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Immediate Cash Loans in India

IndianMoney.com Research Team | Posted On Friday, June 14,2019, 06:06 PM

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Immediate Cash Loans in India

 

 

What are the Immediate Cash Loans?

Immediate cash loan refers to a short-term and collateral-free loan that can be instantly accessed by the borrower. These loans require minimal paperwork and are quickly disbursed. You can easily apply for immediate cash loan, online. The lenders do not check the credit score of the borrower for sanctioning this loan. However, a delay in the payment of immediate cash loan or a loan default may severely impact your credit score.

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Immediate Cash Loans in India

Features of immediate cash loans in India:

Funds are Credited on the Same Day: The entire process of applying for the loan up to the disbursal of the amount to the account of the borrower is completed on the same day. Immediate cash loans are an attractive option as you get instant access to funds. The loans involve no formalities and require minimal documentation for getting the loan sanctioned. 

Hassle-Free Online Loans: The main benefit of immediate cash loans are you can apply online. The borrowers do not need to physically visit the branches of the lender. The process is entirely online and the funds are directly credited to the customer’s bank account. The loan process is simple, quick and hassle-free.

See Also: Types of Personal Loans

No Collateral Required: The borrower does not need to offer any collateral or security for taking such loans. As they are unsecured loans, the lender charges high interest on an immediate cash loan.

No Preconditions on Loans: The borrowers need not disclose the purpose of availing the loan to the lender. These loans can be used to serve various purposes like funding an emergency medical situation or to fund immediate expenses.

Eligibility Criteria for Immediate Cash Loans:

The eligibility criteria for immediate cash loans are very simple. This is the reason they can be availed real fast:

  • The applicant must be a resident of India
  • The applicant should be at least 21 years of age
  • The applicant should not be more than 55 years while applying for the loan
  • The applicant must have a minimum monthly income of Rs 20,000 or more.

See Also: Get Personal Loans in Emergency Situations

Documents Required:

  • PAN card
  • Aadhaar Card
  • Address proof
  • Bank statements of the previous 6 months
  • Salary slip of the previous 3 months

Advantages of Immediate Cash Loans:

  • Minimum Documentation: The entire process of applying for an immediate cash loan takes place online. You have to fill the necessary personal details and upload the supporting documents, online. You have to log on to the mobile app or apply through the website of the lender. The process is quick, easy and requires minimal paperwork.
  • EMI Calculation: Using the online EMI calculator, you can easily get an idea of monthly EMIs for the amount of loan availed. This helps you save time and helps make an informed financial decision.
  • No Long-Term Commitment: Loans generally have tenure of repayment that generally ranges from 2 years to 20 years. Availing an immediate cash loan requires no such commitments. The money is repaid within the next month, once the salary is credited to your account.
  • Improves Your Credit Score: The timely repayment of immediate cash loans have a positive impact on your credit score. If you are able to repay as per schedule, you can maintain a good credit score. A good credit score helps get bank loans sanctioned in the future.
     
  • Anyone Can Apply: Any salaried individual or self-employed professional can apply for an immediate cash loan. The person does not need to be an existing customer or maintain a good relationship with the financial institution for availing a loan.

See Also: Personal Loan In Bangalore

Disadvantages of Immediate Cash Loans:

  • A High Rate of Interest: The immediate cash loans are sanctioned instantly without checking the credit score of the borrower. Lenders may charge higher interest on such loans. Therefore, immediate cash loans are quite expensive.
  • Non-Certified Lenders: Today, most private companies and firms offer immediate cash loans through online apps. Check for the credibility of the lender before availing loans from them. Make sure the lenders are certified and enjoy a good market reputation.

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