Quick loans in India

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Quick loans in India

There are ups and downs in everybody’s life. Today you might be living a stable life financially, but there is no guarantee tha t you will not face unexpected surprises tomorrow. These surprises often tend to catch us off guard. Sometimes they may even leave us helpless both financially and emotionally. Although we can deal with the emotional blow after some time, financial catastrophe needs to be dealt with instantly. There are times when we come across mishaps in our lives, such as medical emergencies, car or bike accidents, job loss, etc. which lead us to face a battle of wits as these incidents may take more money than we have in our savings account. In such times, we can ask out our friends and family, but there are chances that financial matters can spoil your relationship between your relatives. This is where taking a quick instant loan can come in handy for you.

What is Quick Loan?

A quick small loan in India is a trendy loan type. Generally, these are short-term and unsecured loans that you can have within just a few hours. Once your quick loan applications process is completed, you are likely to have the approval in no time. While quick money loans can provide you with money very quickly, other traditional loans such as quick business loans or quick online personal loans can take some time after the application process. Therefore, when you are in an immediate need of cash, quick loans will surely come to the rescue. Some quick loans may take a day or two, but typically they arrive within 24 hours. As you can get money within just a few hours, it sets you free from borrowing money from your relatives.

Eligibility Criteria of Quick Loan

  1. Taking a quick loan for business is not as complicated as many people suggest. In general, you only have to be over 23 years old to be able to get a quick loan from any financing company. But, keep in mind that the age requirement may vary from company to company. While some companies may take applicants of 23 years old, others may accept 20 years old individuals. On the other hand, some companies even set the minimum age requirement at 25 years.

  2. You need to have a job while you are applying for a quick loan from a financing company. This ensures that you are eligible to pay the money back. Some companies like to offer loans to people who have been doing a job for a specific period.

  3. There are times when companies set the criteria for the minimum income of an individual. As they set the income criteria, you have to make sure that your monthly income is higher than the minimum amount they ask. For this requirement, you have to provide your latest salary statement to the company so that they can be sure of your monthly income.  
  4. You need to have a good credit repayment history on your background. If you have a history of dodging payment with your previous financial companies, you are likely to face a lot of hassle to qualify for a quick loan.

  5. If you are not an Indian citizen, then you will never be able to get a quick personal loan approval in India. 

Types of Quick Loans in India 

In India, you are likely to find around 4-5 types of quick loans. Some of the significant quick loan types are discussed below:

  1. Small Cash Loans
    Small cash loans are also known as Payday loans. It is an unsecured and short-term loan that is handed over within just a few hours after the approval. It only takes a few minutes for you to get the quick approval of payday loans in India. The secure and customer-friendly objective of this loan has made this loan very popular all over the country. But, you will have to bear a higher interest rate with small cash loans because the procedure of such loan type is synchronized without having any collateral. This loan type only prefers the individuals who have an ongoing job as you have to pay the Equated Money Installment (EMI) on the pay-check date until repayment.

  2. Same Day Loans
    As you can determine the loan type by reading the name itself, you will get the loan on the same day of the application process. You need no credit check to get this loan. Also, you will need no major documentation. This is one of the best loans you should go for emergency financial needs. Despite having a poor credit history, you can get an offer for such loans in a short time. But, you have to keep in mind that the interest rates with same day loans come a bit higher than regular loans.  
  3. Credit Card Loans
    Credit cards are a life-saver when it comes to taking quick loans. There are financial companies in India that offer you loans on credit. These loans come at an affordable interest rate. You only need minimal documentation, and then you are good to go.

  4. Quick No Credit Check Loans
    This type of loan does not want to have a credit check on you. If you have a bad credit history, you can go with this loan type. As long as you verify your documentation, you are eligible to have this loan from the company. However, the interest rate might come a bit higher than other loan types. 

Advantages of Quick Loan

  • No Credit Check: You do not necessarily need to have a good credit history as the company will disburse the loan without any credit check. 
  • No Long-term Method: It only takes a few hours for the company to provide you with the money. 
  • Easy Credit Approval: You will not require to provide security or collateral to the financial company to get the approval of quick loans. 
  • Online Application: Technology has come this far, and now it is possible to apply for a quick online loan in India. 
  • No Major Documentation: You do not need to provide any fancy papers to the company as you only need to provide your national ID card, address proof, and income proof at times. 
  • Self-employed Individuals Are Welcomed: It doesn’t matter if you are a self-employed individual. You always have the opportunity to apply for quick loans. 
  • Anybody Can Apply: Some loan types only allow existing customers. But, with quick loans, you do not have to be an existing customer of the financial institution. Non-existing customers can still get the loan. 

How to Apply for Quick loan

The process of applying for a quick cash loan online is very straightforward. Here is how you can apply for a new loan:

  • First, you have to create an account on the website of the financing company or in quick personal loan mobile app. So that you can register for a loan. While you create an account, you will have to provide personal details, precious credit details, employment details, and income details. 
  • Once you submit the documents, the lender will check the information. They will be quick with this process, and you do not have to wait forever to get your quick loan approvals.
  • Once you meet the eligibility criteria, you will successfully get the loan from the lender. 

There are a lot of products available in the market, and you have to make sure that you do thorough research regarding these products. This will help you to get the hang of the interest rates provided by different financial institutions. Only careful analysis can help you to decide on the products that will meet your expectations. 

How to Repay Quick Loan 

The financial companies will hand a payment schedule over to you, including details about when each payment is going out and what amount will be taken. For instance, if you take a loan that comes with a deadline of 6 months, then you have to make your last repayment within six months. You can also speed up the process by making early payments. A few people also make additional payments when they happen to have more money than predicted. As you pay the loan earlier, you will have to bear fewer interest rates. However, before making early repayments, one should have a look at the terms and conditions of the credit agreement.

Conclusion

Gone are the days when people had to ask their friends or relatives for emergency money when they fall into a crisis. This type of situation can indeed be very daunting and stressful as you don’t have sufficient balance in the bank account. Quick loans can be life-savior in such difficult times as you get the money from the financing company in no time. Read the terms and conditions of the financial institution and choose the one that offers you the lowest interest rates with top-notch facilities. Make sure that you understand the terms of your loan agreement. As you use the loan sensibly, you are likely to be able to resolve your financial crisis before any major problem occurs in your life.

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Frequently asked questions

The citizens of India aged 20 to 65 years old.

It depends on the conditions of the particular bank or MFI. On average, from Rs.1000 to Rs.10 Lakh.

You need to submit an application on the website of the company or in a mobile app.

Processing of the application will take from several minutes to several hours, and crediting of money to your bank account will take from 1 to 5 days, depending on the selected company.

You can spend this money for any purpose: holidays, weddings, the latest gadgets, higher education, buying a car or even repairing a house.

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