Published on Jul 29, 2021Updated on Oct 20, 2023
Same Day Loans fall under the category of unsecured personal loans and have an easier and quicker approval process. The loan amount is disbursed within a business day.
The same day loans provide instant access to funds and are suitable for meeting financial emergencies, for example, medical emergencies, car repair costs, or repairing your laptop or mobile.
However, due to an easier approval process, the same day loan in India carries a higher interest rate compared to personal loans and has shorter loan repayment duration.
The Same Day Loans Can be Considered Under the Following Circumstances:
The popularity of the same day loan in India is slowly growing and many lenders have included it in their standard product offering. However, you should avail such a type of loan only from a reputed lender.
The following are some of the key benefits of same day loans:
Must Read: Different Types of Loans Available in India
The same day loan application and approval process are very much similar to the personal loan online application and approval process. The only difference is the reduced turnaround time, in which the loan application is approved and funds are credited directly to the applicant’s bank account within a few hours of applying.
Same day loan is a new concept in India, and only a few lenders offer the loan product. And, for borrowers, finding a reputable lender can become a challenge in a short time.
If you’re looking for instant access to funds to meet unexpected expenses, you can consider taking instant personal loans. It’s a very popular unsecured loan type in India and is offered by most lenders.
Instant personal loans are the best alternative to same day loans as it provides access to funds on the same day of applying and has a lower interest rate structure. For instance, at SMFG India Credit, the personal loan interest rates start from 11.99% per annum. Since the interest rates are calculated on a per annum basis, personal loans are much more affordable than same day loans, and have lesser chances of landing you in a debt trap.
The Other Benefits of a Quick Personal Loan are:
Instant Personal Loan Eligibility
SMFG India Credit offers an online personal loan eligibility calculator, using which you can check your eligibility for the personal loan and know the maximum amount you can borrow based on your disposable income.
In the case of the same day loan, the lender determines the monthly EMI and loan duration. But, with personal loans, you have the flexibility to determine the EMI amount and loan tenure based on your repayment capacity and financial commitments.
You can easily calculate EMI by using our free online personal loan EMI calculator tool. And, by adjusting the loan tenure, you can find the suitable EMI for your personal loan and make loan repayments easily without straining your finances. The tool makes loan planning easier and saves your time and energy in calculating the right EMI.
In comparison, both the loan types look one and the same, but the big differentiator is the lower interest cost for a personal loan, and the longer tenure allowing easy monthly payments. And, with higher borrowing limits, you can go for a higher amount to meet the expenses easily and repay the amount with easy instalments.
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.