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Same Day Loans

When you need money fast, applying for a same day loan can be the right solution!

Same Day Loans

Emergencies are unfortunate and often land you in a troublesome financial situation. Be it requiring funds to pay hospital bills, wedding expenses or even purchasing a laptop or a mobile, you can always cash in on same day loans that help you see the light of the day without giving you financial hiccups. As the name suggests, a same day loan is a type of unsecured loan that gives you instant access to cash on the same day you apply for it. If you need money quickly, then opting for the same day loan can be a good choice. This type of loan can be availed for meeting any personal financial requirements including car repair costs, medical expenses, credit card bill and others. In comparison to personal loans, same day loans allow you instant access to cash, but this very convenience typically comes at a higher cost, attracting a high-interest rate.

Why choose same day loans?

Below are a few reasons as to why you should opt for same day loans.

  • It is an unsecured loan that does not require you to keep any collateral or guarantor
  • The application process is easy i.e. you can apply online without having to go through the process of physical submission of documents or forms
  • This type of loan helps you meet your emergency financial need easily
  • The loan amount is approved and disbursed instantly
  • This type of loan can be availed at low-interest rate if you have a good credit history
  • You can raise funds instantly without any hassles

Eligibility criteria for getting a same day loan

You are required to comply with the below eligibility requirements to avail the same day loan in India.

  • You should be a citizen of India
  • You should be aged above 21 years
  • You should have work experience above 2-3 years
  • You should have a minimum salary of Rs. 15,000. (However, this may vary depending on the bank of NBFC you apply for a loan with).

Documents required for same-day loan

NBFCs and banks would generally require you to submit the below documents for processing your same day loan application.

  • Identity proof i.e. PAN card, Passport, employee ID, driving license or voter’s ID card
  • Address proof i.e. Aadhar card, ration card, utility bill, voter ID or driving license
  • Last 3 months salary slip and bank statement

Same Day Loans FAQs

Is a self-employed professional eligible to get the same day loan?
No, banks and NBFCs generally offer same day loans only to salaried individuals having a minimum income of Rs. 10,000- Rs. 15,000 per month.
Do I have to pay any processing fee for availing the same day loan?
Yes, you will have to pay a processing fee to avail the same day loan. However, the rate of the fee varies depending on banks and NBFCs that you are availing the loan from.
What is the tenure for which I can avail the same day loan?
You can avail same day loan for a tenure of 7 days- 5 years.
What is the minimum credit score required to get the same day loan?
Lenders generally offer same day loans to individuals with a high credit score. Minimum credit score required to get the same day loan is usually around 650-700. However, few lenders may also offer this type of loan to individuals with a low credit score.
How fast can I get the same day loan?
Depending on your credit history and the bank or NBFC you are applying for a loan with, you can get same-day loan in just a matter of few seconds.

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