Short-term loans are nothing, but instant personal loans approved on a short-term basis. The repayment tenure is comparatively shorter than long-term loans ranging from 6 months to a couple of years. Since the loan is taken for a shorter period, the EMI incurred is quite affordable and easy to repay. This proves timely financial help covering the shortage of funds and supporting emergency financial situations.
Borrowers using the SimplyCash personal loan app for short-term loans can avail of instant loans between 50,000 to 1.5 lakh based on certain eligibility criteria and a set of documents. Aadhar card forms a significant KYC document for a short-term personal loan application. Both Aadhar cards and PAN cards are verified in real-time through the E-KYC process and accordingly, loan approvals are given.
Let’s understand the basic eligibility criteria and documentation to avail of short-term loans on the Aadhar Card:
• A borrower should be between 21 – 58 years
• Borrowers whether salaried or self-employed should at least earn a minimum amount of Rs.15,000 monthly
• Net banking details to be verified
Mandatory Documents for SimplyCash Short-term Loans:
• Aadhar card is the first document when applying for a short-term loan
• PAN card confirms the borrower’s credibility in managing loans and credits taken in the past
• Your account should be in any of the accepted banks as suggested by the financial institution
• Submit a selfie picture via the inbuilt camera in the loan app
How to Apply for a Short-Term Loan via SimplyCash?
Once the Aadhar card is verified, borrowers can proceed with the loan application procedure as follows:
Features and Benefits of SimplyCash Short-Term Loan
Get clarity on the features and benefits of a short-term loan to make the most out of this loan facility:
A short-term loan is generally taken for 1 to 3 years and doesn’t linger for years giving a burden of repayment
Limited loan amount approved that is easy to repay in a shorter tenure
Short-term loan is available even to those borrowers having low credit scores
Being an unsecured loan, no security or assets are required to be mortgaged against the loan
EMIs can be flexibly paid via UPI money transfer or automated mode of payment
Short-term loans are also helpful for immediate financial problems. Payday loans and cash advances are types of short-term loans having the below advantages:
• Less risky compared to long term loans as the amount to be repaid is less
• Resolves sudden cash issues within 24 to 48 hours
• No restrictions on how you can use the loan amount
• Formalities and documentation are minimal that enabling quick approval
Overall, short terms are easy to apply and can be availed easily using an Aadhar card via the SimplyCash personal loan app by Hero FinCorp.
