Financial Blog

How to get Immediate Cash Loans in India

posted on 2019-08-19 13:15:35 by Admin

India is the country where the system takes a lot of time to process any request. When we talk about financial services, many people think that only visiting banks can help them but eventually it increases the individual efforts & time to get money.

Why getting immediate cash is very hard in India?

The concept of Fin-tech companies is new in India and the major part of the urban population is not aware of it. They even don’t know about the non-banking financial services from where they can get the loan or instant cash. The process of banking sectors takes a lot of time because it follows a lot of documentation and cross-checking process, also visiting bank & waiting in the queues is a hectic job which makes getting immediate cash very hard in India. However, people also have the option of getting cash from credit card but charges and interest rates are very high of credit card also there is a fixed limit to get cash from the credit card.

How to get immediate cash in India?

There are two options of getting immediate cash in India; below are those


1. Overdraft facility
2. Personal loan

Here are the best things about these two facilities:

  • Low-interest rates as compared to credit cards.
  • Instant cash facility in your account.
  • Long time for re-payment of loan/money.
  • High cash limit as compared to the credit card.
  • Can apply online.

How to avail these two facilities?

There are so many factors which give the surety about your eligibility to avail these two facilities or loans here some of them.

  • Salary of the individual should be higher than 25k (35+ in some cases).
  • Credit score or CIBIL score should be higher than 700.
  • No on-going loans. (Some institutions ignore this by reviewing the ongoing EMIs of the applicant).
  • Good transaction or past loan re-payment history.

The difference in Draft facility & personal loan

The main difference between the draft facility & personal loan is draft facility is given to selected customers only because interest rates in the draft facility are applicable only on the used amount. On the other hand, interest rates apply to the whole amount in personal loans. However, interest rates of the draft facilities are quite higher than the personal loan.

Because of this most of the applicants apply only for a personal loan because of its flexibility and easy availability in the Indian market. The personal loan became an instant start in the financial market of India because of its instant availability at the time of the cash crunch.

How to apply personal loan?

Here are easy steps to get the amount of personal loan within few hours.

  • Visit any bank or NBFC’s website which are providing personal loan online.
  • Fill up the application form of personal loan with accurate details of yours.
  • Enter the OTP to verify the contact number.
  • You will get the call from website’s side for your salary slip to confirm your salary & eligibility.
  • They will disburse the amount in your in account ASAP. Hurray!

Things to keep in mind before applying for the personal loans.

Any type of loan is a direct deal of money so always take care of mandatory things before applying for personal loans. Some of them are;

  • Loan amount of applied personal loan
  • Interest rate of personal loan, compare it between multiple banks & sites.
  • The time period for the re-payment.
  • Personal loan EMI
  • Pre-payment option

Conclusion:

In India, when there is a need for instant money then always go for personal loans. Take the loan amount according to your need only because the interest rate of the un-used amount can become a burden on your pocket.