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Coronal loops are basic building blocks of solar atmosphere and are observed on various length scales. However, their formation mechanism is still unclear. In this paper, we present the spectroscopic and imaging observations of small-scale transients and subsequent formation of transient loops. For the purpose, we have utilized the multi-wavelength observations recorded by AIA and IRIS-SJI, along with spectroscopic measurements provided by IRIS. For the photospheric magnetic field data, we obtained line-of-sight magnetogram data provided by HMI. Small-scale transients are simultaneously observed with several EUV and UV passbands of AIA and IRIS-SJI. HMI magnetogram provides evidence of negative flux cancellations beneath these transients. Differential Emission Measure (DEM) analysis shows that one of the transient attains temperature up to 8 MK whereas another one reaches only up to 0.4 MK. These transients further lead to the formation of small-scale loops with similar temperature distributions, and thus termed as hot and cool loops respectively. During the course of events, IRIS slit was rastering the region and thus provided spectroscopic measurements at both transients and associated loops. This enabled us to perform in-depth investigations of hot and cool loops. Using density sensitive O IV line pair, we obtained average electron densities along the hot and cool loop to be $10^{11.2}$ and $10^{10.8}$ cm$^{-3}$ respectively. Energy estimates suggest that flux cancellation can easily power the hot transient whereas is insufficient for cool transient. Life time estimates and magnetic field extrapolation suggest presence of small-scale and fine structures within these loops. Results provide crucial ingredients on the physics of loop formation and involved thermodynamics.