How to Apply and Get Same Day Loans Instantly
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.
Benefits Of Same Day Personal Loan
Here are the benefits of same day personal loan:
- Unsecured 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.
- Instant Approval And Disbursal
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.
- Minimal Documentation
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.
- Multi-purpose Loan
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.
Eligibility Criteria For Same Day Loans
To be able to apply for a same day cash loan, you need to meet these requirements set by different lenders:
- Age: Between 21 years and 65 years
- Nationality: Indian resident
- Employment: Should be a salaried employee or a self-employed individual with a regular source of income
- Work experience: At least 2 years of work experience
- CIBIL score: 750 or more
- Bank account: Borrower needs to have a savings account under their name
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.
Documents Required To Apply For Same Day Loans
The basic documents you need to furnish while applying for same day loans are as follows:
- Proof of identity: Aadhaar card, PAN card, passport, ration card, voter ID, driver’s licence, etc.
- Proof of address: passport, electricity bill, water bill, gas bill, ration card, etc.
- Income proof: Income tax returns or salary slips of last three months, bank statement of last three months, etc.
- Passport size photograph
Also Read
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:
- Step 1: Download Navi’s mobile app.
- Step 2: After registering on the app with your mobile number, click on “Personal loan”.
- Step 3: As per your financial requirements, select the loan amount and EMI amount.
- Step 4: Fill in your KYC details, like PAN and Aadhaar number. Move forward with submitting a selfie for verification.
- Step 5: Enter your bank account details, where your instant cash will be deposited.
- Step 6: Upon verification of all your documents and creditworthiness, the processing of your loan amount will take a few minutes.
Final Word
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.
Frequently Asked Questions
1. Can an unemployed individual attain a same day loan?
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.
2. I recently joined a new job. Can I apply for same day personal loans?
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.
3. What is the repayment tenure of personal 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.
4. Can someone with a credit score below 650 get a loan within 24 hours?
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.
5. What is the minimum salary required to apply for a personal loan?
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.
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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