Quick Loan Online In India

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Preliminary Information
Loan Details
Personal Details
Small Cash Loan/Immediate cash loan Details
Amount Rs. 10 thousand to Rs. 50 thousand
Loan Tenure 30 days to 90 days
Interest Rate 0.1% per day

Quick loans are unsecured and short-term loans provided in no time, specifically within few hours of application and approval of the loan. Other traditional loans such as Personal Loan and business loan etc take some time to process. However, fast loans come to the rescue when you face cash crunch are in immediate need of urgent cash loan.  Some of the quick loans are provided in a day or two’s time, while most of the time, it takes just 24 hours to disbursal. With small-cash loans, you do not have to borrow from friends and family anymore.

At Loanbaba.com, you can find all information about quick loans and its types.

Types of Quick Loans in India

There are several types of quick loans available in India, and these options are mentioned below:

  1. Small Cash Loans in India: A payday loans is a short-term loan (unsecured in nature), and is disbursed within 2 to 4 hours of loan approval. You can apply for payday loans apply and get approval within minutes. The U.S.P of this loan is the hassle-free procedure. The financial institution or lender usually charges a higher rate of interest as the loan is advanced without demanding collateral. Such loan is mostly offered to salaried individuals only, wherein the EMI is to be paid on the pay-check date until repayment.
  2. Same Day Loans: These loans are granted the same day of loan application. This credit system is best to meet emergency cash needs and requires only minimal documentation with no credit check. People with poor credit history or a bad credit score could be eligible to get this type of loan in short time. However, the interest rates of same day loans are much higher than regular loans.
  3. Quick No Credit Check Loans: There are quick loans offered that require no credit check. These loans are mostly chosen by those with bad credit history. As soon as the documentation needed is verified, the money is disbursed to the borrower’s bank account. The interest rate charged however, is very high compared to other short tenure loans.
  4. Credit Card Loans: You can take quick loan on credit card. Most financial institutions offer instant loans on credit cards that too at an affordable interest rate. The loan meets approval quick with no or minimal documentation. However not everyone can avail loan on all types of credit cards. Thus, it is advisable to check on the credit card you possess and the loan facility provided on it before making a decision of choosing the credit card.

Advantages of Quick Loans

Below mentioned are quick loan benefits.

  • No Credit Check: As mentioned earlier, quick loans do not necessarily required the applicant to maintain a good credit score, since the loan can be disbursed without credit check.
  • Speed of Approval and Disbursal: These loans are provided within 2 to 24 hours and at max 48 hours.
  • Unsecured Credit Facility: Quick loans are basically unsecured loans, wherein the financial institution or lender does not require a security or collateral.
  • Online Application: You can apply for quick loans online on Loanbaba.com.
  • Minimal Documentation: To avail these loans you need only minimal documentation such as identity and address proof and probably income proof. Thus, the approval and disbursal process is also quick.
  • Self-employed Individuals Can Apply: A quick loan can be availed by self-employed individuals in many cases.
  • Non-existing Customers Can Apply: Even if you are not an existing customer to the financial institution with which you apply for the quick loan, you can still get the loan.

Disadvantages of Quick Loans

Below listed are the quick loan disadvantages.

  • Higher Rates of Interest: The quick loans come with very high rate of interest. The rates are almost double of that applied on regular loans. Thus, these loans are considered expensive.
  • Many Non-certified Lenders: As many people require urgent cash, there are more than just official banks, NBFCs or certified lenders offering the loan. You must beware of shady lenders who are not certified as it can be risky to borrow from them.
  • Heavier EMIs: The quick loans are short term loans and are to be repaid in a few weeks to maximum 3 months. This means you have to pay heavier EMIs in limited time. If you are choosing a quick loan, look into the repayment tenure and associated conditions.

Features of Quick Loans in India

Below mentioned are features of Quick Loan, India.

  • Quick loans offered in India are different from that those offered worldwide.
  • These loans are not typically termed as ‘quick loans’ but carry different names and have different approval time-frames.
  • These loans however have simple documentation and lenient requirements.

The quick loans offered by the banks and financial institutions are different from the quick loans offered worldwide. There is no special kind of loans called quick loans in India but there are alternative loans with quick approval. These loans require have lenient requirements and simple documentation.

Tips to Choose the Best Quick Loan

  • If you want a higher loan amount, then you can opt for personal loan than credit card loans.
  • Check and compare interest rate, tenure, loan amount offered by several banks and NBFCs in India at our website, before taking a decision.
  • The right kind of quick loan depends on your requirements, thus it is important that you understand what your financial need is before applying for personal loan with a bank or NBFC.

Frequently Asked Questions about Quick Loans

Below-given are the FAQs on quick loans:

You are expected to have a CIBIL score 650+ to get this loan. However, the credit check and score criterion are not stringent in genuine cases. Check with us to know further if your credit profile is convincing enough to get the funds.
The minimum monthly income to get a quick loan is Rs. 25,000. The loan amount will be determined based on your repayment capacity, income, and other factors.
No, self-employed people cannot apply for this loan. However, Loanbaba offers loans against property, gold loans, credit cards, and many other funding-options for self-employed individuals.
Since you can apply for quick loans online on Loanbaba, you do not require hard copies of the documents. You need to upload the required documents (soft-copy) along with the loan application. After verification of the loan application, which includes verification of the documents as well, the customer team will get back to you with the loan status.
The funds will reach your bank account electronically. You will be handed hard cash.
Yes, you can prepay a quick loan without paying any prepayment penalty or fee. This means you can close the loan anytime after making the full payment as on the date of closing the loan.
As quick loans are collateral-free, you do not have to pledge any asset to Loanbaba to avail of the funds. There is no requirement for a co-applicant or a guarantor as well.
You need to pay monthly installments till the end of the tenure in order to repay the loan. You can pre-close the loan anytime by making complete payment.

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