Same Day Loans are those that are repaid in less than a day. Some internet lenders, such as give loans within 24 hours of an application being approved, albeit the exact type of loan may not be provided. This is a somewhat new idea for the Indian market. Several banks have also proposed this notion, but it is mainly restricted to their existing customer and takes the form of pre-approved proposals.
Same Day Loans in India
Same Day Loans are beginning to become more popular in our country. HDFC Bank was the first lender in India to offer this type of loan. They’ve been inundated with loan requests thanks to this financing offering. These loans are said to be approved in less than a minute. This makes it easier for these funds to be approved quickly. Citibank offers quick personal loans as well, albeit the return time must be at least 48 hours. Despite helping with immediate financial needs, these loans feature high interest rates. Therefore, it is important to pay off the loan as quickly as feasible.
The application process for a same-day loan is really easy. The lender quickly approves your application after receiving your personal information, and the money is deposited to your bank account that same day. The lender requires a few standard paperwork, which must be submitted that same day. As a result, same-day loans might be highly helpful for pressing needs.
Eligibility Criteria for Same Day Loans
If you fit the requirements listed below, you can easily apply for Same Day Loans.
- Candidates have to be between the ages of 21 and 57.
- Candidates must earn at least Rs. 13,500 per year*.
- Direct credit to the applicant’s bank account is required for income.
- A minimum 650 Experian or CIBIL credit score is required.
Below is a breakdown of the required credit score and income per city:
| Income and Credit Score Eligibility Criteria* | |||
| Salaried Individuals | Minimum In-Hand Income | Area of Residence | CIBIL Credit Score Requirement |
| Rs 13,500 | Any | CIBIL Score/Experian Score of 650 and above | |
| Rs 20,000 | Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.) | New to Credit or CIBIL Score /Experian Score of 650 and above | |
| Rs 15,000 | Metro City other than Mumbai and NCR | CIBIL Score/Experian Score of 650 and above | |
| Self-Employed Individuals | Rs 15,000 | Any | CIBIL Score/Experian Score of 650 and above |
How to Apply for Same Day Loans
Check Eligibility: Enter the required information to see if you qualify for a loan in just two minutes.
Select Loan Tenure: Choose the loan amount and repayment plan that best suits your needs by using the options provided.
Upload Documents: Before they can be verified, all relevant documents need to be uploaded.
Amount Disbursed: Your account will receive credit for the loan amount within 24 hours of the loan amount being verified and the agreement being filed.
Documents Required for Same Day Loans
The basic documentation that is required is listed below:
| Identity Proof | Address Proof | Income Proof |
PAN Card – The main ID proof that is needed is this. Nevertheless, any one of the officially recognized documents listed below will do if it is turned down for any reason, even poor image quality.
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Any 1 of the following –
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Salaried Applicants – the last three months’ worth of salary-credited or self-employed bank statements from your salary account in PDF format.
Applicants – If you work for yourself, the last three months’ worth of bank statements in PDF format |
Purpose of Same Day Loans
The main objective of Same Day Loans is to meet an immediate or short-term need for money. This loan pays for everyday costs such as small house repairs, auto repairs, medical bills, and so on. Because of the nature of the loan and its intended purpose, lenders do not check the applicant’s credit history. Generally speaking, the Same Day Loans are not covered by the official lending framework of the banking system.
Benefits of Same Day Loans
Same Day Loans cover urgent financial needs. As a result, despite high interest rates, its popularity is rising. The following are some benefits of this type of funding:
- In contrast to conventional loans, this one requires less paperwork.
- There is no need for a guarantee because the loan is unsecured.
- Quick financial transfer the same day the application is submitted
- Quickly meets short-term, urgent needs and demands quick payment.
- Usually, the creditworthiness of the applicant is not checked. Therefore, a person with a less-than-stellar credit history may still apply for this loan.
- It is compatible with the Internet as well.
- Both present and prospective customers of the institution may apply for this loan.
FAQs: Same Day Loans
Q1. Are the Same Day Loans available for the unemployed?
For same day loans, certain banks and lenders provide particular incentives to unemployed individuals. There’s a chance that the terms and circumstances will be different for ordinary wage earners.
Q2. How important is the applicant’s credit history while applying for this loan?
Usually, a borrower’s credit is not verified when they apply for a same-day loan. The loan amounts are so small that the applicant will still have greater difficulty repaying the loan amount because of the high-interest rate, even with a bad credit history. For the most part, this means that the payback happens fast. Nevertheless, the lender has the option to cap the loan amount if the borrower has a bad credit history.
Q3. Can I get a loan for a day?
Same Day Loans are intended to assist you in meeting urgent and unforeseen expenses. Because of this, they are usually considered a short-term financing solution, enabling you to borrow a modest sum of money to address an urgent issue and repay the debt within a few weeks or months.
Q4. Can I take a huge amount of loan through Same Day Loans?
Even if someone requests a huge loan, the lender might choose not to extend that much credit. It is advised to apply for those loans rather than same-day loans because they have specific requirements and are less costly because of their high-interest rate. This loan is ideal for those with moderate financial needs because it may be paid back promptly.
Q5. Do loans have a time limit?
However, some debts do not have a statute of limitations, such as federal student loans. The statute of limitations for debts varies from three to six years in the majority of states or jurisdictions, while some may have longer periods. Additionally, this could change based on things like the type of debt.
Conclusion
Same Day Loans are a blessing for anyone in need of immediate money. However, not all lenders provide 24-hour loans because this idea is very new. On the other hand, a lender offers loans to borrowers as soon as their application is approved, making it one of the greatest options for those in need of quick personal loans.
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