’s website and fill in the required details.

Loan Amount Up to Rs 5 lakh
Tenure 6 months-3 years
Minimum Monthly Salary Requirement Rs 20,000 per month
Disbursal Time Cash in bank in 10 minutes; Fastest processing

Bhanix Finance and Investment Limited (CASHe)

Bhanix Finance and Investment Limited (CASHe) offers short term personal loans at interest rates starting from 2.79% per month. The applicants qualifying for personal loans at Bhanix Finance and Investment Limited (CASHe) can get their loans processed in 5 hours.

Loan Amount Up to Rs 3 lakh
Tenure 9 months-1.5 years
Minimum Monthly Salary Requirement Rs 40,000
Processing Time Up to 5 hours

Kotak Mahindra Bank

Kotak Mahindra Bank offers Short Term Personal Loans branded as “Mid Month Advance” to salary account holders of Kotak Mahindra Bank with zero documentation and instant loan disbursal in just 3 seconds.

Loan Amount Rs 3,000 to Rs 1.5 lakh
Tenure From the date customer avails the loan till the date of repayment in the next month
Minimum Monthly Salary Requirement Rs 10,000 for applicants maintaining a salary account with Kotak Mahindra Bank
Disbursal Time Instant disbursal in just 3 seconds

Eligibility Criteria on Short Term Loan

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 a minimum monthly income of Rs 10,000 are eligible for Short Term Personal Loans.
  • 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.

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Documents Required on Short Term Personal Loan

The common documents required during short term personal loan application are mentioned below:

  • 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

Why Should one Opt for a Short Term Personal Loan

Individuals should opt for personal loans with shorter tenure for the following reasons:

  • Shorter tenure reduces the overall interest cost.
  • Most lenders usually offer digital loans with quick approval and faster loan disbursal.
  • Some lenders also offer instant disbursal in just few seconds.
  • These are collateral-free loans with no end-usage restrictions.
  • The EMI/NMI ratio of the applicants does not remain blocked for a longer period, thereby improving their eligibility for future loans.

Applicants with poor credit score can also avail Short term Personal Loans.

Things to Watch Out For

Before applying for short term personal loans, have a look at the following considerations:

  • Higher Interest Rates: As the loan tenure is short, the interest rate may be higher compared to regular personal loans.
  • EMI Burden: Ensure the EMI fits your budget. A high EMI/NMI ratio (more than 50-55%) can affect your future loan eligibility.
  • Hidden Charges: Always check processing fees, prepayment penalties, and late payment charges before making an application

Alternatives to Short Term Loans

Here are a few alternatives to consider if short-term loans don’t fit your needs:-

  • Personal Loans: Best for higher loan requirements. Banks may offer lower interest rates, especially if you have an existing relationship and a good credit profile.
  • Loan Against a Credit Card offers quick disbursal against your credit limit. This is best suited for individuals with good credit history and low credit utilization.
  • Secured Loans: Options like Loan Against Car, Gold Loans, or Top-Up Home Loans (for home loan borrowers) offer lower interest rates and easier eligibility criteria due to the collateral involved.

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

Apply Now

Avail Personal Loan for
All Your Needs

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Avail Personal Loan for
All Your Needs

FAQs

What is a short-term personal loan?

A short-term personal loan is a loan facility with a repayment period usually ranging from a few months to 1 year, meant for urgent or immediate financial needs.

Who can apply for a short-term loan?

Salaried individuals, self-employed professionals, and business owners with a regular income can apply, depending on the lender’s eligibility criteria.

What is the minimum salary required for a short-term loan?

Most lenders usually need a minimum net monthly income of Rs 15,000 for any personal loan.

What is the maximum loan amount I can get for a short-term loan?

The maximum loan amount for short-term loans is based on your income, credit score, repayment capacity and other aspects of your credit profile.

What is the interest rate for short-term personal loans?

The interest rate for short term personal loans are usually higher as compared to regular personal loans. However, individuals with a strong credit profile can get lower interest rates on their short term personal loans.

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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
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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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