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 get an instant cash loan in Delhi.
Here you can check out the features of an instant cash loan in Delhi and its associated benefits:
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.
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.
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.
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.
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.
|Loan Amount||Up to ₹20 Lakh|
|Interest Rate||9.9% to 45% p.a|
|Tenure||Up to 72 months|
Rate of Interest (P.a)
Loan Tenure (Years)
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%|
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.
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.|
Most private financiers in Delhi have a list of documents that need to be submitted.
Along with the aforementioned documents,
A Salaried Individual would need
A Self-Employed would need
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:
Upon verification, the loan amount will be disbursed in just a few minutes based on your eligibility.
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|
*Note that the table is for illustration purposes only
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.
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.
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.
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.
Getting an instant personal 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.
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.
Personal Loan on PAN Card – Check Your Eligibility & Apply Now!Do you need urgent cash to pay for an unexpected expense, a pending bill, or a medical emergency? A... Read More »
What are Short Term Loans? – Key Features and BenefitsShort Term Loan A short term loan provides urgent assistance for an individual’s financial req... Read More »
Unsecured Loan – Types, Benefits, Interest Rate & EligibilityWhat is an Unsecured Loan? An unsecured loan is a type of loan that doesn't require any collater... Read More »
Personal Loan for Low CIBIL Score Applicants – Eligibility Criteria and How to ApplyOverview - Personal Loan With Low CIBIL Score Be it for a medical emergency, a sudden business o... Read More »