Same Day Loans India or Instant Loans Without Documents are unsecured loans for individuals who need money instantly after submitting their applications. These loans are needed to fulfill urgent need of credit.
Same day loans provide you with the necessary money to help you fulfill your various personal needs, such as car repairs, medical bills, etc. These loans are for a relatively short period and carry comparatively higher interest rates.
A same day loans are ideal for individuals who:
- Have instant cash requirements
- Don’t want to take help from family or friends.
- Don’t want to use a Credit Cards
Same day loans or Instant Loans Without Documents are ideal for urgent financial needs. You should apply for a loan on the same day as you know that you desperately need money for an emergency condition because your application will be approved immediately. Typically, when you need an instant cash, financial resources are limited. In such cases the best go-to solutions are same day loans from reputable bank or reputed NBFC’s.
Comparative Analysis of Same Day Loans or Instant Loans Without Documents
BAJAJ FINANCE
A personal loan helps you meet a variety of financial needs, such as paying for your higher education, home renovation, holiday or medical emergency. Because this is an unsecured loan, you don’t have to promise any collateral to make the most of it. You can borrow up to Rs.25 lakh and get disbursal within 24 hours of your loan application being approved.
If you have a hectic schedule and find it difficult to visit a bank or financial company continuously in order to have a personal loan processed, submit an application online and get quick approval. With non-banking financial firms (NBFCs) like Bajaj Finserv making the application process for personal loans quick and easy, a personal loan has become a convenient financing choice.
Features:
- Loan upto 37 lakhs
- Rate of interest : 13.00% per annum
- Processing fee : 2% + GST
- Convenience fee: 4999
- No Additional Charges : No hidden charges on Prepayment or part payment.
- Flexi-Repayment: Flexibility and control of your principal amount. Choose to make part-payments.
- Unlimited Withdrawals
Documents required
- Aadhaar Card or Passport or Driving License
- PAN card
- Last three months Bank Account Statement
ICICI Bank
| Criteria* | Self Employed | Salaried |
| Age | 28 to 65 years for self employed Persons | 23 years – 58 years. |
| Income | Rs. 40 lakh for non-professionals; Rs. 15 lac for professionals; as per audited financials | Salaried individuals with minimum monthly income Rs.17,500 (Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata) |
| Total years in profession | In current business for at least 5 years and minimum 3 years for doctors | 2 Years |
| Years in current residence | 1 Year | 1 Year |
| Existing relationship with ICICI Bank | Minimum 1 year liability relationship (current or savings account) or previous loan from ICICI Bank and closed. | Minimum 1 year liability relationship (Saving account) or previous loan from ICICI Bank and closed. |
Advantages of ICICI Personal Loan (Same Day Loan)
- Same day cash in 3 Seconds
- Interest is constant
- Minimum Documentation Required
- Tenure from 12 Months to 60 Months
Charges:
| Description of Charges | Charges applicable |
| Loan Processing Charges | Upto 2.25% of loan amount + GST |
| Prepayment Charges | 5% on outstanding Principal + GST |
| Interest On Late Payment | 24% per annum |
| Loan Cancellation Charges | ₹ 3000/- + GST |
| Bouncing EMI Charges | ₹ 400/- per bounce + GST |
Interest Rate Range for Personal Loans :10.75 to 19.50
Benefits:
- The loan amount will be disbursed within 3 seconds for pre-approved customers to their account.
- The lender pays a fixed interest rate, so you can be assured that interest payable won’t increase during the lifetime of the loan.
- Prospective borrowers may apply to ICICI Bank online for a personal loan. In addition, applicants are only required to submit a limited paperwork.
- Borrowers will take advantage of a top-up loan, if they have paid at least 12 EMIs to their existing loan.
HDFC Bank – Same Day Loan / Instant Loan
Whatever the reason you’re in need of personal / same day loans, HDFC Bank will tailor your deal. If you already have an account with HDFC Bank, you will be able to benefit from special rates, fees and offers. HDFC Bank also provides a range of advantages for first-time credit customers Enjoy the versatility of selecting a suitable period and repaying the loan in pocket-friendly EMIs.
Eligibility:
The following people are eligible to receive a Personal Loan:
· Private limited company employees public sector employees, including central and state government.
· People from 21 to 60 years of age and who have been working with the current employer for at least 1 year for a total of 2 years.
· Those who earn a monthly net income of at least 15,000 (Rs. 20,000 in Delhi, Mumbai, Chennai Bengaluru, Hyderabad, Kolkata, Ahmedabad, Cochin and Pune).
Loan Amount : Rs. 50,000 to Rs. 15 Lakh
Tenure of Loan : 12 to 60 Months
Interest to be paid : 11.25% to 21.50% p.a.
HDFC Same Day Lending Advantages (Instant Loans)
- The loan amount will be disbursed within 10 seconds for pre-approved customers, and within 4 hours for other customers.
- The lender needs minimum documentation to process the loan application.
- There is no restriction on how the loan amount will be used.
- Borrowers can choose to prepay their loans either in full or in part after 12 EMIs.
IDFC First Bank’s Personal Loans :
Features :
- Instant approval online.
- Apply online in 2 minutes, and get approved.
- Rs 1 Lakh loan amount -Rs 25 Lakhs.
- Flexible tenures on repayment range from 1 to 5 years.
Application
You can apply online for our Personal Loans instantly and you can verify your eligibility within 2 minutes.
Disbursal Loan Amount
Our fast Personal Loan for salaried individuals and self-employed professionals is open. Between Rs 1 Lakh to Rs 25 Lakhs you can borrow depending on your qualifications.
Tenures for repayment of loans : 12 months to 5 years.
- Rate of Interest: 11.69% – 15%
- Tenure of Loan : From 3 months up to 60 months
- Processing Fee: 1.5% of the loan amount
- Age: 24 years up to 60 years
- Prepayment: After 3 EMIs.
- Foreclosure : Allowed after 3 EMIs
- Foreclosure Charges: 3% of outstanding amount
Personal Loan Eligibility Criteria
Self Employed Individuals:
The undertaking must have existed for a minimum term of 3 years. For the last two years the company’s profit after tax (PAT) should be positive. Age: 28 – 68years, on maturity of the loan.
For Salaried Individuals:
Minimum Age: 23-58 years, at the time of loan maturity
Same Day Loans or Instant Loans Without Documents Best Practices:
You can apply for a loan on the same day via online or offline channels, based on the channels offered by the lender. Many lenders also allow individuals to apply via their smartphone for a loan on the same day, and to post the mobile application file. The steps required to apply for a loan on the same day are:
Compare Loan Offers: There are several financial institutions offering the Same Day loans to Indian residents. So first you should compare the different loan offers available to you. Check the interest rate at which the loan is offered, the disbursement time, the amount of loan that can be selected and the lender’s reliability. You can also use the Eligibility Calculator to find out how much different lenders can borrow.
Eligibility Check: The eligibility criteria on their respective websites are likely to be listed by each lender. Before applying for a Same Day loan, you should make sure that you meet the eligibility criteria.
Submitting Application Form: If you apply online, you must fill out the online application form, where you might be required to enter your personal information like name, email address, phone number, PAN number, etc. You will also have to submit the documents to the website of the lender.
After you submit your application form online, it will validate your submission. If approved, you’ll receive your funds within 24 hours, which will be transferred digitally to your checking account. Once you have obtained the funds from the lender, you can use them for any purpose. Nevertheless, the bank can decide how much amount you are eligible to receive based on a mix of its policies, local regulations, income and repayment power. And applying for a loan on the same day is really straightforward and long as you have a regular income, a savings account and are able to repay the balance on a set date.
Eligibility
If you wish to apply for same day loan you must fulfill the following eligibility conditions:
- To qualify for for same day loan you need to have a steady revenue.
- You must have a operational savings account.
- Age of the applicant must be more than 21 years.
- Phone number and Email ID is equired for applying for same day loan.
- Indian Resident
- Applicant must posses a experience of at least 2 years.
Documents Required
Normally, lenders are demanding minimum documents to process and approve your loan application on the same day. It also depends on your Banking relationship. The following are a few documents which you may need to submit when you apply for this scheme:
- Identity Proof (voter card, PAN Card, license, passport, etc. as proof.
- Address Proof (Ration card, Telephone Bill, Aadhaar card, Electricity Bill, Voter card and driving license)
- Income Proof (Salary Slips, Income Tax Returns)
- 3 Months Bank statements.
How do Same Day Loans work?
Same Day Loans are merely personal loans that are disbursed almost immediately after a loan application has been submitted. Most lenders will offer Same Day Loans within a few hours of successful submission of an application. A few lenders also disburse the amount of the loan within a few seconds.
The personal loans are pre-approved for certain lenders, and thus the verification process is skipped. That shortens the entire loan-disbursement process. This is how same day:
The loan application is submitted by the applicant.
- The applicant submits a request for loan.
- The lender reviews the document and verifies the information requested. This phase is skipped in the case of pre-approved loans.
- Once the loan application has been checked and approved, it will demand that the borrower send a few papers. The method of documenting Same Day Loans is normally quite minimal
- The lender verifies the details in the applicant’s documents.
- Once all the documents are verified, the amount of the loan is disbursed and directly transferred to the applicant’s bank account.
- The tenures on loan repayment are typically versatile, and can be prolonged from 7 days to 5 years.
- As with the general personal loans, the borrower must pay off the EMIs in order to pay off the debt.