What is a Small Cash Loan?
Small Cash Loan by Loanbaba is an unsecured short-term loan, where the borrower can borrow an amount between Rs. 10 thousand and Rs. 50 thousand for a tenure of up to 90 days. We are often met with unexpected expenses or sudden financial crisis such as a medical emergency, purchase of important equipment, home repairs, a random travel trip etc. In such times when we are cash-strapped and need money instantly, it is difficult to find monetary support and approaching banks or NBFCs may not be wise, as probably the amount needed are mere few thousands of rupees. What do we do in such crisis? It is easy. Simply visit loanbaba.com and apply for small cash loan online.
Based on your monthly salary, you can borrow anywhere between Rs. 10,000 and Rs. 50,000 in less than 24 hours.
The funds are disbursed directly to your bank account. Fast money loan can be used for any purpose, and is unsecured loan: you do not have to submit any collateral.
You need to be a salaried individual residing in Mumbai, Navi Mumbai, or Thane. You can repay between 30 days and 90 days as per repayment schedule.
A "small cash loan" is also known as payday loan and is met with instant approval and disbursal the same day of loan application, sometimes, in as less as 2 hours. If you are in need of urgent cash loan then you can consider same day cash loan product of loanbaba.com. As loanbaba is a direct lender of instant loan, you do not have to wait endlessly for approval of funds. It takes less than 2 minutes to apply for the loan and submit basic KYC documents. As small cash loan in Mumbai is available at short notice and for a short tenure, it is also known as short term loan or fast cash loan.
Why Choose Small Cash Loan/What is the Purpose of Instant Cash Loans?
Small cash loan in Navi Mumbai and Mumbai is directly provided by loanbaba.com. You do not have to wait to compare banks and then apply for the loan. As same day personal loan is direct product of loanbaba, you get the funds almost immediately after lending decision is taken by us. You can apply for cash loan online at our website and submit basic documents. No need to submit income tax return files. The instant personal loan in unsecured and you can use the funds to fulfil any financial needs.
Most of the times, the loan is taken to bridge the gap between lack of finances and the day of salary credit. This is why small cash loan is also known as payday loan. In payday loan India service, the repayment is done every month on the day the salary is credited to borrower’s account. You can choose payday loan in Mumbai for covering crucial expenses such as medical treatment, funding projects, paying off soft loans, weekend getaways, travel trips, buying important things, or any other financial needs that can be met within Rs. 50,000.
Things to Consider before You apply for Loanbaba Small Cash Loans
Before applying online small cash loan on our website, consider the following points:
As a short term loan, the repayment is between 30 days and 90 days, which mean you can repay the loan sooner and get freedom from the financial obligation.
Repayment is via EMI method of monthly instalment. Small cash loan in Thane, Navi Mumbai, and Thane cannot be taken by self-employed individuals but salaried individuals only.
- credit score /CIBIL score for free through our website.
The loan amount borrowed (between Rs. 10 thousand and Rs. 50 thousand), will depend on many factors such as your income, financial condition, credit history etc. Get your
You must draw a regular monthly salary. The minimum salary limit is Rs. 25,000.
Instant loans are catered by loanbaba only to the residents in Mumbai, Navi Mumbai, and Thane.
Repayment can be done via NEFT or post-dated cheques (as per repayment cycle), submitted to loanbaba.
All necessary checks and documents are mandatory. Like other loan applications online, you will require KYC verification, income proof, employment proof, identity proof etc.
Processing charges will be mentioned in loan agreement. There are no additional or hidden charges.
Features and Benefits of Instant Small Loans
Given below are features and benefits of mini loans on our website:
Like personal loan, small cash loan can meet any of your financial requirements. We do not impose any restriction on end use of the funds.
Because of same day loan, you can get urgent funds in times of insufficient cash flow, without having to wait for days to get funds.
Bad credit loans may be available. However, a decent credit score is mandatory. Those with credit score of 600+ will be preferred as borrowers.
In case your credit score or history is weak, you may still get a loan. But you should have a strong repayment capacity at the present.
Types of Small Cash Loans in India
Small cash loans India from loanbaba.com is an easy way to fast money without hassles. This product carries different names by different lenders but is built on the same features and concept as the product available on our website.
- Payday Loans India: As discussed earlier, payday loan online is like cash in advance wherein the borrower gets funds and EMI is deducted on salary date.
- Short Term Loans: Given short tenure of 1 to 3 months, many financial institutions refer this loan as short term loan.
- Instant Personal Loans: Both quick online loan and personal loan are unsecured and can be taken for supporting any monetary needs. Thus, many lenders name small cash loan as instant personal loan.
Small Cash Loan Eligibility Requirements
You can use our free loan eligibility calculator to know your small cash loan eligibility. Below listed are some points to consider for payday loan eligibility in Mumbai.
You should be above 18 years of age and a resident in Mumbai, Thane, or Navi Mumbai.
When applying for quick online loan, keep the KYC documents for verification.
Minimum credit score should be 600+. If you have lower credit score but a strong repayment capacity, loanbaba small cash loan may be provided.
Documents Needed for Same Day Loan
Below mentioned are the documents to apply for small cash loan online:
3 Months Salary Slip
6 Months Bank Statement
ID Proof, Address Proof, Photographs
Small Cash Loan Interest Rates
Compared to secured loans and loans provided only to customers with high credit score, unsecured instant cash loans can be offered on urgent basis, and additionally to those with low credit score. Thus, the interest rate will vary as per the customer profile and credit history. The small cash loan interest rate can be as low as 0.1% per day. There could be many factors that affect the rate of interest for easy payday loan.
Complete Checklist to Apply for Quick Loan Online
Listed below is a complete checklist to guide you for mini loan application at loanbaba.
- Documents: Identity and address proof are necessary along with income proof and bank statement.
- Online Apply: Apply on our website for small cash loan by providing basic information such as your name, income, age, amount of loan required.
- Employment Proof: Submit salary slip, employer information and other details as asked in the application form.
- Repayment Terms: If you default at repayments, then a penalty charge may apply.
- Processing Fees: No hidden charges. Any processing fee charges will be mentioned in the loan agreement.
Loanbaba Small Cash Loan- How Does it Help You?
At loanbaba.com, you can meet instant cash needs with little loans. By funding your monetary requirements, loanbaba saves you the trouble of taking soft loan, which has no transparent procedure. As a direct lender of small cash loan, you are benefitted with saving of time and resources you would have rather spent on contacting a bank or NBFC. Since small cash needs amount to just a few thousand of rupees, which is a lesser amount than that provided on traditional loans, loanbaba.com comes to rescue you when you are cash strapped.
The funds are deposited directly to your bank account. We are not a third-party lender or agent, but direct lender of fast cash loan.
In case you are an existing customer of cash loan, you can re-apply for this loan again after successfully closing the earlier loan with us.
You will receive doorstep service. You can get in touch for loan queries via live chat, toll free number, SMS, email, and even give us a missed call.
We have transparent process for the loan procedure and terms, conditions are clearly mentioned in loan agreement.
Small Cash Loan EMI Calculator
You can use free-of-cost small cash loan EMI calculator to know the exact EMI amount to pay every month. The EMI is calculated within seconds. You do not have to manually calculate the same. Our financial tool helps you know the equated monthly instalment in amortization sheet where you can view every repayment schedule and the amount to be paid, from the start to the end of the loan tenure. The EMI calculator considers loan amount, tenure, and interest rate to arrive at the result.
Why Choose Loanbaba.com for Fast Cash Loans Online?
Loanbaba as a direct lender of small cash loan has several benefits against banks and NBFCs and third-party lenders. Some of the benefits of small cash loan loanbaba are mentioned below.
For salaried class in Navi Mumbai, Mumbai, and Thane, small loan helps in getting over financial troubles in times of monetary crisis.
Compared to other traditional loans, cash loans are disbursed the fastest soon after the loan approval within 24 hours.
There is flexibility in age criteria. Traditional loans are not always provided to people less than 21 years of age, but small cash loan can be provided to you if you are over 18 years of age and display a good repayment capacity.
No fees or charges are applied other than those given in the loan agreement.
Frequently Asked Questions on Short Term Loan
Given below are some of the important queries you may have about loanbaba small cash loan in Mumbai:
Yes, you need to be currently employed and drawing monthly salary. The salary should come to you as credit into your bank account. To qualify for the loan, you must be employed with the current employer for at least 2 months.
Yes, we access your credit report/score when you apply for small cash loan. Minimum CIBIL score needed is 600+. A lower score can be considered to provide loan in case your repayment capacity is strong.
You can send us your documents via online mode when applying for the loan at the website. No need to send us hard copy of any documents.
Lending decision is taken within minutes of receiving your small cash loan application. On weekends it may take us longer and the application is then processed the next working day. Funds are disbursed within 24 hours of loan application approval.
If you default at loan repayment, then Rs. 100 is charged per day. Cheque bounce charges may apply. Try not to default at loan payments, since it will affect your credit score and weaken the chances of securing credit in the future.
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