How to Get an Instant Cash Loan in Delhi
Cash loans are unsecured that loans that could help you meet any urgent financial requirement. Both salaried and self-employed individuals could apply for a cash loan. However, lenders evaluate a customer’s profile thoroughly based on several parameters like credit score, income, etc., before approving a loan application or disbursing the amount. This blog aims to provide all the details you should know before getting an instant cash loan in Delhi.
Features and Benefits of Cash Loan in Delhi
Here you can check out the features of an instant cash loan in Delhi and its associated benefits:
1. Instant Approval
With many financial institutions in the market, it has become easy to get a cash loan upon meeting the eligibility criteria. With just your PAN and Aadhaar in place, your loan amount could get credited to your bank account in just a few minutes upon approval.
2. No Collateral
With a good credit score, you could get a cash loan at competitive interest rates without any collateral. Certain lenders like Navi offer cash loans with no collateral or guarantor.
3. Flexibility
Cash loan repayment tenures could go up to 7 years. So, you have the flexibility to choose the loan tenure based on your repayment capacity every month. But note that the lesser your tenure is, your EMI could be higher, but over time you will be paying lesser towards the interest.
4. Simple process
With digitisation in the lending sector, the whole process of applying for a loan has become quite simple and paperless. For instance, with Navi you can check your eligibility and get your loan disbursed with just your PAN and Aadhaar.
5. EMI Calculator
Many online EMI calculators will show the net EMI amount payable every month. You can easily change the loan amount and the tenure to assess the best affordable EMI rate as per your disposable income.
Calculate Your Cash Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Interest Rates for Cash Loan in Delhi
The table below shows the interest rates various financial institutions offer for instant cash oans in Delhi:
| Banks/NBFCs | Interest Rate (p.a.) | Processing Fee |
| Navi Cash Loan | 9.90% onward | Check with the lender |
| HDFC | 10.75% onward | Up to 2.5% |
| Yes Bank | 13.99% onward | Up to 2.5% |
| Kotak Mahindra | 10.25% onward | Up to 2.5% |
| Axis Bank | 12.50% onward | Check with the lender |
| IndusInd Bank | 11% onward | 2.5% and above |
| IDFC FIRST | 12% onward | Up to 3.5% |
| Home Credit | 19% onward | Up to 5% |
| Aditya Birla Capital | 14% onward | Up to 2% |
| IIFL | 24% | 2% onward |
Important: This table is for educational purposes only and the final rate offered is solely at the concerned lender’s discretion. Navi doesn’t take responsibility for any interest rate changes that may occur in the due course of time.
Eligibility Criteria for Cash Loan in Delhi
Usually, you need to fulfil some eligibility criteria for availing of private cash loans in Delhi from a lender. Certain parameters such as your age, occupation, salary among others determine if are eligible to take a cash loan. The table below has all the necessary parameters that you need to fulfill to avail of a loan in Delhi.
| Age criterion | The minimum and maximum age limits for applying for a Delhi loan usually are 18 years and 65 years. For some loan providers in Delhi, the minimum age limit can be raised to 21-25 years. |
| Occupation criterion | You could either be a self-employed individual or a salaried employee. |
| Income criterion | Your income should be according to your lender’s specification. The income levels vary for money lenders in Delhi without security. |
| Credit score range | The credit score for a cash loan must be at least 750 and above. |
Also Read
Documents Required to Apply for Instant Cash Loans in Delhi
Most private financiers in Delhi have a list of documents that need to be submitted.
- Identity proof (Aadhaar, PAN, Passport, etc)
- Income proof or Bank account statements
- Age proof (Aadhaar, Driving Licence, etc)
- Address proof (Aadhaar, Ration card, voter’s ID, etc)
- Recent coloured photograph
Along with the aforementioned documents,
A Salaried Individual would need
- Salary slip for the last 3 months
- Form 16
A Self-Employed would need
- Balance sheet and profit & loss account, previous two years’ income computation
- IT Returns for the last 2 years
- Business Proof (Registration Certificate, Licence, GST)
- Income Tax Challans or Form 26AS
However, if you apply online for an instant cash loan from a lender like Navi, all you need to do is submit your Aadhaar card and PAN Card which serve as identity, age and address proof for a cash loan from private finance in Delhi. With 100% paperless and zero hassles, the loan amount, upon approval, your loan amount will be credited to your bank account. You can get instant cash loans in Delhi without income proof with Navi.
Follow the steps below for instant cash loan application with Navi:
Step 1: Download the Navi app from Google PlayStore or App Store
Step 2: Enter your mobile number to get OTP
Step 3: Fill in your basic details – Name, DOB, PAN, Employment Type, Profession and Total Monthly Income
Step 4: Check loan offer
Step 5: Select loan amount and tenure
Step 6: Link your bank account
Upon verification, the loan amount will be disbursed in just a few minutes based on your eligibility.
How to Calculate Cash Loan EMI in Delhi
You can calculate your EMIs on any EMI calculators available online. Enter your loan amount, tenure and interest rate to check your monthly EMI options.
Consider this example: Say you want to borrow a loan amount of 1 lakh for a tenure of 5 years at an interest rate of 10% p.a.
The EMI, after calculations, you need to pay would be Rs.2,125, and your yearly breakdown would be as follows:
| Year | Principal Paid | Interest Paid | Total Payment | Outstanding Loan Balance |
| 2022 | Rs.10,637 | Rs.6,361 | Rs.16,998 | Rs.89,363 |
| 2023 | Rs.17,341 | Rs.8,156 | Rs.25,497 | Rs.72,022 |
| 2024 | Rs.19,156 | Rs.6,340 | Rs.25,496 | Rs.52,865 |
| 2025 | Rs.21,163 | Rs.4,336 | Rs.25,499 | Rs.31,703 |
| 2026 | Rs.23,378 | Rs.2,116 | Rs.25,494 | Rs.8,325 |
| 2027 | Rs.8,324 | Rs.174 | Rs.8,498 | Rs.0 |
*Note that the table is for illustration purposes only
Things to Remember before Taking a Cash Loan in Delhi
1. Going with the right lender
Before applying for a cash loan, it is necessary to have all the background information about the lenders and their eligibility parameters. Compare interest rates and other terms and conditions before applying.
2. Necessary Documents
Once you decide on a lender, make sure you have all the necessary documents that they would need. The documents a salaried individual would need to submit will be different from a person who is self-employed. However, with lenders like Navi, all you need is your Aadhaar card and your PAN number and you are partly set.
3. Interest Rates
It is advisable to go with a lender who will offer your cash loans with attractive interest rates. For that, a good credit score (750+) is preferred as that could get you the loan amount at preferential interest rates.
4. Other Fees & Charges
A cash loan could come with other fees and charges such as processing fees, foreclosure charges, and more. Make sure to check all these before applying for a cash loan in Delhi.
Final Word
Getting an instant cash loan could be a good option in times of financial emergency. However, ensure that you have sufficient balance in your account every month to pay off your EMIs.
So, if you are looking for a cash loan in Delhi with minimal paperwork, download the Navi app, check your eligibility and get loans up to Rs.20 lakh at competitive rates.
FAQs
Ans: The repayment tenure depends on individual lenders. However, in Navi, you can choose up to 36 months to repay your instant cash loan in Delhi.
Ans: There is no restriction on the usage of the funds. So, you can surely use Navi’s instant cash loan in Delhi for any of your wedding expenses and requirements.
Ans: After you complete the loan application, you would be required to enter your bank account details in the Navi App. The loan amount would be sent to that particular bank account, and so will the loan recovery. Thus, the loan repayment would be made through EMI (Equal Monthly Instalments) directly from your linked bank account.
Ans: The loan amount varies across lenders. It is advisable to check with the financial lenders that you prefer for the maximum amount that they are willing to lend you.
Ans: You need to check with the lender if your credit score is anything below 750. But 750 and above will get you cash loan at attractive interest rates.
Before you go…
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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