Total Interest Payable
What Is A Short Term Loan?
Short-term loan is a loan taken for a relatively short period of time compared to average loan tenures, usually for a year or less. It can be given to salaried individuals or business owners, majorly for fulfilling sudden or unexpected cash requirements or managing the cash flow during a momentary funds shortage.
It helps both small and large businesses to keep operations and the payroll ongoing despite of insufficient capital.
Short term personal loan
Just like businesses, individuals with good credit history can also get such loans for meeting immediate capital needs for personal reasons.
Who Should Take A Short Term Loan?
This type of loan is usually taken by businessmen for maintaining cash flow and financing business capital needs in case of a temporary funds shortage.
Salaried employees and self employed professionals can also take short term personal loans for personal needs like consumer appliances and electronics such as smartphones and laptops or similarly to manage sudden capital needs during a momentary cash crunch.
Why Take A Personal Loan From Lendbox?
Lendbox is an online P2Plending platform that helps individuals and medium and small businesses to borrow capital for their financial needs while providing a new investment opportunity to investors.
As mentioned earlier, Lendbox is faster and cheaper than many other financial institutions. With the use of big data analytics, Lendbox has created a robust credit assessment procedure, giving a fair chance to every borrower to prove his/her creditworthiness on a more accurate and richer scale rather than just on the basis of credit score. Other than that, below are some features that a borrower can experience with Lendbox.
- Attractive Interest Rates (Starting at just 11.49% p.a.)
- Completely Online Process
- No Pre-closure Charges
- 100% Transparency
- Proactive Customer Support
With Peer to peer lending, Lendbox is poised to change the way India lends and borrows. We also provide loans through various partnered NBFCs and banks.
Short Term Loan Eligibility & Required Documents
A borrower needs to meet the following criteria in order to apply for a personal loan on Lendbox.
- Borrower must be an Indian resident
- Borrower's monthly income should be ?25,000 or greater
- Borrower must have a valid Indian bank account
- Borrower's age should be 25 or greater
- Borrower must have work experience of 2 years or greater
Once registered, applicants will have to upload copies of some essential documents for verification and further processing. Here is the list of required documents.Note: Documents with (*) are mandatory.
|Identity Proof (any one)||PAN Card*, Adhaar Card, Voter ID*, Passport|
|DOB Proof (any one)||PAN Card*, Signature verification from bank, Passport|
|Address Proof||Passport, Bank Statement, Voter ID*, Aadhar Card, Utility Bill (Electricity/Mobile/Landline), Rent Agreement|
|Bank Statement||Last 6 Months|
|Income Proof Proof (any one)||Last year ITR (Income Tax Return) or Income Declaration|
Once you upload all the required documents, it takes around 2 hours for approval and activation. If approved, youíll have the choice whether you want a loan from banks or our platform depending on your creditworthiness.
Repayment & Processing Fees
You donít have to pay any registration fees on Lendbox. This is an offerfor a limited time. Lendbox charges a small processing fee of 2-6% of loan amount only at the time of disbursement. This is a success-based fee.
If a borrower is getting a loan from a bank or NBFC then Lendbox doesnít charge anything. Processing fees will be as per banks/NBFC standard. The borrower will be told about it beforehand.
Once the loan amount is disbursed, the borrower will have to start repaying from the next month with easy monthly installments. There are no pre-closure charges on Lendbox. You can easily close your loan before its age without any extra fees.
You can learn more about our repayment policy here: Lendbox Repayment & Interest Rates
Apply For A Short Term Loan
Interested to take a loan from Lendbox for a short time? If yes, then simply use the sign up button below and fill the application form with accurate details and upload the required documents. Youíll soon get a reply from our team.
I had an amazing experience with Lendbox. I applied for a short term loan for 3 months and got my loan within 24 hours. Customer support is very quick and professional
Thanks to Lendbox I got my loan within 48 hours. Lendbox support was very assistive and they helped me get funded within 24 hours
One of the best Peer to Peer lending platform I have ever experienced. The best thing I liked about Lendbox is that they are professional to the core. The whole experience of borrowing has been excellent and the team was always there to assist throughout the borrowing journey. Customer centric approach of LendBox is really commendable and is definitely a WoW experience. I strongly recommend LendBox to everyone for lending or borrowing needs.
I am really thankful to Lendbox for helping me in the most crucial time of my life.
Frequently Asked Questions
Below are some commonly asked questions about Lendbox and peer-to-peer lending.
Q. What is peer-to-peer lending?
Peer to peer lending or p2p lending is a process where an individual borrower raise funds for his personal financial needs from one or multiple lenders on a pre-fixed or negotiated interest rates using an online platform like Lendbox.
Q. How much loan can I take from Lendbox?
Personal loans on Lendbox are currently capped to a maximum 5 lakhs and minimum 25,000. Loans from NBFCs and banks can go up to 20 Lakhs.
Q. How much interest rate will I have to pay?
The interest rate depends on the creditworthiness of the borrower. We list the borrower with a credit rating on the platform. Interest rate on Lendbox can vary from a min 11.49% to a max 36% per annum on a reducing rate. You can calculate your EMI here: EMI Calculator
Have more questions or doubts. Feel free to drop your query to email@example.com or simply click here to send mail: Send Mail
You can also reach us on social media or using the contact number given in the footer of this page.