6 Month Loans 2022

6 month loan or short term loan is the same thing. Generally, people find themselves in tough times and to meet their short term needs they bank on 6 month loans or short term  loans. As the name suggests, they do not want to extend the repayment tenure for more than six months. If you are also searching for something then you can find all the relevant stuff here to manage your short term credit needs by various methods. But before jumping to the conclusion, let’s understand what are the different types of 6 months loans that you can look for.

• Personal Loans: Personal loans are the unsecured form of loans that are given by the banks and NBFCs to meet the short-term financial needs. Generally, the loan tenure for such type of personal loans ranges between 12 months to 60 months. However, the tenure is more than 6 months still they are considered short term personal loans.
• Student Loans: Some people find it confusing and think of it as some education loan. But here instant loan app for students provides short term loans to the college-going students enrolled in a full-time course.
• Short Term Business Loans: These kinds of business loans can be availed for a period of a few months to some years from any financial institution.
• Payday Loans: Payday loans are the quickest way of arranging finance. The concept is not prevalent in India but there are some lenders who are offering Payday loans. These loans are also considered as predatory loans because of their higher interest rates. Sometimes the interest rate could go up to 1% -2% per day.

• Quick Approval: Since most of the lenders have an app for a lending short term loan, the borrowers can expect a swift approval on their personal loan application. The applicants just need to upload their documents online and the loan amount gets disbursed into their account within a few minutes.
• Loans Without Credit History: Some apps or peer to peer lending market place have their personalized risk assessment algorithms, hence to do not stress on credit history. On the other, the applicants who don’t have a credit history or even a bad credit history can take full advantage of such platforms conveniently.
• Loans Without Income Proof: This facility is allowed only to the students who do not have a regular source of income and require credit for the short term requirement to cover their expenses like tuition fees, travel expenses, food bills, and rent. These loans are given in the form of credit line.
• Online Application: Most of the lenders have an online presence and have made it convenient for the borrowers to apply for a short term loan using the online platform. In some cases, lenders also provide a facility to pick up your documents from your place. In this way, you can expect an instant solution for your financial requirements.

• Citizenship: This is the first standard that a candidate must fulfill before applying for any kind of personal loan. Generally, an Indian applicant can apply for any kind of short term personal loan. So, if you’re are an Indian resident, you can apply for it.
• Age: Loan is a contract between the lender and the borrower and every contract has a pre-defined criterion for entering into such agreements. To get a student loan the applicant’s age should be 18 years or more. However, to get a personal loan from an NBFC or P2P lender, you must check the minimum and maximum required age to get the loan.
• Income: It’s also an important benchmark to get a loan from any lender but student loan lenders give relaxation to the students. They allow students to apply for a short term loan without showing their income. However, if you want to take a big amount from a regular lender then you will be required to show that you have a decent source of

• Address Proof: You can show those documents which mention the proper address of your residences such as Aadhar card, Driving license, voter id, or passport. However, you will only need one or two documents like your address proof.
• Identity Proof: When you submit your identity proofs and recent photographs, the lender then matches the image of your identity proof with your photo. To show your identity proofs, you will need Voter ID, Pan card, driving license, Aadhar card, or passport. 
• Age Proof: To validate your age, the lenders see the documents which mention your date of birth. To show your age, you can present PAN card, voter ID, etc.
• Income Proof: However, if you’re a college-going student, then you won’t need to show your income proof but if you’re a salaried person or a self-employed individual, then you will need to submit your bank statement, form 16, salary slips and ITR (in case of a self-employed individual).
• Others: In the case of applying for a student loan for the short term, then you will need to show your validated college ID.