Forget About Cash Crunch With Short Duration Loan
by credit bazzar Instant payday loan in as short as 15 minutesWhenever people are in need of quick
cash, the short term loan is an ideal option that one can look to avail. Short
term loans are the ones which people can avail for less than one year time
period. The rate of interest tend is higher because the payment duration is
short.
Types
of Short Term Loans
People can take different kinds of loans
that are short term in nature. The different types include:
·
Payday
Loans: Payday loans are very popular form of
short term loans, which Banks provide people with in India. The amount that gets
offered is usually lot lower than loans, which are personal in nature. Still
the main advantage is that a borrower can avail the cash immediately. One only
requires to upload their salary slip, account number of their bank, Permanent
Account Number along with other necessary details in order to get the loan
sanctioned. The requisite amount gets credited in the bank account of the
borrower in a couple of hours time or in the early hours of the next business
day. This type of loan is popular among young people due to its smooth process
of application along with the availability of funds in an instant manner.
·
Loans
To Fill Up A Financial Gap: These
are referred to as Bridge Loans, which basically aim towards tackling one’s
need for immediate cash. It is one type of financing to fill up any shortage of
finance. A person usually applies for bridge loans when he or she is in urgent
need of liquid cash. These loans assist people under different circumstances,
like when they are waiting for their home loan to get sanctioned and it is for
a longer duration and require to pay a specific amount for down payment. The
fee charged for getting loan processed along and the extent of interest charged
on it are on the higher side compared to traditional loans.
·
Loans
Offered From Credit Card: When one uses a
credit card, then he or she can get a loan for a short period of time against
it in a pre-approved manner. Different banks offer this kind of loan after
taking into consideration a person's history with regard to credit and the credit
limit offered to him. The fee in order to process the loan, gets started off
from a nominal amount of Rs 500 and the rate varies from a minimum of 12% to
the maximum of 25%. which varies as per as the bank’s discretion. The tenure
for repaying the loan is usually flexible, which ranges from 3 months to two
years.
·
PPF
Account Loans: Loans
that are offered for a short period of time can be sanctioned from banks
against one’s PPF Account. There is one condition in this. He or she can get
loans from the 3rd year since the account was opened. The passbook
of the individual’s PPF account along with Form D needs to be submitted, only
after which the loan can get sanctioned. The amount of loan can be till 25% of
the balance that stood at an individual’s account when he or she had applied
for the loan.
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Created on Jan 20th 2019 23:55. Viewed 486 times.