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Instant Cash Loan - How to Get Instant Cash Loan Online?

Published on Jul 5, 2021Updated on May 7, 2024

Instant Cash Loan - How to Get Instant Cash Loan Online?

Funds are not just an essential commodity to meet your everyday needs. Today, it can be termed as an enabler that helps you get things done. Be it meeting the expenses of an unforeseen emergency, going on a holiday or purchasing your dream home, you need to have access to adequate finance to reach these financial goals.

What is an Instant Cash Loan?

Despite meticulous planning, it is possible that you may be in need of additional finance on short notice. To tide over such instances, experts recommend that you always have a readily accessible source of funds to meet any unplanned expenditures in the short term.

That said, there can be situations where you may not have access to your funds immediately or may have fallen short of what you actually need. That is when the instant cash loan enters the scene.

What are the Features of an Instant Cash Loan?

Instant Cash Loans are feature-rich. Hence, the reason for their increasing popularity. Top features include:

Small Loan Amount:

Generally, instant cash loans can be availed anywhere between Rs. 5000 to Rs. 2 lakhs. Basically, the maximum amount a person can get is usually upto 3 times of his/her monthly salary.

High Interest Rates:

While lenders may advertise these loans at surprisingly low interest rates, it should be noted that the interest rates are calculated on a per month basis. This makes your loan very expensive, especially if you select a tenure of more than 3-6 months.

Fully Online Process:

Personal loan apps providing such loans follow a fully online process. However, it should be noted here that before choosing a lender, it is advisable to research the lender thoroughly and ensure that they are licensed from the RBI.

Instant Loan Disbursal:

If the applicant profile has been approved by the lender, the instant loan can be applied for and disbursed in a very short time span.

Instant Cash Loan Eligibility Criteria

Securing an instant cash loan typically involves meeting the following eligibility criteria:

  1. Nationality: The individual must be a citizen of India.
  2. Age limit: People aged 21 - 60 years at the time of application can apply after showing relevant age proof.
  3. Credit score: A CIBIL score of 750 plus is desirable.
  4. Employment status: Any salaried employee working in the private or public sector or a self-employed individual with a consistent income stream.
  5. Work experience: A minimum of one year of prior work experience, of which six months with your present employer (for salaried employees).

The criteria for an immediate cash loan may vary according to the lending institution and your current profile. Lenders usually factor in your creditworthiness and work experience before proceeding with the loan application.

Required Documents for Instant Cash Loan

Being prepared with all the essential documents will save you time and prevent any last-minute delays. The standard paperwork required for an instant cash loan usually includes:

  1. Income statements: Salary slips dating back to 3 months. For self-employed individuals, IT returns of the last three years are acceptable.
  2. Bank statements: These must include records of the past 180 days.
  3. Identity proofs: Typically, they must have the borrower’s photo, such as Voter ID, PAN card, Aadhar card, or driver’s licence. Some lenders may accept a credit or debit card with the borrower’s name in some exceptional circumstances.
  4. Address proofs: Include registered sales agreement, gas or electricity bill, etc.
  5. Additional Documents: This category includes documents like GST certificate, TDS certificate, or sales tax returns (for the self-employed).

Factors Affecting Cash Loan Interest Rates

Interest rates change among lenders and may be influenced by the reasons listed below:

Current Relationship with the Financial Institution:

A lending institution can make allowances in interest rates if you are perceived as a trustworthy customer with healthy financial records.

CIBIL Score:

A good CIBIL score and a history of timely payments will assure the lender of your creditworthiness. As a result, the borrower may enjoy reasonable interest rates.

Repayments and Defaults:

A good repayment history is equivalent to a low-risk profile for the lender. However, defaulting on an EMI may increase the interest rate on the following loan.

Employer and Monthly Income:

Working at a reputed firm reflects well on a loan application as there is less risk of missing EMIs. Additionally, having a good income demonstrates better loan affordability.

In hindsight, if you can repay the loan on time, an immediate cash loan may be a more appropriate alternative to personal loans, especially in emergencies.

How to Calculate Your EMI for Instant Cash Loan?

While applying, it is crucial to carefully evaluate your financial needs and compare them with your current income. The online instant cash loan application process is now more user-friendly because of the availability of eligibility and Equated Monthly Instalments (EMI) calculators from many lenders.

You can now calculate the EMI for an instant cash loan online by following these simple steps:

  • Select the amount you wish to borrow. Depending on the lending institutions, there may be variations in the upper limit of loan amounts that can be withdrawn. The maximum amount is usually three times the borrower’s salary.
  • Choose the loan tenure. This can be anywhere from a few months to a year.
  • Fix the interest rate.
  • Once done, the results will be displayed immediately. Mathematically, the EMI is calculated using the formula,

EMI = P x r x (1+r)n/((1+r)n-1) where P is the loan amount, r = interest rate, and n = tenure in months.

Are you looking for a cash loan online? Take the first step and calculate your EMI here.

Why Opt For Instant Cash Loans?

Instant cash loans are a truly modern source of financing your expenses when you run out of cash. It is especially helpful when you need a small amount urgently and don’t have enough time to wait for your salary day. Alternatively, you need a small amount, and are confident that you will be able to repay the loan within a few months (less than a year). Hence, be it paying your rent, utility bills, medical needs or going the extravagant route to upgrading to the latest gadget, it serves all kinds of consumer needs.

Applying for an instant cash loan online is easy, with very little paperwork.

Must Read: Get a Loan Up To Rs. 25 Lakhs Using Instant Personal Loan App

What is the Alternative to Instant Cash Loans?

Here are a few circumstances under which instant cash loans may not be a suitable option:

  • You need a higher loan amount.
  • You need a longer tenure so that your monthly EMI is manageable within your budget without stretching it.
  • You would prefer a lower interest payout.
  • You have a good credit score and profile, and can easily negotiate better terms.

If any of the above are true, you can choose to apply for an instant personal loan from SMFG India Credit.

How to Apply For a Personal Loan?

Here are the necessary steps to apply for a personal loan at SMFG India Credit:

  1. Use this link to initiate the application.
  2. Provide your mobile number, PAN, pincode, and clarify your employment type, i.e, whether you are salaried or self-employed.
  3. Proceed with mobile number verification through the OTP received and ensure that you also verify your email ID.
  4. Fill in details like your email address, date of birth, gender, as well as your income and job history.
  5. Consider the loan offer, tailored specifically to your needs. Confirm acceptance once you are satisfied with the desired amount, fees, and repayment schedules. We will provide an option to select a higher loan amount.
  6. Enter relevant employment details if you are a salaried employee.
  7. Proceed with the digital verification processes for your identity and address through CKYC, OKYC, or DigiLocker.
  8. Submit your bank account details for our verification. Once this is done, you reach the 'Additional Details' section. It covers information regarding your loan intent, marital status, parents' names, and reference details.
  9. Take a pick from a debit card or internet banking as your preferred mode of payment, and complete the eNACH setup.
  10. Conduct a thorough review and digitally sign the loan agreement, completing the process with OTP confirmation.

Bring your financial ambitions within closer reach by completing these easy personal loan application steps from SMFG India Credit.

Must Read: How to Upload Documents for SMFG India Credit Personal Loan?

In Conclusion

Based on your requirement, it is advised to carefully select the right product. Instant cash loans may be a good choice if you need a very small amount which you can easily repay within a few months. Else, a personal loan may be the better choice.

* Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us

FAQs

How can I get an instant loan in 1 hour?

Securing an instant loan is a quick process. After completing all the prerequisites, you can complete the online application, submit the necessary paperwork, and await confirmation. Once approved, the loan is disbursed into your bank account shortly

How to Apply for an Instant Cash Loan?

Once you meet all the requirements, you can proceed by filling out the application form online, submitting the relevant documents, and waiting for verification. Once approved, the loan is disbursed into your bank account shortly.

How can I pay an Instant Cash Loan?

To know more about paying your EMIs online, click here.

What are the Advantages of Instant Cash Loan?

Regarding urgent money needs, instant cash loans are quick, hassle-free and readily available in a few hours after verification. They require minimal paperwork and do not need any collateral or guarantor.

How can I get an instant loan online instantly?

Regarding urgent money needs, instant cash loans are quick, hassle-free and readily available in a few hours after verification. They require minimal paperwork and do not need any collateral or guarantor.

How can I get a small loan online immediately?

First, gather your KYC documents, income statements, IT returns, etc., and assess your loan eligibility. You can begin with the application process online, ensuring that all fields are filled out correctly. The lending institution will determine your suitability for the loan and proceed with the verification process. If all goes well, the lending institution will hand over the loan quickly.

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