Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Same Day Loans

    Same-day loans are perfect for unexpected financial requirements. When you realise that you need money suddenly for an emergency requirement, it makes sense to apply for this kind of a loan as your application will be received instantly and you will get an approval in no time. Usually, financial resources are limited when you need instant cash. In such cases, same-day loans from reliable lenders are the best go-to options.

    What is a Same-Day Loan?

    It is a short-term unsecured personal loan that helps you access funds instantly in the same day of your loan application. These loans are very helpful when you are in urgent need of credit. A regular personal loan normally takes longer time to get approved. So, it is not possible for you to wait for such a financing scheme during an emergency. That's why many borrowers prefer to opt for same-day loans in such cases. Even a customer having a bad credit history can also apply for this loan and receive cash since, generally, credit checks are not done for this loan. However, it can depend on your lender as certain lenders check the credit history of their customers.

    Same-day loans are a type of personal loan which you can avail to fund your diversified personal needs such as car repairs, medical bills, etc. These loans are sanctioned for a relatively short period of time and carry comparatively higher rates of interest.

    A same-day loan is ideal for those individuals who:

    • Don't want to borrow money from family or friends.
    • Have a bad credit history which prevents them from taking regular personal loans.
    • Need instant cash.
    • Don’t want to use a credit card cash advance.

    Same-Day Loan Eligibility

    You need to fulfill the following eligibility conditions if you want to apply for a same-day loan:

    • Unemployed individuals can also apply for this loan.
    • You need to have a steady income to qualify for this type of a scheme.
    • You need to have an operative savings account.
    • Your minimum age needs to be 18 years.
    • A valid phone number or an Email ID is a must.
    • You must be a resident of the country where you have applied for the loan.

    Documents Required for Same-Day Loan

    Normally, banks ask for very minimum documents to process and approve your same-day loan application. Also, it depends on your relationship with the bank. Mentioned below is a number of documents you need to submit when applying for this scheme:

    • Your proof of identity. You can submit documents like voter card, driving license, PAN card, passport, employee ID card etc. as proof of your identity.
    • You also need to submit proof of your address. Banks normally accept ration card, Aadhaar card, telephone bill, electricity bill, voter card and driving license as address proof.
    • Proof of income issued by your employer.
    • Any alternate documents required by your lender.

    Dos and Don’ts of Same-Day Loans

    Same-day loans can be availed very easily in India and in other countries. The documentation process for such loans is very minimal and simple. However, you should be extra careful whenever you apply for this financing scheme. There are certain dos and don’ts related to same-day loans, which you will need to abide by. If you follow these dos and don’ts, you will most likely have a smooth borrowing experience.

    Dos of same-day loans

    You can use this loan for the following situations or financial needs:

    • For paying your urgent or sudden medical bills or hospital expenses
    • For emergency vehicle repairs
    • For sudden travel plans due to emergencies
    • For wages that are lost due to injuries or illnesses
    • For expenses while moving from one job to another
    • To pay an advance deposit while renting a residential space or for booking an apartment
    • For shifting from one house to another

    Don’ts of same-day loans

    • To buy new clothes, jewellery, accessories, or other goods that can be avoided for some time
    • To go partying or for other forms of entertainment
    • To make leisurely travel plans
    • To join a gym or a fitness club
    • To purchase a new car or a new two-wheeler
    • To purchase electronic gadgets or other consumer goods
    • To spend on anything that is not all that crucial and that can wait
    • To start a new business venture or to take care of business expenses

    You should ideally stay away from taking a same-day loan for high-value expenditures. If you have been planning to take a loan for renovating your home or for adding rooms in your living space, you should avoid taking this loan for that purpose as you will incur massive expenses when you have to repay it. You can instead take a personal loan, which is also unsecured in nature. Personal loans are available at low rates of interest, which can be utilised for refurbishing your residential or even commercial space.

    Even for buying electronic gadgets or other consumer durable goods, you can take a personal loan instead of a same-day loan. If you have been wanting to buy a new car or a two-wheeler, availing this type of a financing scheme is not a great idea. You can instead take a car loan for buying a car and a two-wheeler loan or a personal loan for purchasing a bike or a scooter.

    Same-Day Loans for Unemployed Persons

    Unemployed individuals can also apply for these loan schemes to cover their urgent financial requirements. Any unemployed person who is not earning currently and in need of some urgent cash can seek financial assistance to resolve his/her unpredictable financial requirements. Many banks offer different deals to help unemployed individuals. Thus, a same-day payday loan can reduce the financial worries experienced by unemployed individuals during emergency situations. Being unsecured in nature, these loans are offered to unemployed individuals for a short period of time.

    Same-day Loans with No Credit Check

    These loans are offered for a short period of time and normally do not require a credit check. Instead of looking at your past credit history, banks mainly focus on your ability to repay the amount before offering this loan. A same-day, no-credit-check loan is a perfect option to borrow cash as and when you need to make up for your financial shortage.

    Same-day Loan for Bad Credit

    With this financing plan, you don't have to worry about your past credit history. Even if you have a bad credit history, banks will not reject your loan application under this scheme. Although it is important to maintain a good credit history, a low credit score will not affect your loan application. An individual may have a bad or low credit when she/he fails to make timely payment of debts. Normally, your credit score reveals what type of credit history you carry with you have. If the score is low, lenders are usually not willing to lend you fearing that you will not be able to repay the amount in future as well. But, if it is a same-day loan, it does not matter whether you have good or bad credit history, or no credit history at all. You are still eligible to apply for this plan and enjoy its benefits.

    Same-day Loan Interest Rates

    This loan scheme normally charges a higher rate of interest on your borrowings. That's why it is always advisable to pay off your loan on time, so that you can avoid paying extra interest on your principal amount. Make sure you understand your loan repayment schedule. Don't take a same-day loan if you think that you will not be able to pay it back on the predetermined date scheduled by your lender. If you fail to make agreed-upon payments on time, you will be charged an additional fee. However, interest rates on same-day loans may vary based on different banks and are subject to change from time to time. Normally, you need to repay this loan after two weeks along with the interest on your principal amount. Since these loans are unsecured and are given for a short period of time, they tend to be more expensive than the regular loans.

    Features and Benefits of Same-Day Loan

    • These loans are available without any credit check.
    • You can access funds in the same day you applied for it. You can apply for a same-day loan even if you have a bad credit history.
    • This type of a loan involves less paperwork and minimum documentation.
    • Interest charged on these financing plans tends to be higher than regular cash loans.
    • It is an unsecured personal loan.
    • Same-day loans help you meet your emergency financial requirements.
    • Enjoy instant approval on your loan application. Banks take as low as 10 minutes to approve your loan application.
    • These loans are suitable for borrowing small amounts.
    • This type of a loan normally doesn't require collateral. It's safe and secure and has complete transparency.
    • You can apply for it online.
    • Both existing and non-existing customers can apply for same-day loans with any bank.
    • These are short-term loans and last for a few weeks unless you repay the amount.

    Same-Day Loan Process

    Applying for a same-day loan is very simple. You can get your loan sanctioned by submitting very nominal documents. The application process is very fast. You can apply for it online or via phone. If you are applying online, what you have to do first is to put your personal information such as name, email ID, and phone number in the online application form. Immediately after submission of your personal details and contact information, you will receive approval in 1 hour. After that, your will receive your funds within 24 hours which will be digitally transferred to your checking account. Now, you can utilize that fund for any purposes you have. However, how much amount you are eligible to receive will be determined by your bank based on a combination of its policies, local regulations, your income and capacity for repayment. Thus, applying for a same-day loan is very easy provided you have a valid employment ID, checking account, and are capable of repaying the amount on a predetermined date.

    Banks Offering Same-Day Loans in India

    These types of loans are offered in India by banks like HDFC Bank. Being the second largest private-sector bank in India, HDFC Bank captures 50% of the personal loan market by pushing personal loans in a massive and innovative way. Recently, the bank launched a new personal loan product to help customers get their loans approved in 10 seconds. The bank has received an overwhelming response to this new same-day personal loan product and disbursed personal loans funds of an average size of Rs.3 lakh in a minute. Currently, these 10-second loans are available for salaried employees only. Also, they need to be existing customers of HDFC Bank. It becomes easy for the bank to pass a loan in 10 seconds for existing customers as the bank it already has a record of these customers' transaction history, income and expenditure.

    Citibank of India also offers instant personal loans. But, it takes normally 48 hours to approve and make the fund available to customers. You can avail funds up to Rs.30 lakh in just 48 hours with Citibank.

    With a same-day loan, you can now face any unpredictable situations in life. It enables you to raise funds instantly with no hassle and very minimal paperwork.

    Same-Day Loan FAQs

    1. I am currently unemployed. Will I still be able to avail a same-day loan?

    Same-day loans are available for unemployed persons as well. However, the borrower might have to check with the lender regarding the eligibility criteria upon which such loans are offered.

    2. What are the documents required to apply for a same-day loan?

    The basic documents required by lenders for this loan are:

    • Identity proof such as PAN Card, Voters ID, Driving License, Passport, Employee ID Card from the current employer, Aadhaar Card, etc.
    • Address proof like Aadhaar Card, Ration Card, telephone bill, Driving License, electricity bill, Passport, etc.
    • Income proof issued by your current employer such as Form 16.

    Please note that you might also have to provide any additional document as required by your lender. Therefore, it is advisable to get in touch with the lender before submitting an application.

    3. Will be able to get a same-day loan if my credit score is low?

    Many lenders do not focus solely focus on the credit history of the applicants while offering same-day loans. In such cases, the financing company is more likely to check the repayment capacity of the borrower instead of his or her credit profile. Therefore, before you choose to apply for this scheme, it is advisable to check the terms of eligibility with the lender beforehand to avoid loan rejection.

    4. Will I need to provide any security to avail a same-day loan?

    Since these loans are unsecured, the borrower usually does not need to provide any collateral or third-party guarantor in order to receive funds under this scheme.

    Same Day Loans Reviews

    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The helpline number was not easily approachable whenever I call the bank bazaar customer service, it does not connect with the representative. I have been using it for 6months. Earlier I took my credit, the process was simple. The mobile app is convenient to check the credit score and have no issues.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Better"
      0.5 4.5/5 "Excellent!"
      There was delay in the loan process and HDFC have taken around one month. The rate of interest and charges are little bit high compared to others. I have submitted the documents online and also to the executive. I can do pre closure with extra charges and part payment can be done after one year. The loan duration is 2 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 18, 2019
    • ICICI Bank Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I approached ICICI personal loan through online channel, ICICI taken care and disbursed the amount within two to three weeks of time, But I felt interest rate is good in Tata capital as compared to ICICI. But still I recommend ICICI bank its good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Axis Bank Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan some time back and i had foreclosed this loan a long time back. The overall experience with them has been quite good where the interest rate with them has been nominal when compared with the market rate and there has not been any foreclosure charges with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been quite a good experience i had with this loan and the loan amount which they had provided has been sufficient as well. The interest rate which they where offering has been nominal with the market rate, and there is some pre closure charges with them and there has also been some processing fee with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Quick Wind for the financial products"
      0.5 5.0/5 "Blown Away!"
      I never seen such kind of support any where like Bank Bazaar, whenever I update any request I get reply through msg or mail. Its a right path or helping source for the people to take the banking products on the time schedule. The customer support is very nice and helpful.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Tata capital Personal Loan
      "Good Professional Service"
      0.5 5.0/5 "Blown Away!"
      When I browsed the online channel, Tata capital is the one having less interest with zero processing fee. That is the reason I took this personal loan from them. The loan process was quite good, the processing time is less. The interaction between me and executive was professional.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      Although I am not a frequent user of the site, Whenever I need any loans or card that time have visit their website. The website is fine enough. The customer service and response was better. Am using it approx for 6 months. Once have checked the credit score and loan process was simple.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Early Salary Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan from Early Salary through online portal. Everything was fine but executive said will come and collect the documents but nobody turned up . They said if I have refer my friend and will get discount but have not got any discounts. The rate of interest and charges are nominal.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • HSBC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with HSBC bank, ,they have given me sufficient loan amount was sufficient for me, and the rate of interest is very nominal compare to other in the market . There are no hidden charges they have charged me apart from EMI.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 18, 2019
    • Kotak Personal Loan
      "Average"
      0.5 1.0/5 "Really Bad"
      I have taken a personal loan from Kotak Mahindra Bank and it was closed in the year of 2018. My experience is not good, have not received NOC on time. They need to improve the customer service. The rate of interest is more compared to others. The documentation process was easy but foreclosure is very difficult.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was good. I have been using bankbazaar.com for the first time and it was recommended by friend. The process was simple and faster. The mobile application is convenient and easy to compare with the banks. I have checked the credit score.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 18, 2019
    • Tata capital Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have applied my personal loan in Tata Capital through online. The rate of interest and charges are nominal. I have received 2.7L excluding processing fee. The loan duration is 5 years. The documents are collected by executive as well as submitted online. They took max 8 to 9 days to deliver the loan.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Its Convenient"
      0.5 5.0/5 "Blown Away!"
      Its a good experience I had with Bank Bazaar, the entire loan process was smooth I don't want to anywhere. I got the door step service from the bank, the customer support guided well and helped me out through the process. The information is useful to compare the products.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Tata capital Personal Loan
      "Good Experience with Tata Capital"
      0.5 5.0/5 "Blown Away!"
      I got best deal from Tata Capital, the customer support is proactive to process the loan application. But the loan disbursement got delay it should be faster. I got the better interest rate and its zero processing fee from the Tata Capital disbursement.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Interest rate should be standard"
      0.5 4.0/5 "Great!"
      I am not happy with HDFC, comparatively the rates are bit high. Its okay for me, the processing fee is also higher in HDFC, They told some interest but I got some other interest rate. I want to discuss with them and after august it will be one year then I close it.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 18, 2019
    • ICICI Bank Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      That was better experience, interms of rate of interest. ICICI bank agents are proactive they came to my place and collected the documents and done the process. Then I didn't interact with them. I got the better deal from ICICI on the personal loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Good customer support and satisfactory"
      0.5 5.0/5 "Blown Away!"
      The quick on their work, whatever I approached they helped me out. I could check all the information based on the requirement. Its a good customer support I can view all the banking options. I am getting promotional mails through the link I have raised the request for the credit card.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 18, 2019
    • Citibank Personal Loan
      "Rate of interest should be reduced"
      0.5 4.0/5 "Great!"
      Citi bank rate of interest is too high for the amount of Rs. 3 lakhs, they have taken some processing fee from the disbursement but it was quite nominal. The documentation process was smooth, on the expected time I got the loan amount from the bank.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 18, 2019
    • Early Salary Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The rate of interest and charges are nominal. I like the process which was much easier to proceed the personal loan. They did not required any documents and executive came for verification then loan amount was processed. I took 10K and it was paid through online.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 18, 2019
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