Same day loans are unsecured personal loans that are disbursed within 24 hours. Borrowers can attain this loan to meet all kinds of financial requirements, such as medical emergencies, repair costs, education fees, etc. Such loans come in handy when one faces an unexpected cash crunch.
Read on to know the benefits, eligibility, documents required, and step-by-step application process of same day loans.
Here are the benefits of same day personal loan:
Personal loans do not require a borrower to pledge any of their assets as collateral. Thus, you do not have to worry about owning any property or other assets before taking this loan. What matters during an approval process is your income and credit score.
The aim of this loan is to cater to the emergency needs of a borrower. Thus, lenders try to approve and disburse the amount within minutes. Given a shift to online paperless procedures, this time frame has decreased drastically.
To abide by their promise of offering a quick loan, lenders only ask for a few documents. This requirement varies with each lender, but often a borrower has to provide basic KYC documents and proof of income. Moreover, with financial institutions shifting to online procedures, this entire process has become paperless.
Unlike other loans, it does not have an end-use restriction. One can use the amount borrowed via a same day loan for any purpose. Even though it aims is to provide emergency support, you can use this loan to pay utility bills, education fees, repair costs, home renovation expenses, transport costs, etc. Thus, how you will use this loan will not have any impact on a lender’s approval process.
To be able to apply for a same day cash loan, you need to meet these requirements set by different lenders:
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Note that these above-mentioned criteria can vary from one financial institution to another. Thus, before starting the application process, check the eligibility criteria of the chosen lender.
The basic documents you need to furnish while applying for same day loans are as follows:
Through Navi’s mobile app, you can get an instant personal loan of up to Rs. 20 lakh. The approval and disbursal process are completely online and 100% paperless. Moreover, with Navi, you get affordable interest rates and flexible EMI and repayment tenure options.
To apply for a same day loan with Navi, you need to follow these steps:
One doesn’t know when an emergency will occur, and not everyone has adequate savings to cover up the unexpected costs. To relieve your stress in such circumstances, financial institutions across India offer same day loans.
These loans are affordable and offer flexible repayment options. However, borrowers should analyse their financial needs and repayment capacity before attaining this loan online so that they can avoid falling into a debt trap. To make this financial decision and calculation simple, you can use Navi’s EMI calculator.
Most financial institutions set an eligibility criterion of having a regular source of income. Thus, they do not provide a same day loan to unemployed borrowers. However, eligibility requirements vary across lenders. So, you can check specific criteria before applying.
Usually, banks and NBFCs require certain years or months of work experience in the case of personal loans. Most financial institutions ask for salary slips and bank statements. Thus, check your lender’s list of required documents and eligibility criteria. If you qualify, then you can apply for same day loans.
Lenders across India offer different loan tenure for a different loan amount and EMI. Keep in mind that depending on the nature of personal loan and the amount you borrow, the loan tenure can vary.
Financial institutions consider a credit score below 650 as bad. Getting a loan with such a CIBIL score can be difficult but not impossible. That said, to avoid loan rejection, check the CIBIL score requirement of your lender beforehand.
As banks and NBFCs often only give loans to borrowers with a regular source of income, they also set a criterion for monthly salary. This requirement varies across lenders and can range from Rs. 10,000 to Rs. 25,000 per month.
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