Wed Oct 21 2020 by Himanshu Sharma
A short term loan may be the right solution for your sudden, unexpected financial requirement or if there is an unforeseen cash flow crunch in your business.
Instead of relying on credit cards with high-interest payoffs or running from pillar to post to borrow money from friends or family, a quick, easy, and hassle-free short-term loan could come as a lifesaver for many of us.
A short term loan can be taken for flexible loan tenures ranging from 1 to 12 months for loan amounts up to Rs. 1 lakh.
You need not wait for your salary to be credited to purchase that much-needed smartphone, pay for home or travel expenses, or pay your credit card bill.
Or, if you have a small business, there is no need for you to wait for your bill payments before you proceed with your business operations. You can place your loan request online and get the money in your bank account within 24 hours, without any collateral.
Getting a short term loan from Lendbox will help to ease out your temporary financial worries.
We offer a convenient and fast way of securing a short term loan to take care of your immediate financial needs. Lendbox offers loan facilities for both a regular short term loan as well as a Microloan.
Short Term Loan
Here are the key features of a short term loan:
Micro loans are significant for borrowers with no collateral, especially from low-income groups. They help to provide access to capital for financially underserved people in need of timely funds. Here are the key features of such Microloans:
With the type and purpose of the short term loan now being clear, you can easily apply for such a loan on our online lending portal.
You just need to keep all the relevant documents handy to submit online and follow these steps to walk through the loan application process.
Apply through our Android App for faster approval. Download Here
Here are the steps to be followed for getting a short term loan:
The first step towards your loan application is to register yourself as a customer on the portal. You will find a signup form where you need to fill the following details:
Once you have entered the details in the online form, you need to create your login password and agree to the terms and conditions of use. This will complete the signup process, and your profile will get registered.
2. Provide your KYC Details
KYC or Know-your-customer details are necessary to provide as per the RBI guidelines. These details are essential for verifying the identity and addresses of all customers and clients by banks, and other financial institutions, at the time of conducting the transactions. As part of this process, you need to upload copies of the following supporting documents:
Proof of Identity: PAN Card, AADHAR Card, Driving License, Voter ID, or Passport
Proof of Address: Driving License, Passport, Voter ID, recent Utility Bills, or last three months' bank account statements or passbook copies
You can easily do an online KYC or AADHAR-card-based KYC by providing your AADHAAR card number and registered mobile number and then verifying them using an OTP.
3. Submit your income documents
Income documents are necessary to evaluate your loan eligibility based on your current income. These documents depend upon the type of your income-whether salaried or self-employed.
For salaried Individuals:
4. Credit Assessment
The borrower’s loan application will be reviewed by the team to make sure that he meets the initial criteria. The borrower’s information is checked and verified on many grounds before they are listed on the platform.
Your identity, risk profile and credit history, business size, and the loan's purpose are the primary factors that determine your loan eligibility. All current credit obligations are taken into consideration to determine the affordability of the loan.
5. Same day Disbursement
Once you have provided all the information and the relevant documents, they need to be checked, reviewed, and verified. We use big data analytics in our credit assessment procedures.
If everything is correct and meets the eligibility criteria, you may be successful in getting a short term loan approved. In such cases, the loan amount can be disbursed within 24 hours to your bank account without any extra paperwork and intermediaries.
Lendbox provides a simple, easy, and convenient process for applying short-term loans and microloans. The whole process is 100% transparent and completely online, with no hidden charges and proactive customer support.
If you are interested in applying for a short-term loan with Lendbox, be quick to sign up and contact us today.