same day personal loans in india

Same Day Personal loans in India
The unexpected financial emergencies can hit any person at any given time.
There are times when only an urgent financial boost can make your way out
from the trap of tough times. Such situations can be handled easily if you are
equipped with enough liquid fund. Otherwise, the situations can turn into
worse.
For most of us, the only instant source of liquid fund becomes the same day
personal loans. Same day personal loans are best to fight financial emergencies
as the loan amount is disbursed to the borrower’s bank account within a day.
But to avail a same day personal loan in India, you have to be eligible for it.
The Eligibility Criteria of Personal Loan
The eligibility of a personal loan depends on a number of criteria. Sometimes,
the eligibility criteria may differ from lender to lender. Some of the general
criteria that almost all lenders follow are - age, income, employment, credit
score, and FOIR. Lenders grant personal loan application only for the
applicants who are in the age group of 21 to 60. The repayment capacity is the
next point to be checked by the lenders.

To gauge the same, lenders do check the income of the borrower which must
not be less than Rs.15,000 per month. The next thing to be checked to find the
repayment capacity is FOIR. This is nothing but a proportion of net monthly
income to the total payable in different EMIs. If the total payable is more than
half of the net income, you become ineligible for a personal loan. The next
criterion is employment. Lenders do check the duration of your employment in
order to check your stability. If you are a salaried person, you must be employed
under the same employer for the minimum of last 2 years. In the case of selfemployed,
the minimum turn over should be of 5 years.
Advantages of a Personal Loan
There are a number of advantages that can be enjoyed by availing a personal
loan. Personal loans are collateral free loans. Such unsecured loans are a better
choice for the borrower as none of the valuables are at risk of being liquefied by
the lender. Personal loans online are the best choice of funding for the ones who
are in urgent need of money. The disbursal of a personal loan online happens
within just a few hours. A personal loan comes at a much hassle free processing.
The entire loan processing happens online including documentation and signing
the loan agreement.
The Words of Caution
Though personal loans are easy to access but when you avail a personal loan,
you are to handle it skilfully. Availing a personal loan takes just a few hours,
but repaying the same takes a minimum of one year. Paying off your personal
loan before completion of 12 EMIs can be a subject to impose a penalty. A
personal loan repayment must be done on a regular basis. Missing or delaying
your loan repayment will not only make you pay penalty for it, at the same time
your credit score is certain to be spoilt. Moreover, the interest rate on a personal
loan is much higher than secured loans. Keeping all those facts into
consideration, whenever a personal loan is availed, one has to be disciplined
with the repayments so that the best out of a personal loan can be enjoyed.