An unforeseen financial emergency can occur at any time chances are, they’re not in your control.
Even when you have planned the month’s budget, getting short on cash is unavoidable.
In such situations, how do you raise Rs 1000 on an urgent basis?
Naturally, a collateral loan is not an option. Nor is a bank option: considering the loan application and approval process is lengthy and they won’t give such a small loan.
That leaves you with a few options.
You also need to factor in the safety of your financial data, secure application process, and the loan should be low risk and conveniently accessible.
If you’re in this situation and looking for ways to raise money, you’re in the right place.
Here, we’ve put together 5 best ways for you to raise money almost instantly.
A 1,000 rupees loan is designed to meet very immediate, small-scale financial needs. This might include covering unexpected daily expenses, such as transportation costs, minor home repairs, or urgent medical expenses that cannot wait until the next paycheck.
Some of the common reasons for 1,000 rupees loan are:
Borrowing money from friends or family is one of the easiest and most convenient ways to get sudden cash. A recent survey shows that 5.7% of households in India borrow money from family and friends.
To start with, you need to know the people from whom you can borrow money and reach out to them via phone or in person. Tell them about your financial situation and politely ask if they can help you with 1000 rupees.
The best part? This family loan can be structured as you want – collateral-free or pledge some physical assets and installment based on your budget.
Two things to remember while borrowing money from family:
Pawnshop loans are loans offered by pawnbrokers when assets like jewelry (gold or silver), musical instruments, and electronics are pledged as collateral to get some instant cash.
In this loan, you need to surrender any of your assets as collateral to the pawnbroker to borrow money. Based on the asset’s condition and resale value, you’ll be offered loans with a repayment tenure.
But here’s the catch. If you pay off the loan, you can get back your assets. If not, pawnbrokers would sell the item to get back their money.
Now, should you consider this loan to get fast cash? Short answer: No.
Why?
Firstly, the interest rate is high. Also, if you can’t repay the loan in stipulated time, you’ll end up losing your extremely valuable assets.
Only consider it as a viable option if you’re sure you have no chance of borrowing money from your family.
Also, Read: I Need 50000 Rupees Loan Urgently
Payday loans are short-term, unsecured loans that assist salaried individuals in tackling urgent expenses with cash until their next month’s salary is credited.
For instance, say you need Rs.1000 to finance the rest of the month. But you have spent all your cash already and have 7 days left to receive your next paycheck.
Now, the lender will offer you the required sum with a high-interest rate (expect 30-40%) for seven days. You need to repay the loan without delay once you receive the salary. If you fail to repay on time, you’ll be charged penalties on a per day.
Don’t opt for this loan as it has a very short tenure, and looking for other loan options is better. Consider this as the last chance to rely on.
A credit card cash advance is a short-term loan offered by the credit card issuer against your credit line. Normally, you must have used your credit card to buy goods and would have repaid the amount with interest.
With a cash advance, you’re buying cash using your credit card instead of goods. That’s the only difference. This cash can be accessed through a bank or an ATM, and you should repay the amount with interest within a particular period.
But, the interest rate on cash advances would be higher than a credit card’s interest rate on goods.
Lending money online from fintech companies is another great option to raise Rs.1000 instantly. Here, online lenders will approve your loan based on your income and CIBIL score.
So how does this work? You’ll submit the relevant details to the lender, such as name, PAN number, employment status, income, and your expectations of the loan amount and repayment tenure.
Then, the lender would verify your authenticity and assess your repayment abilities. Once they complete this process, the loan will be sanctioned if you’re eligible, and you’ll receive the amount in your bank account.
This is a completely digital process that allows you to access cash from the comfort of your home. Opt for this method as it is convenient in terms of the process and repayment of the loan compared to other options.
But wondering how to apply for the loan on an urgent basis?
Also, Read: I Need 30,000 Rupees Loan Urgently In a Day
Talking about eligibility, you should also have documents ready before applying for a Rs 1000 Loan.
Essential Documents for Applying for an Instant Rs 1000 Loan:
Also, Read: What is Emergency Loan: A Comprehensive Guide
Interest rates for small, short-term loans like a 1,000 rupees salary advance loan are generally higher on an annual basis to cover the lender’s costs and risks. For a 1,000 rupees loan, the APR could be significantly high, sometimes ranging from 18% to 30% or more, depending on the lender’s policies and the borrower’s credit profile. Let’s look at the interest rates offered by
LENDER | APPLICABLE INTEREST RATE |
mPokket | 0% to 48.0% per annum |
CASHe | 2.50% per month |
MoneyTap | 1.08% per month onward |
Fibe | 24.0% to 30.0% per annum |
ICICI Bank | 10.75% to 19.0% per annum |
Bajaj Finance | 11.0% to 39.0% per annum |
HDFC Bank | 10.50% to 24.0% per ammum |
Axis Bank | 10.49% to 22.0% per annum |
Kotak Mahindra Bank | 10.99% per annum onward |
IDFC FIRST Bank | 10.49% to 36.0% per annum |
For a loan amount of 1,000 rupees, the EMI would depend on the interest rate and the loan term. Let’s consider a hypothetical scenario where the interest rate is 18% per annum, and the loan term is three months.
First, calculate the monthly interest rate:
Annual interest rate = 18%
Monthly interest rate = 18% / 12 = 1.5% per month (expressed as a decimal,
R = 0.015
Using the EMI formula:
EMI = [ P x R x (1 + R)T ] / [ (1 + R)T – 1]
Plugging in the values:
P = Rs 1,000
r=0.015
n=3 month
EMI=[1000×0.015×( (1+0.015) 3)]/(1+0.015) 3 -1)
Let’s calculate this:
EMI≈ Rs 338
Confirm a lender after verifying their credibility by checking their reviews and ratings. If you’re unsure, use Credmudra to match you with suitable lenders.
Check the following eligibility criteria for personal loans starting from Rs.1000 to confirm getting approved.
Age: 21-80 years
Citizenship: Indian
Work experience: A minimum of 1 year experience
Salary: A minimum of 15000/- is required to apply for the loan
For an online loan of Rs 1000, the interest rate is generally limited to 1.33% monthly. Still, this rate can change depending on the lender you choose and how creditworthy the borrower is.
The final step is to submit the necessary details and wait as we bring you the best lenders. Then, submit the scanned copy of the required documents and receive the sum in your account.
Also Read: I Need ₹5000 Rupees Loan Urgently: Quick Guide
With many options available to raise Rs.1000, choosing one that allows you to repay flexibly with affordable interest rates is important.
And online lenders and your friends and family are the best options for a small personal loan.
Online lenders are a better option in these two, as sometimes borrowing money from family or friends can strain the relationship.
With Credmudra, apply for a small cash loan of Rs.1000, and we’ll match you with lenders that fit your needs.
From there, submit the minimum documents required, such as an Aadhaar and PAN card, to get instant financial assistance of 1000 rupees within a few hours.
Get your Rs. 1000 loan urgently on Credmudra. Sign up for free.
Also Read: I Need a 3000 Rupees Loan Urgently
You can raise 1000 rupees instantly by borrowing money from your family or online lenders.
Many online lenders offer loans from 1000 rupees to lakhs for various purposes. So, it’s possible to raise Rs.1000 online. If you’re unsure which lender to choose, use Credmudra to get matched to the right lender.
To apply for this loan, submit all the details related to your work and salary through Credmudra’s website. We’ll match you with suitable lenders. And then, upload the scanned copy of documents like an Aadhaar card to get sanctioned.
These small cash loans can be disbursed quickly so that you can access the money in 24 to 48 hours.
You can choose the repayment tenure and installment amount accordingly so your monthly expenses are not disturbed.
Also Read: How to Get a Personal Loan with a Salary of ₹20,000?
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