Same Day Loans

Same day loans, as the name suggests, are a type of personal loan that you can potentially get approved and funded within the same day of applying. They're often marketed as a quick and convenient solution for unexpected expenses or short-term financial needs.

Emergencies can be sudden and unexpected, and could mean that you need funds urgently. That's when same day loans come in handy, with a same day loan you can get the amount you need for your emergencies and pay back the loan in flexible repayment options.

Same Day Loans Interest Rates

Same day lending,designed for immediate financial needs, come with unique considerations, particularly in terms of interest rates. As these loans provide rapid access to funds, borrowers often encounter varying interest rates based on factors such as creditworthiness, the lending institution, and the loan amount.

The table below shows the different banks and NBFCs that offer same day loans and their interest rates:

Banks/NBFCs Interest Rates(p.a) Processing Fees
Bank of Baroda 8.4% p.a. nil
HDFC 10.05% to 21% 0.50% ( Rs 1,999 - Rs 25,000)
Axis 10.49% onwards 1%
Tata Capital 10.99% onwards 1%
Induslnd Bank 10.49% onwards Up to 3% of sanctioned amount
PaySense 16.80% onwards Up to 2.5% + GST or Rs 500
Bajaj Finserv 11.00% onwards Up to 3.93%
Money View 15.96% onwardss 2% + GST
Cashe 27.00% onwards Up to 3%
IDFC First Bank 10.75% onwards Up to 3.5%
Lazy Pay Up to 18% p.a Up to 2%
Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Ready to apply for a Loan?

Eligibility Criteria For Same Day Loans

Securing a same day loan is a swift solution for urgent financial needs. Same day lenders establish specific eligibility criteria for getting the loan.

Being familiar with these criteria helps individuals to enhance their chances of approval and navigate the process efficiently when seeking an immediate one day loan.

  • Minimum age requirement (usually 18 years)
  • Should be a permanent citizen of the country.
  • Should have a steady source of income and also meet the minimum income range set by the lender.
  • Possess an active bank account.
  • Provide valid government-issued photo ID and other documents.
  • A good credit score of 650 or above is often preferred by lenders.
  • A good Debt-to-income ratio to indicate affordability for the loan.
  • Stable employment with a verifiable income source is often preferred.

Same Day Loans EMI Calculation

Calculating Equated Monthly Instalments (EMI) is crucial for borrowers seeking same day loans. EMI represents the fixed monthly payment comprising both principal and interest, making it easier to manage repayment. By understanding this calculation, borrowers can gain insights into their monthly EMIs and understand how much they should be paying to fully repay the loan.

To calculate the loan EMI manually you can use the following formula:

EMI = P * R *((1+R)N/(1+R)N- 1)


EMI is the equated monthly instalment.
P is the principal amount.
R is the interest rate.
N is the loan tenure.

This is how you use this formula-

For example, let's say you take a loan of ₹25,000 with an interest rate of 6% for 1 year. Using the formula, your EMI would be:

P = Rs 25,000.
R = 6% i.e., = 0.06 (approx)
N (in months) = 12

Now using the formula;

EMI = 25000 * 0.06 *((1+0.06)12/(1+0.06)12- 1)

Your monthly EMI will be around Rs. 2,198 (approx)

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Not sure of your credit score? Check now for free!

Check Your Credit Score for Free

Also get a Free Credit Report

Documents Required For Same Day Loans

Same day loans offer loans when you need it quickly for any financial emergencies. But securing a same day loan also requires having certain documents. These documents help to facilitate quick approval and disbursement of funds.

These documents are simple and help in faster process of the loan, some of these documents are:

  • Proof of Identity: PAN card and Aadhaar card are essential.
  • Proof of Address: Recent utility bill, rental agreement, or bank statement.
  • Proof of Income: Salary slips, bank statements, or income tax returns.

Benefits of Same-Day Loans

Same-day loans, designed to provide quick financial solutions, offer several advantages for individuals facing urgent monetary needs. Here are key benefits associated with same-day loans:

  • Immediate Access to Funds:Same-day loans provide rapid approval and disbursement, ensuring quick access to needed funds during emergencies or unexpected expenses.
  • Convenience and Speed: Online application processes and streamlined approval procedures make same-day loans convenient, reducing the time and effort required compared to traditional lending.
  • Flexible Loan Amounts: Borrowers can often choose loan amounts based on their specific needs, ranging from small amounts for minor expenses to larger sums for more significant financial challenges.
  • No Collateral Requirement:Many same-day loans are unsecured, meaning borrowers don't need to provide collateral. This simplifies the application process and eliminates the risk of asset loss.
  • Flexible Repayment Terms:Borrowers may have the flexibility to choose repayment terms that suit their financial circumstances, allowing for customization of the loan structure.
  • Emergency Expense Coverage: Same-day loans are well-suited for addressing unforeseen expenses like medical bills, car repairs, or urgent home repairs, providing a financial safety net during emergencies.

Same Day Loans Fess, Charges & Penalties

Same-day loans offer quick financial assistance but borrowers should be aware of potential fees, charges, and penalties that may accompany these loans. Here are common financial considerations:

  • Origination Fee: This is a one-time fee charged by the lender for processing your loan application. It's typically a percentage of the loan amount, ranging from 1% to 6%.
  • Late Payment Fee: Missing a loan payment might lead you to be charged a late fee. Sometimes these fees may be minor but might add up to a higher percentage of the missed payment amount. This fee can quickly add up if you're not careful.
  • Prepayment Penalty: Some lenders charge a fee if you pay off your loan early. This is less common with secured loans like mortgages, but more common with unsecured loans like personal loans and same-day loans.
  • Other Fees: Depending on the lender and loan type, there may be other fees, such as annual fees, account maintenance fees, and wire transfer fees.

Why Choose Same Day Loans?

Deciding whether or not to take a same-day loan requires careful consideration. While they offer quick access to cash, they come with significant drawbacks compared to other loan options. Here's a breakdown of why someone might choose a same-day loan over other loan options and the key factors to consider:

  • Urgent need for cash: If you face an unexpected emergency like a medical bill, car repair, or essential appliance breakdown, and other options are unavailable, a same-day loan might be a temporary solution.
  • Quick Approval and Disbursement: Same day loans offer quick disbursement, leading to rapid approval and ensuring that borrowers can address their financial needs promptly.
  • No collateral required: Unlike secured loans, same-day loans are typically unsecured, meaning you don't risk losing your assets like your car or house if you can't repay the loan.
  • Convenient online application: Many lenders offer online applications and approvals, offering ease and speed compared to traditional loan processes.

Steps to Apply For Same Day Loans

Steps To Apply For a Personal Loan with Buddy Loan

  • Step 1: Visit or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Ready to take the next step?

Frequently Asked Questions

Same-day loans offer fast cash (often at high cost) with quick approval and funding, but come with shorter repayment terms and potentially high interest rates.

Yes, it's possible to get a loan and receive funds on the same day you apply with same-day loans. These loans offer quick access to cash, often within hours of approval.

Yes, several lenders and financial institutions offer same-day loans. Banks like HDFC, Bank of Baroda and NBFCs like Moneyview, Fibe, mPokket etc.

Same day loan applications are typically quick and online, with approvals based on basic info and sometimes credit checks, leading to potential funding within hours.

Generally, no, receiving a same-day loan isn't taxable income, but interest payments and potential loan forgiveness may have tax implications.

Non-payment of a same-day loan can entail serious consequences, both immediate and long-term. It triggers late fees, credit score damage, collections, and potentially lawsuits and even bankruptcy.

Display of trademarks, trade names, logos, and other subject matters of Intellectual Property displayed on this website belongs to their respective intellectual property owners & is not owned by Bvalue Services Pvt. Ltd. Display of such Intellectual Property and related product information does not imply Bvalue Services Pvt. Ltd company’s partnership with the owner of the Intellectual Property or proprietor of such products.

Please read the Terms & Conditions carefully as deemed & proceed at your own discretion.