Same Day Loans Online in India

Many of us can face an unexpected financial crisis where we require instant funds – in case of a medical emergency, income loss or urgent loan repayment. Lenders can take time while reviewing and approving your loan application. Getting a loan to tide over emergencies – especially within a short span of time – is very difficult. Lenders generally take time to verify your credit history, your personal details while reviewing your loan application. This can take anywhere from 7 working days to 21 working days, depending on the lender.

Some leading banks offer instant loans against credit cards, which can be availed in emergency situations. Banks like Axis Bank, HDFC Bank, and ICICI Bank offer such loans. However, note that only select customers are eligible. Eligibility is defined by the lender's internal policy guidelines. Sometimes, it is a time-bound eligibility criterion – customers would be eligible for a specific loan offer for a specific period of time.

Some General Features of Instant Loan:

•    Nil Document Requirement

•    Immediate disbursement; direct transfer to Savings Account

•    Attractive rates of Interest

•    Multiple tenor options available to suit your budget

•    Get a loan just with a few clicks

•    Instant, convenient and hassle-free

Eligibility: Should be an existing customer, holding an active credit card of that bank

How it works: The card limit is blocked, which is subsequently released as you pay back the EMIs. Although same is not the case with HDFC bank. The Jumbo Insta loan product is offered without blocking the credit limit of the card, and for a larger amount, more than the credit limit of the card.

Generally, however, the loan amount depends entirely on the limit available on your credit card, and your issuer's lending policies. The loan is paid back in easy EMIs. Keep in mind that you won't be able to use your card fully until the entire amount along with interest is paid back to the bank.

Disadvantages: Only select customers are eligible for a loan against credit card, which could make it inconvenient if you are in urgent need of funds. You can log in to your bank's Net Banking platform and check your eligibility for such loans. You can also call the customer care department of your bank and enquire about the eligibility criterion and the loan amount.

You could try other lending channels if you don't qualify for a same day online loan with an established bank. In an emergency, you could perhaps turn to online loan providers. The internet can come to your rescue here. A basic search would yield the result of several peer-to-peer lending companies. Peer-to-peer lending is the practice of lending money to individuals or businesses through online marketplaces that match lenders directly with borrowers, like India Money Mart, Lendbox, Faircent, etc. Do note that you will need some basic credit history in order to be eligible for their loan offers.