Getting an urgent loan is similar to getting the approval of a personal loan which is approved based on income and credit score. It takes less time compared to the regular personal loan, especially with the less time taken in formalities like document verification and others. Urgent loan with bad credit in India come with enormous features and benefits, such as instant approval and disbursal, higher accessibility, and many more. So, various factors can make your financial planning easy and accessible. However, some factors must be considered before applying for the loan and after getting your disbursal as well.
Types of loans in India
Personal loan: It’s a commonly known loan which is based on the financial status and is provided by the banks and NBFCs after checking the income credit score, types of employment and many more. It can take some time like a few days for approval because of the higher amount and longer tenure.
Short term personal loan: It’s the type of loan which is based on income and transactional history. It is mostly provided by the NBFCs. The loan amount for this type of loan, which is also known as an urgent loan with bad credit in India is less. The amount is considered as per the monthly income of the applicant. Mostly, the lenders approve the approved amount which is thirty to forty of the salary amount.
Loan on credit card: In this type of loan, your loan amount is approved as per your credit score, whereas the banks lock your limit of credit card as per the loan amount. It is also easy to borrow, because your credentials, i.e., financial data are already there in the lender’s database.
Top-up loan: It’s the loan amount, where you can borrow within a certain approved limit. So, while borrowing, you must check what is your current approved limit. In many cases of top-up loans, you can get a loan again, especially when you have a higher limit.
Loan against property: In many cases, you can borrow against your assets such as FD and Gold. It becomes easy for you to borrow because of assurance in the approval.
Comparing Urgent Loan and Regular Loans
Factors | Urgent Loan | Personal loan |
Approval | It is approved shortly because of fewer formalities, a lower, amount and short tenure. | It can take a longer time due to having various formalities, especially because of the higher loan amount |
Documents | Minimal documentation is required in Urgent loan with bad credit in India, | Some physical documents like salary slips, ITR, residential certificates, and utility bills can be required. |
Loan Amount | The loan amount is approved based on salary, and the amount is thirty to forty per cent of the loan. It can start from Rs. 5000 | With EMI options and longer tenure, the loan amount is higher. |
Tenure | It is less, especially starting from a few days to 45 days. | The loan amount is higher which can be up to 20 Lakhs, or higher based on your financial credibility. |
Need for collateral | No need for collateral. | In some cases, it might be required. |
Steps to Apply for Urgent Loan with Bad Credit in India
While applying for a emergency loan or and urgent Loan with Bad Credit in India you need to focus on various factors, especially which are necessary, and there are before applying, while applying and after the disbursal of loan. And, such steps are as follows.
Before loan application
- Check the lender’s policy, such as loan amount, approval and documents, and requirements.
- Check your eligibility, especially how much amount you can get.
- Collect all the required documents before applying.
While Applying
- Go to the application form on the website.
- Fill in all the details in the form, whatever is mandatory.
- Upload the documents and submit the form.
After the Disbursal of the Loan
- Get the disbursal of the loan in the account
- Use the loan amount as per your need
- Repay the loan amount on time, especially as per the tenure
Features and Benefits of Urgent Loan with Bad Credit in India
- Instant approval: As per the approval process, and less formalities, there is instant approval for a personal loan.
- Fast Disbursal: Time consumption in disbursal is less, especially when there are no difficulties.
- Higher accessibility and easy application: The application process is easy, and you can apply without any difficulties.
- No collateral is required: No need for collateral is there for a short term loan.
- Easy repayment: As per your tenure you can repay easily, especially after getting your salary. The repayment date can be fixed based on your convenience.
Eligibility criteria for an urgent loan with bad credit in India
Before applying for Urgent Loan with Bad Credit in India, eligibility criteria must be checked and verified as to whether you are eligible or not. Once, you are eligible, it will be easy for you. Multiple factors ensure your eligibility and these are:
Income | It must be higher or at least 35000 per month |
Age | It is above 18 and up to 65 years |
Credit score | It depends on your income and lender’s policy |
Documents | Aadhar, PAN, Salary slip, ITR, Bank statement, Utility bills, and others based on the lender’s requirements |
Types of employment | The employees associated with private limited companies, or any registered organization having reliable monthly income are eligible. |
Conclusion
Getting an Urgent loan with bad credit in India is not so tough at all, especially when you are capable of repaying the amount on time. Since the loan amount is lower in short-term loans, it is approved with less formalities. Therefore, you can apply for the loan right if you have any financial requirements for any personal or household needs. It is easy to apply competitive in interest, and convenient in repayment.
FAQs about Urgent Loan with Bad Credit in India
The urgent loan is a reliable financial assistance for the salaried or self employed where you can get the loan easily without any difficulties.
Some basic documents required are Aadhar, PAN, Salary slip, bank statements, utility bills, rent agreements and others. You can get the complete details while applying.
No, there are competitive interests, especially when your income and credit score is higher. You can get the loan easily at competitive interest.
Yes, based on your income you can apply for an urgent loan with bad credit in India. In many cases, the lenders approve the loan easily.
Typically, you can get the tenure for 45 days. In many cases, lenders approve the loan as per your salary date.
Disclaimer
This blog is for informational purposes only and does not constitute financial advice or a loan offer. Loan approval is subject to eligibility criteria and terms and conditions set. Please review official guidelines and policies before applying for a loan.
