Short term personal loans are the loans which are provided for a short term that is for a short time period of repayment. These loans are mainly targeted for the salaried class people with good income and need urgent money for a short time period. This is the scenario where people need to urgently pay some dues or buy something for themselves or for their any personal need. In this type of personal loan, a comparatively small amount of money is provided for a short time period. The loan amount can be up to 1.5 lakhs and the time period for this type of loan can be up to 2 years.
This type of loan can be obtained easily by any person with a good credit history and a supporting amount of salary or monthly income. Normally this type of loan is a good deal for both, the banks and the customers if provided and taken after a thorough research on both sides. It is good for the customer as he gets the much-needed money easily and it is good for banks as this yields a good amount of money as these loans has a higher rate of interest than other kind of loans. So, you should only take this loan when it is utmost important and necessary for you to take this loan and that too after a thorough research on your end.