Has your loan application been rejected
You are in dire need of money and the bank has refused to give you a loan. So no need to panic. Many private finance companies and banks still exist that can help you, and provide short term loans as per your requirement. It is called short term because these loans are given for a period of one month to one year or less. These loans can be available for both personal and business. Let us tell you which are the companies that provide short term loans.
This company provides loans to people from 62 days to 12 months. From this institution, one can avail minimum short term loan ranging from 9000 to 3 lakh rupees. On loans, this company charges 2.75% to 3% interest per month. For this, 3% of the loan amount or Rs 1000 will be paid as processing fee. The company also provides a grace period of 7 days to repay the loan. Before granting the loan, the company checks your credit history. Apart from this, monthly income, education and working details are also sought.
This company provides minimum loan as per your convenience, but the maximum loan limit is 2 lakhs. Its loan repayment period ranges from 90 days to 365 days. The company charges 2% to 2.50% interest on these short term loans. This is a type of personal loan, which you can use as per your choice. The company claims that there are no hidden charges or pre-payment charges behind these loans. Interest is charged only for the number of days the borrower avails the loan. That is, it also reduces the interest burden.
Bank of Baroda
If you want to start a business. If you need a large amount of money immediately, Bank of Baroda offers loans called SME short term loans. The bank’s picture on interest rates is not clear. The bank decides the interest rate based on the conditions of the customer. The tenure of this loan is 12 months. The bank gives you a minimum of Rs 10 lakh and a maximum of Rs 250 lakh as a short-term loan. This loan facility of Bank of Baroda is for MSMEs with an annual turnover of up to 150 crores.
This financial institution offers short term loans ranging from 50 thousand rupees to 20 lakh rupees. Which has to be paid between 3 months to 12 months. Banks charge an average interest rate of 20% for loans. These loans are especially for business people. The loan gets credited to your bank account 7 days after the loan is approved.
Money in Minutes
If you need a very small loan amount, Money in Minutes can be a good option. Which gives loan from 1500 rupees to 1 lakh. You can repay this loan between 30 days to 12 months. Interest on this loan has to be paid daily. Which is between 0.1% to 0.7%. Once the loan is fully repaid, the company also waives the interest on the next loan. If a person defaults on the loan before this, this company also gives the loan to him.
This company also provides short term loans ranging from 5 thousand to 5 lakhs. But the interest rate and loan repayment period are determined by looking at the customer’s credit score.