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What is a Cash loan and who needs it?
It is a general human tendency to keep some amount of cash on us at all times. This is considered to be the ‘in case of an emergency’ fund. There may, however, come a time when the funds available are not enough.
During such a time, a cash loan can help. Instant cash loans are like unsecured personal loans. They can be availed by any person in need of instant funds.
You can use the funds from this loan to meet any medical expense, pay education fees, use it as an advance to pay for home renovation, etc.
Features of Cash loan
Though cash loans help with the immediate requirements of finance, there are multiple features and benefits of fast cash loans:
- You can avail of a loan by applying through a personal loan app, as the entire process is now digital.
- The funds from this loan are credited into your bank account within a few hours of document verification.
- You do not need to provide multiple documents at the time of applying for an instant loan. Lenders require your PAN card and Aadhar card. Moreover, since this is a personal loan for the salaried, you will also need your salary slip as income proof.
Since an urgent cash loan is an unsecured loan, you do not need to pledge any security against the funds from the loan.
Eligibility criteria for Cash loan
The eligibility criteria to avail a cash loan are:
- Age: As a citizen of India, at the time of applying for the loan, you need to be a minimum of 21 years of age and a maximum of 45.
- Employment: You must hold a full-time job with a government company or a private firm for more than 3 months. You should also have a minimum of 6 months of work experience.
- Income: Your minimum in-hand monthly income should be Rs. 20,000/-; if you are from a Tier-I city. In case you live in a Tier-II city, your monthly income should be Rs. 15,000/-.
- Receipt: This income should be credited directly into your bank account and not be received as cash.
How to get Cash loans in India?
You can now apply through a personal loan app. The entire process is simple and quick.
- Download the Instant personal loan app from Play Store and App Store. Create your profile by adding your personal and professional details.
- Choose the type of loan, the amount you require, and the tenure of the loan.
- Upload all required documents.
You will get instant cash once the documents are verified.
Things to consider before getting a Cash loan
- Read Terms & Conditions: Before signing on the dotted line, go through the fine print. Understand the associated costs attached to availing this loan. This should include any processing fee, penalty charges, pre-payment charges, etc. Just because it is a quick cash loan does not mean that there wouldn’t be a few caveats attached to it.
- Conduct research on the lenders: Not every lender will disburse small loans at affordable interest rates. While some may have a quick turnaround time for disbursal, others may have a lower interest rate. Conduct due diligence before applying for a loan online. Find the one that will not only provide you with the loan you need but also has flexible repayment options at reasonable interest rates.
- Determine your loan amount: Before you submit your application, understand how much money you need. Remember that it is called a small cash loan for a reason as you can avail yourself of only a certain amount at a time. If you are looking for a higher amount loan, it is best to apply for a personal loan.
- Check your eligibility: Like every loan, you will need to meet all the eligibility criteria set by the lender. Before you apply, use their personal loan eligibility calculator to know if you can apply or not.
- Do not skip EMIs: Once the loan has been disbursed, ensure you repay the loan on time. Skipping an EMI will cast a negative shadow on your credit report. This would mean that it may be difficult for you to avail any loans in the future.
Getting a small cash loan on your Aadhar card can tide over the immediate expense. You can apply for a cash loan through Finnable’s personal loan app as well. These funds can be used as a travel loan, shopping loan, or as home renovation loan.
What you need to remember is that being a personal loan, it will be disbursed against your salary. Based on your requirement, choose the right type of loan and amount. Applying for a personal loan is always a better idea if the loan amount is big.
For instance, Finnable disburses personal loans for the salaried of up to Rs. 10 lakhs with simple documentation. Their interest rate starts at 16% and you can choose a flexible repayment option to suit your budget.
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