Pay Day Loan

Payday Loan

Payday Loan is loan that can be availed to overcome short term financial crisis. This type of loan falls under the category of unsecured loan. Payday loan is an easy way to get the immediate cash until you get your next pay check. You can take a Payday loan either online or by physically visiting local Payday lenders.

Once your Payday loan is approved your amount will be deposited in your bank account or you can collect in cash also. Generally, borrower gets 14 days or next payday time to return the amount with the finance charges. You may return the loan in form of a post-dated cheque, a cheque on your next payday or online through the lender's website; depending upon the lender.

Eligibility:

  1. The customer should be a citizen of India.
  2. The borrower must be a minimum of 18 years of age.
  3. The individual must have a regular source of income with a full-time employment.
  4. The borrower must have an active current account.
  5. The applicant must have all the required documents to apply for this loan.
  6. The customer must have an active phone number

Features:

  1. Customers can withdraw a small amount as loan with short repayment tenure.
  2. Loan amount should be repaid on the next date of receiving salary or income.
  3. The due date of payday loans usually ranges between 2-4 weeks.
  4. The sum under this scheme might be disbursed in the form of a cheque or will be electronically deposited into the account of the borrower.
  5. Payday loans usually have a fast loan processing and approval process.
  6. Being an unsecured loan, the customer does not have to provide any guarantor or collateral as security.

Documents:

  1. Passport size photographs
  2. ID Proof: Aadhaar/Passport/Driver’s License
  3. PAN Card
  4. Proof of Residence: Aadhaar/Passport/Government Landline Bill
  5. Proof of Income: Salary slips of last 3 months
  6. Bank Statement: Savings Statement of last 3 months.
  7. Proof of Employment: Current employers offer letter and Form 16 of last 3 years.

Eligibility

  • You should be in operational business for a minimum of 2 years.
  • You should have a self owned house or business premise.
  • Your annual income should be minimum Rs 3 lacs in last 2 financial years.
  • You should have a good CIBIL score & credit history.

Features

  • Loan is provided as Overdraft Facility,which reduce your interest cost.
  • Loan tenure of 6 months to 24 Months.
  • Loan amount from 50,000 to 5 lac
  • Fast disbursement : within 24 hours after completion of documents

Documents

  • KYC documents of the applicant and the organisation
  • ITR – Financial documents for the last 2 years
  • Bank statements for the last 12 months
  • Existing Loan or overdraft sanction letters ( if any)

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