Same Day Loans Now 2022

Same day loans refer to personal loans that are disbursed instantly within a couple of hours after the submission of the loan application. Same day loans can help the borrowers in financing a host of personal needs like medical bills, wedding expenses, and impromptu travel. Same day loans are relatively short-term loans and available for small amounts. This type of loan can be very helpful in situations like when you need urgent cash and don’t have or want to use a credit card. 

When you run out of other options, same day loans are the right choice for unexpected financial requirements. Your loan application will be processed instantly and eligible customers can get the loan on an immediate basis.

Same day loans come in several forms offered by banks and other financial platforms. Some of the payday loans are as under:

• Short-term personal loan: These loans are offered by multiple banks and financial institutions for a smaller amount for a short repayment tenure, typically a few months to 1-2 years. The rate of interest is applied on a monthly basis. Eligibility criteria are strict and the paperwork is minimal. 
• Payday loans: This type of loan is extended for young professionals for a very short tenure, typically ranging from 2-3 months. Salaried employees can get payday loans and repay when they receive their salary. These loans can be availed for urgent expenses like medical emergencies, unplanned travel expenses, or vehicle repair, etc. 
• Instant loans: Instant loans and same day loans are very similar. Sometimes instant loans are sanctioned in 3-4 hours earlier than same day loans. in fact, same day loans are commonly known as instant loans in India. Borrowers can get this type of loan using Best personal loan apps and other online platforms. 
• Loans against credit card: Loan against credit card is another form of a same-day loan. Personal loans are offered to the applicants against the line of credit on their credit cards. The line of credit is offered for credit card holder by the bank to make a purchase. The available credit limit (unutilized) is offered to the cardholders in the form of a loan. Banks like HDFC offer the Personal loan amount more than the available credit limit. 

• If all details are shared and documents are uploaded, the loan is approved on the same day of application. Sometimes, it may take 24 -48 hours. 
• Simple, short and fast online process. Borrowers are required to share only a few documents like a bank statement, salary slip, identity proof and residential proof to get approval. 
• For an instant personal loan, sometimes loans are extended without any credit check for eligible customers. As the loan amount is relatively small, borrowers can improve their credit score by repaying the same day loans on time. 
• While the interest rate may seem higher than long-term loans, overall interest outgo for same day loans is lower when compared to long-term loans because same day loans are availed for a short period. 
• Same day loans are the fastest financial options. The loan application and disbursal process are very short, simple and paperless. Hence, the eligible borrowers don’t have to wait to get funds. Generally, a bank representative contacts the applicant within an hour to process the application further. 

Here are some of the banks that offer same day loans:

HDFC Bank personal loan

HDFC Bank offers Insta Loans for pre-approved customers against their credit card. Credit cardholders can get a pre-approved loan in seconds against their credit limit. 

Features and Benefits of HDFC Bank Insta Loans

• Pre-approved customers can get their loan disbursed within 10 seconds through phone banking facility.
• Attractive interest rates among the lowest in the market, starting from as low as 11.25%.
• Minimal documentation required to process the loan application.
• Flexible repayment schedule ranging from 12 months to 48 months. Moreover, there are no documentation charges.

ICICI Bank personal loan

ICICI Bank is known for offering the best deal to its customers. Borrowers can get same day loans from the bank at competitive interest rates. 

Features and benefits of ICICI Bank Same Day Loans

• Pre-approved customers of ICICI Bank can get the loan amount disbursed into their account within 3 seconds. 
• Attractive interest rates starting from as low as 11.25% per annum. The fixed interest rate and interest will be calculated on reducing balance.
• Only minimal documentation required to apply for an ICICI personal loan. 
• After payment of 12 EMI borrowers can apply for a top-up loan. 

Fullerton India personal loan

Borrowers can get same-day loans from non-banking financial institutions (NBFC) like Fullerton India. 

Features and benefits of Fullerton India personal loan

• Only a few KYC documents are required to get the Fullerton India personal loan.
• Salaried borrowers can get up to Rs. 20 lakh and self-employed applicants up to Rs. 30 lakh.
• Eligible customers can get the loan on the same day as the application. 

Bajaj Finserv personal loan

Bajaj Finserv assesses and approves loan application in a couple of minutes, and eligible customers can get a  Bajaj Finserv personal loan disbursed in their account within 24 hours. 

Features and benefits of Bajaj Finserv Same Day Loans

• Loan disbursal within 24 hours for eligible borrowers
• Flexible loan tenure options
• Part-prepayment is allowed

The eligibility criteria for same day loans vary from lender to lender. Here are the common eligibility applicants you need to have to apply for same day loans.

• Minimum age of the applicant should be above 21 years and the upper age should be around 55 years. 
• The applicant must be a resident of India. Certain banks offer this type of loan in certain cities in India. 
• The applicant should have a steady income to be eligible for this type of scheme. 
• The applicants need to have a savings account or salary account with a bank to get a pre-approved loan offer.
• The applicant will need to share a valid phone number or an Email ID for communication. 
• The applicant should have a 1-2 year job experience and risky borrowers will need to have a good credit score. 

Generally, same day loans are offered to pre-approved customers. Hence, lenders ask for minimal documents for the same day loan. Here are the common documents you may need to submit to apply for the loans. 

• Proof of identity: Applicants can submit any of documents like voter’s card, driving license, PAN card, passport, employee ID card, etc. as a proof of their identity. 
• Proof of your address: Documents like ration card, Aadhaar card, telephone bill, electricity bill, any of utility bills and driving license can be submitted as an address proof. 
• Employee ID and employment certificate. 
• Salary slips for the last 3 months. 
• Bank statements for the last 3 months. 

Same day loans are usually short-term loans for a smaller amount. Borrowers can get funds instantly for urgent personal needs with minimal documentation and hassle-free process.