Short-term Personal Loan: Know 7 Key Features and Benefits

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Unexpected expenses or necessities can occur at
any time. However, when they occur, they can
leave a huge dent in your money. Additionally, it
has the potential to mess up your financial
management.   These unexpected needs could be
anything. For example paying for course fees, an
unexpected medical bill, wedding costs, a dream
vacation, purchasing a phone, a car, a business
opportunity, or anything else. For youngsters
who have just started to live their lives on
their own, facing financial hardship is nothing
new. It could happen for any reason, and the
crisis might just last a short while. To deal
with that issue, all you need is a short-term
solution to get you through the crisis. For that,
leveraging short-term loans is the perfect
solution. However, make sure the process of
obtaining a short-term loan is as easy, quick,
and convenient as possible. Here are a few
advantages of obtaining a short-term loan from
the best loan agency in Ahmedabad.
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What is a Short-term Personal Loan? A short-term
loan offers immediate support for a persons
financial needs. A short-term loan, as its name
suggests, would normally have a brief tenure of
between a few months and five years.  Most
short-term personal loans are also unsecured, so
you will not have to put up any collateral to
acquire the loan. Online short-term loans are
available from a wide range of lenders, including
banks and NBFCs.  They frequently need little
documentation, have low-interest rates, and are
disbursed quickly. As a result, these online
short term loans are typically an excellent
solution for meeting eligible borrowers
immediate cash needs.
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7 Key Features or Benefits of Short-term Personal
Loan

• Swift Approval and Disbursement
• One of the most appealing aspects of short-term
  personal loans is their speedy approval process.
  Unlike traditional loans, which may take weeks to
  process, these loans can be approved within a
  matter of hours.
• Once approved, the funds are typically dispersed
  quickly, allowing you to address your financial
  needs promptly.

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7 Key Features or Benefits of Short-term Personal
Loan
2. Flexibility in Loan Amount Short-term
personal loans offer borrowers flexibility when
it comes to loan amounts. Whether you need a
small sum to cover unexpected medical expenses or
a larger amount for home renovations, these loans
can cater to a wide range of financial
requirements. This flexibility ensures that you
can obtain the precise amount you need without
overburdening yourself with unnecessary debt.
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7 Key Features or Benefits of Short-term Personal
Loan
3. Minimal Documentation Getting a loan is no
longer a painstaking process filled with lots of
paperwork. Short-term personal loans typically
require minimal documentation, making the
application process hassle-free. This
convenience is especially appreciated during
emergencies when time is of the essence.
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7 Key Features or Benefits of Short-term Personal
Loan
4. No Collateral Needed Unlike secured loans
that require collateral, short-term personal
loans are unsecured. It indicates that you are
not required to use your property, such as your
house or car, as collateral. This is a
significant relief for those who may not have
valuable assets to offer as collateral or are
reluctant to risk their possessions.
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7 Key Features or Benefits of Short-term Personal
Loan
5. Repayment Flexibility Short-term personal
loans come with various repayment options. You
can choose a repayment tenure that suits your
financial situation, be it a few months or a
couple of years. This flexibility enables you
to manage your finances effectively and repay the
loan comfortably.
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7 Key Features or Benefits of Short-term Personal
Loan
6. Improve Credit Score Taking out a short-term
personal loan can actually help improve your
credit score when managed responsibly. Timely
repayments and maintaining a good credit history
can boost your creditworthiness, making it easier
to secure loans in the future at better terms and
interest rates.
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7 Key Features or Benefits of Short-term Personal
Loan
7. Versatile Use of Funds The beauty of
short-term personal loans lies in their
versatility. You can use the borrowed funds for
a myriad of purposes from consolidating
high-interest debts to funding a dream vacation,
or even covering wedding expenses. These loans
dont come with specific restrictions on how the
money should be used, giving you the freedom to
allocate it according to your needs.
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Documents Needed for Short-Term Loans

• Here is a list of documentation you will be
  required to have when you apply for a short-term
  personal loan.
• Identification proof
• Age verification
• PAN card
• Proof of address (drivers license/voters
  ID/passport/electricity bill/phone bill)
• Income evidence
• Based on the terms and conditions of your
  preferred loan agency in Ahmedabad, there can be
  some additional document needs. Before submitting
  an application for a loan, be sure you have all
  the details on the required paperwork and
  eligibility.

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Criteria for Short-Term Loan Eligibility

• Here is a list of eligibility criteria to obtain
  a short-term personal loan
• Nationality Resident of India
• Age range from 21 to 65 years
• Annual Household Income Rs. 3 lakh or Rs. 20,000
  per month in salary (If you live in a metro city,
  it is Rs. 25,000)
• Employment Status Salaried or self-employed
• Cibil rating 650 (However, a score of 700 or
  more would be preferable.)
• The actual eligibility conditions may differ
  depending on the lender.

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Conclusion

• Short-term personal loans offer a lifeline when
  you find yourself in financial turmoil. Their
  swift approval, flexibility in loan amounts,
  minimal documentation, and the absence of
  collateral requirements make them a convenient
  option. 
• Moreover, the opportunity to improve your credit
  score and the versatility in the use of funds
  further enhance their appeal. When you need quick
  financial aid in Ahmedabad, consider reaching out
  to the AGIL personal loan provider in Ahmedabad. 
• With speedy disbursement and minimal paperwork,
  we offer the Best Loan Services in Ahmedabad.
  Contact us at info1_at_agil.co.in to take advantage
  of our amazing services.

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CONTACT US
91 7845129623 info_at_agil.co.in www.agil.co.in
AGIL D block 2003 Westgate, Near YMCA club, SG
Highway, Ahmedabad- 380015
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