Request received - loud & clear!
Returning you to where you were...
A same-day loan is a type of unsecured personal loan that gives you access to funds instantly, post submitting your application. These loans are very helpful when you are in urgent need of credit. Same-day loans provide you the required funds to help you meet your various 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:
Same day loans are perfect for unexpected financial requirements. When you realise that you need money suddenly for an emergency requirement, you can apply for a same-day loan as your application will be processed immediately. 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.
Benefits:
Benefits:
Benefits:
Benefits:
You can apply for a same-day loan through online or offline channels, based on the application channels offered by the lender. Certain lenders also allow individuals to apply for a same-day loan through their smartphone, post downloading the mobile application. The steps to apply for a same-day loan are as follows:
Once you submit the online application form, your application will be verified. If it is approved, you will receive your funds within 24 hours, which will be digitally transferred to your checking account. Once you receive the funds from the lender, you can utilize it 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 regular income, a savings account, and are capable of repaying the amount on a predetermined date.
You need to fulfill the following eligibility conditions if you want to apply for a same-day loan:
*Note: The eligibility criteria will vary from lender to lender.
Normally, lenders ask for minimal documents to process and approve your same-day loan application. Also, it depends on your relationship with the bank. Mentioned below are a few documents that you may need to submit when applying for this scheme:
With a same-day loan, you can get immediate access to funds for any requirement. This type of loan helps you to raise funds instantly with no hassle and very minimal paperwork.
Same Day Loans are just personal loans which are disbursed almost immediately after the submission of a loan application. Most lenders offer Same Day Loans within a few hours after an application has been successfully submitted. Some lenders also disburse the loan amount within just a few seconds.
In the case of certain lenders, the personal loans are pre-approved and thus, the verification process is skipped. This makes the whole loan disbursal process shorter. This is how same day loans work:
Most lenders only provide same-day loans to individuals who earn a steady income. Make sure to check the lender’s eligibility criteria to know whether you qualify.
Unless mentioned otherwise, most lenders will charge you a nominal one-time processing fee before your loan amount is disbursed. You can check the charges levied by the lender to know how much you will have to pay as the processing fee.
Many lenders only offer loans to applicants who have a high credit score. Certain financial institutions, however, also consider other factors such as your current income, repayment ability, etc., before deciding whether you are eligible for a loan. Therefore, before you apply for a same-day loan, it is advisable to check the terms of eligibility with the lender beforehand to avoid loan rejection.
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.
The minimum and maximum loan tenure that you can opt for will vary based on who the lender is. It is possible to opt for a loan tenure as short as 7 days to up to a maximum of 5 years, in the case of same-day loans.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Gain an edge by connecting with us via email. We promise never to spam you.
Request received - loud & clear!
Returning you to where you were...
Psst... We'll ensure you're the very first to know the moment rates change.
We'll email you immediately! You snooze, you lose.