How to Get a Same Day Loan in India

How to Get a Same Day Loan in India
There are times in life when an unexpected expenditure hits us and make us face
a tough time. In an ideal world, every one of us is equipped with the emergency
fund which we are to use in emergencies. But in the real world because of the
highly expensive lifestyle, most of us are left with no or very less emergency
fund which is not enough for fighting emergencies. In such situations, we are to
depend on borrowing or using a credit card.
Personal loans are the form of borrowing where an applicant can avail an
emergency fund without collateralizing any of the assets. A personal loan is a
much-preferred credit product as this way of availing fund is not only cheaper
than credit cards; it is even fast in processing too. An online personal loan
generally disburses within the same day of applying. Because of being
disbursed within a business day, such loans are also known as Same Day Loans.
Same day loan is just another name of online personal loans which are
multipurpose and of course fast in disbursal. One can use a personal loan for
any purpose such as a medical emergency, urgent travel, funding a vacation, a
job loss or any other kind of use. If you can satisfy the eligibility criteria of the
lender, you can avail the same in a hassle-free manner. Here are the
general eligibility criteria which one needs to fulfill in order to avail a personal
loan online.

Income– Income of the applicant is the first eligibility criteria which one has to
fulfill as this is the prime parameter to gauge the repayment capacity of the
borrower. The maximum amount which one can borrow also depends on the net
income of the borrower. With a high monthly income, one can have a loan of a
bigger amount.
Age– The age of the applicant is also checked while applying for an online loan.
A loan is approved to the applicant only if the applicant is more than 21 years
and less than 60 years old. Let’s say, an applicant has applied for a loan at the
age of 58. In this case, a loan may be granted to him/ her but the loan must be
closed before the applicant reaches 60. It means the applicant will have to repay
the loan within 2 years.
Credit Score– A credit score is a numeric expression provided by the credit
rating agencies which expresses your previous credits and your repayment
habits towards the credits. All your loans and credit cards will be reflected in
the credit history included any late or missed payments. A credit score ranges
between 300 to 900. A score above 750 is considered eligible for the loan.
Employer– Along with the income, the employer of the applicant is also
checked. If the applicant is employed by a reputed employer, he/she is about to
get a loan in an easier way as compared to the one who works for an employer
who has a debt on him. In the case of a self-employed applicant, the employer
checks the business history of his business before sanctioning the loan.
Employment– The employment history of the applicant is also checked while
sanctioning the loan. If it is found that the applicant has changed the job
frequently, it is taken as a un stability of the applicant which may result in not
approving the loan.
FOIR– The FOIR is the short form of Fixed Obligations to Income Ratio which
is a way to calculate the applicant’s total financial obligations including the
present loan. A personal loan is repaid through EMIs which is a fixed amount.
The total outgo of a person including the applied loan should not cross more
than 50% of the net monthly income. If you have to pay more than 50% of your
income in repaying your debts, a lender will not approve a new loan to you as
the chances of defaulting the loan increases.
If you find that you can satisfy all the criteria of the lender, then the next comes
the documents. There are some documents which you are to provide in order to

prove your eligibility. When you are going for an online loan, you don’t need to
submit the documents physically. What you need to do is to upload the scanned
copies of your documents to the website of the lender.
Here is the list of the basic documents required by almost all lenders
1) Identity Proof– One has to prove the identity of himself when you apply for
loan online or in a conventional way. One can submit any of the given
documents for an Identity Proof -PAN card, Passport, Driving License, Aadhar
Card, Voter ID, Govt. issued ID-card.
2) Certificate and Proof of Business Existence– This document submission is
applicable only for self employed employees. One can submit any of these -
PAN,sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed,
Trade license, certificate of practice, registration certificate issued by RBI,
SEBI.
3) Address Proof– One has to submit documents which ensure the address of
the applicant. One can submit any of these for an address proof- Passport,
Driving License, Election ID card, Electricity/ Telephone/ Mobile bill.
4) Income Proof– One has to submit the bank statement which is not more than
3 months old for an income proof.
5) Age Proof– This is the last but a very important document which one has to
submit in order to prove yourself eligible for the loan. One can submit any one
of the below mentioned documents as an age proof. PAN card, Passport,
Driving License, Voter id card, Birth certificate, Employee ID card (only for
PSU/ Government employees), School/ college leaving certificate.
The documents that are mentioned above are the basic documents which almost
every one of us possesses. A PAN card, an Adhaar card and the bank statement
are considered as the primary documents for a personal loan approval.
One can avail a personal loan in one day from a number of lenders such as
public banks, private banks and NBFCs. The terms and conditions and the loan
cost vary lender to lender. One must check all the options available to get a
cheaper and convenient deal. The loan agencies like Finance Buddha are doing
well in comparing the top leaders of the nation and making a loan seeker find
the best loan option.