Cash Advance Loans in India is a short-term funding done by financial institutions. This loan traditionally aligns with the credit cards. Top credit card companies enable their customers to quickly receive cash advances using their credit cards at the local ATMs. However, the only problem with such relaxed facilities is you may not even realise that debts are piling up and then end up falling into a debt trap.
You are likely to be charged a fee by the provider and even pay a fee for cash provided by your credit card company. Besides, you may have to pay interests if the money is not paid back prior the next billing cycle. Some companies charge interest on the cash advances more than the interests on regular amounts. In India, this product is easily available from lenders such as Loanbaba.
- Thus, in case you look forward to enjoying cash advances at no hidden costs, but low interest rates.
- You can consider taking a cash advance loans in India from loanbaba.com instead. Such loan suits emergency needs.
- You can get an amount of up to Rs. 50,000 or Rs. 1 lakh within just a few hours of loan approval.
What Are Cash Advance Loans?
Cash advance loans in India are unsecured loans for personal use. Below-mentioned are some of its features:
- These are short term loans and provided for tenure up to 6 months to salaried individuals only.
- You can borrow between Rs. 10 thousand and Rs. 50 thousand, and in some cases up to Rs. 1 lakh.
- A credit score of 600-650 and above is considered eligible for the loan.
- This loan service is available across India, and to avail the same, no collateral is necessary. There is no limit as to how you use the funds.
Features of Cash Advance Loans in India
Below-given are features of a cash advance loan in India:
- How This Loan Works at Loanbaba.com? A cash advance loan is available at Loanbaba for a short period. The approved amount instantly credits to your bank account. The amount of cash advance loans in India starts from Rs. 10,000, which means you can pay the same in one to up to 6 instalments.
- The tenure of the loan is between 30 days and 180 days, thus it is a short term loan.
- The loan service is similar to payday loans, the only difference being cash advances do not need single repayments on paydays.
- While dealing with an online cash advance loan provider like Loanbaba, all the transactions take place via the internet. Thus, you do not require moving to a physical location filling up long forms and waiting for lengthy approvals.
- The online forms can be filled up sitting at home, and you can track your approval status of easy cash advance loans through emails. The funds are transferred through an electronic transfer to your bank account.
How Can You Apply for Cash Advance Loans in India?
Fill the loan application form on top of this page. The form asks for a few details such as your name, monthly salary, place of residence, employer’s name, EMIs paid monthly, email id, mobile number, PAN Card number, loan amount required, tenure of loan, etc. After proving these details, click ‘Apply’.
- Loanbaba will quickly review your loan request and a customer representative will shortly get in touch with you to discuss further.
- The representative will inform if your loan application has been approved or not, and discuss the interest rate applicable and other details, along with the EMI amount till end of tenure.
- To understand the instalment amount to be paid every month, you can use our free-of-cost loan EMI calculator and get an exact idea of the financial liability.
Why Apply for Cash Advance Loans on Loanbaba?
At Loanbaba, you can apply for a cash advance loan and quick funding in no time.
- You can check all related features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page.
- You can also quickly apply for the funds on the website without having to visit our office.
- It is simple and easy, and you can upload all the required documents online.
- Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
Cash Advance Loans in India Interest Rates
Cash advance loan interest rate is as low as 0.1% per day, but varies as per the credit and individual profile of the borrower. Keep a check on this page to note the updated rates. Your loan eligibility and final interest rate applicable may differ as per your income, repayment capacity, etc.
Cash Advance Loans in India FAQs
Below provided are important questions about cash advance loans in India.
As a loan applicant, you must be over 21 years of age with a minimum monthly salary of Rs. 25,000. You must be able to produce income proof, identity proof, address proof, bank statements, etc.
You can use the money for any purpose as you need. No questions are asked on the fund’s utilization until necessary. Being an unsecured and a multi-purpose loan with quick disbursal facility, usually people take the loan for financial emergencies.
Usually, the funds are disbursed on the next business day. If the weekend is a banking day, then you may get the funds the same day of the loan approval and there will be no delay in the same.
There are no concessions on interest rate. The rate applicable will solely depend on your net monthly income, debt to income ratio, fulfilment of eligibility criteria, repayment capacity, credit history, and other factors. Rest assured, a suitable rate of interest will be applicable, which would be the best in the market.
If you are new to borrowing money, we may still consider your profile, given you meet the eligibility criteria and have a responsible spending habit, with a stable income and job. However, a minimum CIBIL score of 600 is desirable. Yet, get in touch with us, and we shall do our best to serve you a loan scheme suitable to your needs.
If you wish to apply for cash advance loans in India with us, then you must be a salaried person drawing salary in bank account. Cash salary is not acceptable. Any cash handled as commission, not reflecting in your bank account will not be considered in your net income. So make sure to submit valid income proof when applying for the loan.
Only salaried individuals are eligible to apply for the cash advance loan with us. However, we are partnered with top banks and NBFCs for other loans available for self-employed individuals and non-salaried people. You can get in touch with us for more information regarding such loans.
Cash advance loans in India are only up to Rs. 50,000. In certain cases, the loan amount can go up to Rs. 1 lakh but not further. If you do need a loan of a higher amount, you can look for other loan plans and schemes listed on the website. However, these loans will be from banks and NBFCs and not a patent product of Loanbaba. We shall only act as a mediator asking no personal service fee though. All our services are completely free-of-cost.
If you have an ongoing loan with us, then you have to close the running loan to take a new loan. There is no top up loan on a cash advance loan.
The loans of old customers may get definitely processed faster as they would have already completed their documentation and identity verification procedure. However, their loan eligibility will be re-determined based on their current repayment capacity, income, age, and other factors. There are currently no discounts for loyal customers, but keep a lookout for any probable offer on the website.