A 3-month loan is a short-term loan that typically has a repayment period of three months. This type of loan is often used to cover unexpected expenses, such as car repairs or medical bills. A 3-month loan can also be used to finance any short-term project or to consolidate debt.
The advantage of a 3-month loan is that the total interest paid is usually lower than long-term loans. This makes them more affordable for borrowers who need a small amount of money to cover any urgent expense.
3 month personal loans are short-term loans provided by different lenders at variable interest rates. We at Buddy Loan are loan service providers, with a pool of RBI approved lenders offering loans starting at 11.99%. Here is the overview of an in general starting interest rate details and charges for a 3-month personal loan:
|11.99%* p.a. onwards
|Starting from ₹10,000 to ₹15 Lakhs
|Up to 4% of the loan amount
The specific eligibility terms can vary amongst banks and NBFCs. Meeting these criteria demonstrates the repayment capacity and improves the chances of loan approval.
Here are some common eligibility criteria for a 3-month personal loan:
Citizenship: Must be an Indian citizen or resident
Age Range: Typically between 23-58 years old
Employment: Salaried individuals, government employees, or self-employed professionals
Income: Minimum monthly income requirement of ₹25,000
Credit Score: Minimum score of 650-750 depending on the lender
Work Experience: Often requires at least 2 years of work experience
Not sure of your credit score? Check it now!
The list of documents required may vary by lender. Having these documents ready when applying for a 3-month personal loan can make the verification and approval process much quicker.
Here are some common documents required for a 3-month loan:
Proof of identity: PAN Card, Aadhar Card, Passport
Proof of residence: Voter ID, Recent utility bills
Proof of income: Last 3 months salary slips, Form 16, Most recent tax return, Last 6 months of bank statements
Why Wait? Apply for a loan now!
Calculate the EMI for your personal loan with ease using the EMI calculator. Just enter the loan amount, rate of interest and loan tenure.
Follow the steps to apply for a 3-month loan:
Step 2: Open the Personal Loan Application Page. Enter your mobile number and OTP.
Step 3: Specify loan amount and personal email address.
Step 4: Choose the employment type and mention the mode of your salary.
Step 5: Enter your work details and personal details.
Step 6: Enter your communication address, and income details, and click 'Submit’.
A 3-month loan is flexible, affordable, and easy to qualify for when you need funds quickly and have the means to repay it in the near term.
Here are some of the key benefits of a 3-month loan:
Quick access to cash - The loan application and approval process is often much faster than taking out longer-term loans. Funds may be available within days or weeks.
Low total interest costs - By paying the loan back in 3 months, you minimize the total interest paid compared to a 1 or 2-year loan period.
Good option to bridge a short gap - A 3-month loan allows you to cover an urgent or unexpected cash need for a short period.
Can help build credit - If payments are made timely and the loan is managed well, it can demonstrate responsible use of credit.
Lower monthly payments - The payments may seem high compared to longer loans, but it is only limited to 3 EMIs
Take the next step!
A 3-month loan is a short-term financial arrangement where a borrower receives a sum of money and agrees to repay it, along with any accrued interest, within a three-month period.
3-month loans are often used for urgent or unexpected expenses, such as medical bills, car repairs, or other unforeseen financial challenges. Businesses may also utilize them for short-term cash flow management.
Interest rates for 3-month loans can vary. They are often higher compared to longer-term loans due to the short repayment period and perceived higher risk for lenders. Borrowers should carefully review and understand the interest rates and any additional fees associated with the loan.
Some lenders allow early repayment, but it's essential to check the terms of the loan agreement. While repaying early may help you save on interest, certain loans may have prepayment penalties or fees.
Alternatives to a 3-month loan include using personal savings, negotiating payment plans with creditors, seeking assistance from friends or family, or exploring long-term financing options with potentially lower interest rates. Assessing all available options based on individual financial needs and circumstances is crucial.
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