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 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:
|Bank of Baroda
|10.05% to 21%
|0.50% ( Rs 1,999 - Rs 25,000)
|Up to 3% of sanctioned amount
|Up to 2.5% + GST or Rs 500
|Up to 3.93%
|2% + GST
|Up to 3%
|IDFC First Bank
|Up to 3.5%
|Up to 18% p.a
|Up to 2%
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.
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)
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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:
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:
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:
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:
Steps To Apply For a Personal Loan with Buddy Loan
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.
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