Make FIRSTmoney the first choice for short-term loans: Here is why

If you are familiar with prudent financial management practices, you may have already saved towards an emergency fund. But there are many who may have just saving for contingencies or are yet to start. For them, the solution to a sudden financial need is short-term loans.

And why only financial emergencies, short-term loans come in handy in a vacation plan, home renovations, consumer durable purchases and a host of other financial needs. Therefore, it always helps to know what are the short-term loan options typically available to us.

Short-term loan options
 

Short-term loans are used by individuals and businesses alike, to meet their immediate and temporary financial needs. As an individual, a short-term personal loan is the most visible option available to you. But make sure you look beyond it and understand all short-term loan categories available in India.

• Personal loans
  Personal loan offers a quick loan processing followed by a prompt disbursal. However, if the loan is not pre-approved, the applicant must submit a loan application, and provide the necessary KYC documents and income proof. This is then reviewed by the bank, and then approved or rejected. Regular personal loans are collateral-free, and the interest is charged on the disbursed amount.

• Loan against securities
  This type of loan is obtained by pledging savings instruments like insurance policies, national savings certificates, mutual funds, etc. The loan is available against a certain percentage of the maturity value of the collateral securities. This loan may take longer processing time due to the verification of the securities but offers a lower interest rate because of its secured nature.

• Payday loans
  This loan is provided against the borrower’s salary. It is repaid in full upon salary receipt, along with applicable interest and fees. It is a very short-term loan and is an expensive but immediate financing arrangement. 

• Line of credit
  A credit line is a credit limit which you can get approved at any time, and use as per your requirement. The interest rate can be minimised by prudent utilisation. At the same time, there is generally no restriction on withdrawals and repayments.
  
  IDFC FIRST Bank has introduced a credit line named FIRSTmoney. A first-of-its-kind in the industry, FIRSTmoneyis a smart personal loan which offers up to ₹ 10 lakh as a credit line with unmatched advantages, to Salaried and Self-Employed Individuals between the ages of 21 and 60, and a CIBIL score of 730+. . You can borrow any amount between ₹ 5,000 and your approved credit limit and enjoy flexible repayment terms. You can even Prepay the complete loan amount , thanks to ZERO foreclosure charges. 

 Apply for FIRSTmoney today
 

Applying for the FIRSTmoney credit line is smart and easy. Just scan the FIRSTmoney QR code and register with your mobile number. Once your eligibility is confirmed based on the details you provide, you can select the loan details and link your bank account. Display  your  physical PAN card for the video KYC and it’s done. 

Visit the FIRSTmoney webpage today to get the QR code, and get the smart answer to your short-term loan needs.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.