Cash Loan: A quick solution for Your Temporary Monetary Needs

by Vaibhav Tripathi Financer Blogger

A cash loan, typically referred to as a personal loan, is a credit line given by a financial institution. Cash loans are unsecured loans that are extended without providing any security or collateral to the lender. The borrower can get small urgent loans from Rs. 500 to Rs. 5 lakhs in minutes. You may face an emergency anytime in your life and you might not have enough of your savings. Such credit help meet medical emergency expenditures like paying medical bills, planning a vacation, revamping the house.

Why borrow personal loans?

Below are some features and benefits mentioned if you take cash loans in India.

Collateral-free loans: Cash loans are unsecured loans, and they can be opted for without providing any collateral and can be repaid every month over time. Its collateral-free nature makes it easy to get. A lender will majorly consider your CIBIL score to lend such debts. Both banks and Non-banking financial institutions (NBFCs) promise these loans.
Online process: The loan seeker can access the loan with the help of help anytime, even from the comfort of the home. The entire process from applying to approval is online and instant within a few hours. Sometimes, a loan gets disbursed to your bank account in 24 hours.
Simple Application: Online debts do not involve a lengthy and hectic application procedure. The lender will only require your minimum details through online mode. Make sure you fill in your details correctly to avoid your application getting rejected.
Trouble-free documentation: Arranging each document required by a traditional lender is a tiresome task. If you opt for a loan digitally, documentation is paperless, and the verification is instant.
Sound credit score: If you struggle to get your CIBIL score on track, then get a small instant cash loan. Timely pay the due EMIs, and your score will start improving as creditors will always prefer a borrower with a sound credit score.
Low-interest rate: If you have a healthy CIBIL score, you can negotiate with the lender for a low-interest rate loan. As with low interest, EMIs become easy to repay.
Flexible repayment period: With the help of the EMI loan calculator, you can modify the EMI term. This facility will enable you to choose the loan tenure and avoid delays in payments.

Instant Cash Loan Eligibility Criteria

It would help if you needed specific eligibility criteria to get a rejection-free loan. Both salaried and self-employed individuals can apply for cash loans in India. Below are the various factors:

Minimum monthly revenue: A Salaried individual must have a monthly income of Rs. 15,000 monthly.

Age Limit: The ideal age for the lender is between 21 years to 60 years for both salaried and self-employed users.

Income proof: For a loan application, keep your 3 months latest bank statement ready in PDF form.

Citizenship: The borrower must be an Indian citizen.

Limitations of the Conventional Loan Processing System

Time-taking Process: The loan application process is offline. Individuals have to stay in long rows to apply. Then, again, it takes much time to approve and approve the loan.

Heavy Paperwork: It is a tiresome and tike taking task to handle all the documents concerned with a large number of individuals simultaneously.

High-Interest Rates: You might have a repay the high amount of money borrowed due to the high-interest rate.

Financial Decisions at risk: If you tend to opt for a loan with variable interest rates, that will be subjected to change based on market changes. So, the total amount to be repaid cannot be determined, affecting your capacity to make sound financial judgments.

Why Should You Consider PayMe India for Accessing Instant Loans?

PayMe India knows your necessity for urgent money. The whole process of granting quick cash is straightforward, more affordable, and flexible for users. Moreover, the best data analytics algorithm operates the PayMe India app to evaluate the credibility of individuals, thus, aiding in enhancing credit scores. Furthermore, the security of transactions is guaranteed. They provide loans from Rs. 500 to Rs. 5 lakhs within a few hours of applying. And the app is user-friendly adequately to be operated by a layman. Download the app or visit their website.

How to Apply for Instant Cash Loan

Getting an instant loan is instant and easy. Here's how you can apply for an instant cash loan.

Register yourself on the PayMe India app by entering your mobile number.
Upload your documents online and complete your KYC process.
Provide your Aadhaar card and pan card number
Provide income proof documents like a bank statement, salary slip( If salaried individual), or ITR( If self-employed).
Wait for approval
The loan amount will get credited into your bank account within the same day when your loan is approved.