Sometimes in all of our lives, there comes a time when no matter how much we try, we cannot gather enough funds to secure the commodity we need. And this situation is realized by everyone irrespective of how secure we are in our careers and in such situations, we realize the true power of loans.
In a conservative society like India, where people are wary of talking about their finances, conversing about loans is mostly unventured ground. And thus chances are that you have not heard about same day loans in India and how getting one at the right time can save you from financial worries and related stress, so in today’s article we will talk about exactly that.
So without further ado, let’s get started.
What Is a Same Day Loan in India?
One of the first and most important aspects we need to better understand is the meaning of the same day loan. In simple terms, a same day loan is a financial instrument through which you can borrow a certain sum of money usually between ₹10,000 to ₹25,00,000, and in most cases, your loan application will be approved, and the loan amount will reach your account in the same day (that is within 24 hours).
Most same day loans in India are unsecured loans in nature, meaning that you do not need to put forward any asset or pledge any collateral to avail the features of this loan. Along with this, most same day loans arrive with a ton of borrower-friendly features such as flexible repayment schedule, affordable rates of interest, instant disbursement, minimal documentation and more.
Who Is a Same Day Loan For?
Now that you better understand the meaning of a same day loan in India let us better understand who these loans are for.
So, as we mentioned in an earlier paragraph most same day loans are designed for those who need access to a credit line immediately, but do not want to borrow from family, friends and other sources. Getting access to an immediate line of credit can not only help you meet urgent needs such as medical and business expenses but also reduce your financial worries in the long run.
How to Apply for a Same Day Loan?
By now, you must be wondering as to how you can apply for a same day loan in case you need to avail one tomorrow. Mentioned below are some of the most important steps you need to follow:
Step 1: Research & Compare
The first step in the process is to research and compare the various loans that are on offer. Start the process by searching for the keyword “same day loan India.” As there are multiple lenders who offer same day loans to residents of India, you need to make sure that you go through the offers from each individual lender as it will help you better understand the terms and conditions, along with the loan amounts disbursed by each.
When you are comparing the various lenders who provide same day loans, make sure that you check the rate of interest, disbursal time, accepted repayment terms, and most importantly the total loan amount that will be dispersed through the loan.
These are all very important factors, and understanding them will help you to wisely choose a lender.
Step 2: Check the Eligibility Criteria of the Lender
Once you have partially decided on a lender after looking into the amount they lend, interest rate they charge and how soon you can get the money to your account, the next step in the process is to check the eligibility requirements of the lender. Since most same day loans are very short term unsecured loans, they possess a lot of risk for the lender, and thus most have stringent eligibility requirements.
Starting from aspects like having a high credit score all the way to making sure that you do not have any other loans on-going at the moment, each lender has different criterias mentioned on their website and thus make sure you check them.
Step 3: Submit Your Application
Since most same day loans are processed immediately in order to facilitate a quicker disbursement of funds, most lenders have completely online application processes. Thus after you have chosen a lender, as mentioned in step 1 and step 2, you need to visit either the official website of the lender or download their mobile application to start the application process. In most of these cases, you will need to share key information with the lender like your full name, permanent address, monthly income, PAN Card number, Aadhar Card number, recent credit report, bank statement etc.
Depending upon the lender, the list of documents required can vary and thus make sure that you carefully look at the full list of documents and upload each one to make sure that your application gets assessed and approved quickly.
Features and Benefits of Same Day Loans
Now that you know how to apply for a same day loan and get the money delivered to your account within 24 hours let us take a closer look at some of the features and benefits of same day loans.
- You get immediate and instant access to funds, as and when you need them.
- There is minimal documentation and very less paperwork involved in this process.
- It is an unsecured loan, meaning that you do not need to pledge any asset or collateral to avail the features of this loan.
- The interest rates of same day loans are comparatively lower as compared to other instant financing options available out there.
- You can borrow both small as well as large amounts depending on your needs.
No matter how financially stable and secure we are in our respective careers, the need for a personal loan can come to any of us at any point in time. Now that you know how exactly you can apply for a same day loan go ahead and apply for one today. All the best!