A personal loan is an unsecured loan that can be used for various purposes, from consolidating debt to financing large purchases.
Your Quick Financial Solution with RING
Short Term Personal Loan
Zero Pre-payment charges
Flexible Repayment
Instant Bank Transfer
About Our Short Term Personal Loans
RING, a Made-in-India app, offers 100% digital short term personal loans through an RBI-registered NBFC (Si Creva Capital Services Pvt. Ltd). Our innovative approach allows you to access credit up to Rs. 5 lakhs with a quick and paperless KYC process in under 5 minutes!
Benefits of Short Term Personal Loans
Fast process
No collateral needed; easy and quick
Convenient Repayment
Instant Disbursement
Features of Short Term Personal Loan
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
We've made it easy and convenient to apply for a Short Term Personal Loan with us.
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Short Term Personal Loan EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Short Term Personal Loan
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a Short Term Personal Loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Vikram S.
Mumbai
After being burnt by hidden charges with other lenders, I was hesitant to try another loan app. However, RING's transparency in their loan terms gave me the peace of mind I needed. They laid out all the costs upfront - interest rates, processing fees, everything. There were no surprises in my statements, which is sadly uncommon these days. This level of honesty has made me a loyal customer. It's refreshing to deal with a lender that prioritises straightforward communication over fine print trickery.
Karthik R.
Bangalore
RING's app is a technological marvel! As a busy software developer, I value efficiency, and RING delivers it in spades. I was genuinely impressed when I managed to apply for a loan during my morning commute on the metro. The interface was so intuitive that I completed the entire process, including KYC, in a matter of minutes. By the time I reached my office, I had an approval notification. This level of convenience is exactly what young professionals need in today's fast-paced world.
Ashok D.
Delhi
I've always been wary of online loans, having heard horror stories from friends about predatory lending practices. However, RING's transparency and excellent customer service completely changed my perspective. From the clear communication of terms to the respectful reminders, every interaction has been positive. Once, I faced a temporary setback and thought I might miss a payment. I braced myself for harsh treatment but was pleasantly surprised by how understanding and helpful RING's team was in adjusting my payment plan. This human approach to digital lending is truly commendable.
Mohit S.
Delhi
The fact that RING doesn't require any collateral was a massive relief for me. As someone who's just starting to build assets, I was worried about finding a lender who would trust me without demanding property papers or gold as security. RING's approach made the whole process much less stressful. They focused on my repayment capacity rather than my assets, which I found both practical and fair. This collateral-free model has made credit accessible to young earners like me, opening doors that traditional banks kept shut.
Find the Right Personal Loan For You
Personal Loan for Travel
Fund your dream vacation and make unforgettable memories with our travel loans. From flights to hotels and everything in between, we’ve got you covered so you can focus on enjoying your trip.
Personal Loan for Students
Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
Give your home a makeover without breaking the bank. Whether it’s a new kitchen, a fresh coat of paint, or an extension, our loans make it possible.
Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
What is a personal loan?
What are the benefits of a personal loan?
Personal loans offer quick access to funds, fixed interest rates, and flexible repayment terms without requiring collateral.
What are the different types of personal loans?
Personal loans include debt consolidation loans, home improvement loans, medical loans, and short term personal loans.
How do I know if a personal loan is right for me?
Consider a personal loan if you need quick funds, have a good credit score, and can manage the repayments comfortably.
More Questions
