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What is Shot Term Loan ?
A short-term business loan is a business loan that can meet small and temporary business needs. Before the loan term expires, you repay the loan balance plus interest. The typical loan period for short-term loans is three to five years. It can pay for urgent costs such as those associated with operations, growth, and working capital needs, among others. One can obtain secured or unsecured short-term loans. When it comes to unsecured loans, the lender may decide to authorize the loan based on the financial records and operating years of your company. To qualify for a secured loan, you must provide a security deposit of some kind.
Short Term Business Loan Eligibility Criteria includes:
Minimum age: Generally 21 years
Generally awarded to employed persons working in private or public sector companies
Minimum monthly income: Rs 50 Lac- Rs 60 Lac. (May vary from bank to bank/NBFC)
Short term loan looks and sounds attractive. In our rush to get a quick loan in two minutes, we often forget to assess how harmful it is for us. Let us try to understand all the aspects in this article.
Life is completely unpredictable. Difficulties can arise at any time in life. Economic crisis can come suddenly, in such times we need quick and easy solutions, which can solve our problems. In such challenging circumstances, short-term loans are often what save us.
There are many benefits of such a loan, like quick approval and the money comes into your account within a few hours of application. However, there are many risks with this type of loan. Let us know in detail about short term loans.
Documentation is required for a short-term loan
Duly filled application form with photograph.
Identity Proof- PAN Card, Voter ID, Aadhar Card, Driving License, Passport etc.
NKBKredit offers multiple short-term loan options to compare, helping you choose the best rates. Apply online and get expert assistance throughout the process
Compare and choose
Compare multiple short-term loan offers for the lowest rates.
