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Payday Loans

Payday Loans can come to your rescue during sudden financial crunch. Payday Loans are short term personal loans of smaller amount for short tenures, typically offered by new-age NBFC fintechs to salaried consumers. They are usually availed to get out of temporary cash crunch or to meet an unexpected expense.
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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee6,500
ICICI Bank
100% Digital Process*Quick Disbursal
Max Loan Amt.Upto 25L
Rate of Interest11% - 13%
Tenure upto1-5 Years
Processing FeeUpto 2%
Axis Bank
Low Processing fee
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
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How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

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What is Payday Loans

Payday Loans have no standard definition. They are also known as cash loans or short term personal loans. In the West, Payday Loans are typically short-term loans that you need to repay in full, along with the interest and associated charges, in a few weeks – when you get your next pay cheque (salary). In India, Payday Loans are your usual short term personal loans for salaried consumers – but of smaller amount (lesser than Rs 1 lakh) for short tenures (less than a year).

Do note that while these loans are easier to avail, it may lead to a debt trap since they usually come with high interest rates, high fees and charges along with short payment terms.

How payday loans work

Payday Loans come with less stringent eligibility criteria and are usually available also to borrowers with no credit history. The only criteria that’s considered is a stable income source and hence, it is generally offered to salaried consumers. These loans are reported to the credit bureaus and hence, they can be an apt choice to begin your credit journey, provided you display good credit behaviour and repay the loan with discipline.

While Payday Loans are usually offered by new-age NBFCs, Kotak Mahindra Bank has also started
offering these loans to existing bank consumers who have a salaried account at Kotak.

What to Watch Out for before applying for a Payday Loan

  • Borrow from a regulated entity only: Borrowers must be extremely careful and apply for loans only from RBI-approved lenders only. Do your research and watch out for fraudulent lending apps and websites
  • Higher Interest Rates: The tenure is short and the associated risk is high; hence the interest rates would be significantly higher than the usual personal loans offered by Banks and large NBFCs
  • Hidden Charges: Along with a high interest rates, these Payday Loans may also come with high processing fees, prepayment penalties, and late payment charges

Why choose Payday Loans?

  • These are typically instant loans, with disbursals within the same day
  • They don’t have strict eligibility criteria; apt for young salaried consumers
  • Documentation is minimum (income and employment documents along with identity and address proof)
  • Helps meet need for smaller loan amount, usually not catered by Banks and large NBFCs as they generally have a minimum ticket size
  • Not only helps meet urgent financial needs, but can help you build credit health through responsible behaviour
  • Like any personal loan, no collateral is needed

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Lenders offering Payday Loans:

Payday Loan from Kotak Mahindra Bank

  • Loan Amount: Rs 3,000 to Rs 1.5 lakh
  • Rate of Interest: 10% p.a.
  • Processing fee: Rs 150 onwards
  • Salary Eligibility: Rs 10,000 p.m. for Kotak Salary Account holders

Instant Cash Loans from Fibe (formerly known as EarlySalary)

  • Loan Amount: Upto Rs 5 Lakhs
  • Rate of Interest: 18% p.a. onwards
  • Processing fee: Starting from 3.5% + GST
  • Tenure: 6 months to 36 months
  • Salary Eligibility: Rs 20,000 per month

Instant Personal Loan from KreditBee:

  • Loan Amount: Rs 6000 to Rs 10 lakhs
  • Rate of Interest: 12% to 28.5% p.a.
  • Processing fee: Upto 5.1% + GST
  • Tenure: 6 months to 60 months
  • Salary Eligibility: Rs 10,000 per month + Monthly Household Income of Rs 25,000

Everyday Loans from CASHe:

  • Loan Amount: Rs 45,000 to Rs 3 lakhs
  • Rate of Interest: 33.5% p.a. to 36% p.a. (2.79% p.m. to 3% p.m.)
  • Processing fee: Upto 2.5% + GST
  • Tenure: 9 months; 1 year; 1.5 year (18 months)
  • Salary Eligibility: Rs 40,000 p.m.

SMFG India Credit:

  • Loan Amount: Up to Rs 30 lakhs for salaried; Up to Rs 10 lakhs for self employed
  • Rate of Interest: 13% to 33% p.a.
  • Processing fee: Upto 5.1% + GST
  • Salary Eligibility:
    • For non-metro cities: Rs 20,000 per month
    • For metro cities: Rs 25,000 per month

Alternatives to Payday Loans

Personal Loans: If you have a need of higher loan amount (over Rs 50,000), you should check all personal loan offers available to you, including Banks where you have an existing relationship.

Banks usually offer personal loans at a lower rate of interest. The actual offer and interest rate would, however, depend on many factors including your credit profile.

Loan Against Credit Card: If you have a credit card, you can check for offers of a loan against your credit card. This is usually available to consumers with good credit history and low credit utilisation ratio. The amount is disbursed instantly and blocked against your credit limit.

Secured Loans like Gold Loan, Loan Against Car, Top-up home loan (in case if you have an active home loan) can also be strong alternatives, particularly since they have a lower rate of interest and more relaxed eligibility conditions.

How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Apply Now

Avail Personal Loan for
All Your Needs

Avail Personal Loan Banner

Avail Personal Loan for
All Your Needs

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What our customers say

Smooth & hassle-free loan approval experience

I want to express my gratitude for your exceptional support & guidance throughout my loan application process to Aman (EW17239). Your professionalism & clear communication made the journey smooth and manageable. I appreciate how you helped during loan approval & fast-tracked the documentation. It is rare to find someone so committed to their clients. I truly value the effort you put into ensuring a successful outcome. Thanks again for your invaluable help.

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Sanjay Kumar GuptaMar 30, 2026

Exceptional guidance throughout the process

I’d like to express my sincere appreciation for Mr. Aman Kumar (EW32023) for the excellent assistance provided. His professionalism & willingness to help made the experience smooth & pleasant. Aman Kumar demonstrated patience & clarity while addressing queries and ensured that everything was handled efficiently. Such dedication & customer-focused service truly deserve recognition. Please convey my thanks and appreciation to him for his outstanding support.

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Jyotirmoy SinghaMar 23, 2026

Very helpful and easy to reach

I really wants to appreciate Mohankumar Dhandapani for closing my loan requirement in such a short time and nice manner. He is very much approachable helped me based on my requirements. He explained me all the options in very short time even one option failed immediately helped me to get other options worked. Excellent job done by Mohankumar Dhandapani all the best keep you same way approachable you will get more customers. Thanks to Paisabazar too.

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Kirubagaran GanesanFeb 24, 2026

Reliable help when i needed it most

I am writing this email to express my sincere thanks for your excellent support and guidance on Paisabazaar. My experience was very smooth and satisfying because of your help. You explained everything clearly and made the whole process easy and comfortable for me. I truly appreciate your professionalism, patience, and quick response. I am very happy with the service and would definitely recommend to others because of the great support I received from you. Thank you once again

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DharmeshFeb 22, 2026

Committed support that made everything easy

I’d like to appreciate the Paisabazar team for the excellent loan service. I especially want to recognize one of your agents, Mr. Prince Kumar, for his outstanding support. For more than a month, he continuously followed up with me and assisted me. His commitment & professionalism made the experience smooth & hassle-free. I appreciate his efforts and dedication. Kindly acknowledge his performance and consider rewarding such a sincere employee.

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BhupendraFeb 18, 2026

My Trust in Paisabazaar has Increased

I would like to take a moment to share my sincere feedback regarding the support I received from your team. The executive who assisted me was extremely professional, polite, and knowledgeable. They patiently understood my concern, explained the process clearly, and guided me step by step toward the right solution. I truly appreciate the transparency, timely responses, and genuine effort shown to help me.

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Lalit MaviFeb 12, 2026

Best Place for Taking Loans

I contacted customer care with a few queries, and I am very satisfied with the support I received. The representative was polite, patient, and explained everything clearly. My questions were resolved properly, and the overall experience was smooth and helpful. Thank you for the excellent customer service

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Kokil BarnwalFeb 12, 2026

Easy loan approval with good guidance

Thank you for the support provided for getting personal loan approval. During this process I worked with Mr. Aman Bajpai (EW17239) who was co-ordinator for this entire process of Personal loan, I was incredibly impressed by his efficiency and problem-solving skills. He went out of their way to ensure all my questions were answered and that the disbursement timeline stayed on track. His coordination was really appreciable.

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Riyaj AtarFeb 9, 2026

Apne higher education ke liye loan liya tha

Muhje higher education ke liye loan chahiye tha. Paisabazaar pe apply kiya. Got it at the right time. Quite helpful.

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Puja DanuJan 22, 2026

Sabse jada helpful log the yaha

Maine bht jagah try kiya tha personal loan ka, yaha try kiya toh helpful log mille. Har steps mai aram se samjhaya or usse muhje loan lene mai jda dikkat nhi aayi.

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Anuradha GuptaJan 21, 2026
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