Know information about Payday Loan in India

It is very easy to apply for instant cash loan at loanbaba.com. Login to the website and apply for the payday loan, also known as small cash loan online. These loans are unsecured, but you may think how payday loan is different from personal loan? The answer is, the former is a quick small cash facility and shorter repayment tenure than the latter.

Payday Loan Definition

The basic definition of payday loan is obtainment of instant cash that helps you survive financial difficulties before your salary arrives. However, even if you have got your monthly pay credited, you can avail small cash loan for your financial needs. You can apply and get the amount within just a day. The amount gets credited within few hours of approval.

Here is how payday loans work:

Borrowing Amount for Small Cash Loan

You can get short term loan between Rs 10,000 to Rs 50,000 depending on criteria like the amount you want to borrow, the salary you draw, repayment capacity, etc. There are many payday loan uses, as one can utilize the funds for personal needs etc.

Understand What is Payday Loan Eligibility

All the Indian citizens above the age of 25 years are eligible to apply for the loan.

Salary Slab

The applicant should draw monthly income of at least Rs 25,000 per month. For individuals who draw less than the mentioned amount or are self-employed can avail a loan other than the small cash loan.

Disqualifiers

If you have a huge number of debts or insufficient repayment capacity or do not qualify the eligibility criteria given in the payday loan information, then you are likely unable to qualify as candidate to receive instant funds.

CIBIL score

The minimum required CIBIL score of a person should be at least 600 – 650. Anything less will be carefully monitored, upon which loanbaba would decide to approve cash loan or not.

Time Required for Fast Cash Loan Approval

If you have submitted all the necessary documents like the salary slips, identity proofs, bank statements, etc., then the approval is an instant process. Approval may take as less as few minutes to few hours. If you applied for loan on a non-business day, the same will be looked into the very next business day at the soonest.

Loan disbursal

As soon as the loan is approved, the amount gets credited to your bank account within few hours. Thus, there are no long waiting hours to expect. Loan disbursal is done on business days.

Repayment period

The company offers tenure of up to 3 months to repay the loan. You can repay the amount as per the EMI conditions agreed on. However, read the terms and conditions carefully. Usually, a shorter repayment period is granted for an amount availed less than Rs 50,000.

Rate of interest

The interest rates applicable are nominal and fixed. Depending on the amount you avail and the repayment period, the rate of interest varies. It starts from as low as 6% and goes up to 11% only. However, please note, in particular cases, the interest rates may differ).

How payday loans differ from personal loans?

In order to get a personal loan, you have to at least apply for an amount of Rs 1 lakh. Also, it has a longer repayment period. However, as per the payday loan information, there are no such criteria on availing a huge loan amount only and waiting for long repayment period.

You can avail loans as less as Rs 50,000 and repay the same within 3-month duration or less. So do you plan to apply for a small cash loan to fulfil your short-term requirements? If yes, then consider visiting loanbaba.com.

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