You have a bank account but no balance to draw cash? No problem. Here is a company sanctioning loans within minutes to help you meet your urgent cash requirements. No physical interface and no paper work. Just file an online loan application and give your Aadhaar number. That’s it; your loan is sanctioned without any hassle. What is more, interest rates are attractive and terms of repayment incredibly easy. Home Credit India Finance, a non-banking finance company (NBFC) with more than five year’s brick-and-mortar operations, has just launched its online offering and is targeting customers with no prior credit history, a segment of population for whom getting bank loans is usually difficult. The NBFC offers Rs 1-10k loans under the scheme. It has already received some 58,000 applications and disbursed more than Rs 12 lakh since launch of the scheme last month, says Tomas Hrdlicka, chief marketing officer, Home Credit India. The loan facility can bail you out in emergencies like when your mobile handset has conked off and you need to buy a new one immediately, but do not have hard cash or balance in your bank account to pay for it. It can also help you avail of opportunities that won't wait, such as a great online deal. Loans can be availed by anyone who meets the company's criteria and agrees with the repayment schedule. But Hrdlicka said that his company is targeting people like daily wagers and those in their first job for this loan. These acquired customers are expected to help the company scale up lending in the future, he said, providing insights into the company’s business strategy. Perhaps it is low interest rates and easy repayment schedule that is driving demand for the NBFC’s micro cash loans. A customer taking a Rs 10,000 loan will have to repay in 10 monthly EMIs of Rs 1,050. That translates into yearly interest rate of 5 per cent, which is quite attractive compared to interest rates of more than 10 per cent charged by banks on personal loans. Interest rates charged by banks on credit card transactions are much higher at 13-15 per cent. The company is able to offer cash loans at incredibly cheap rates because it is not required to maintain any branch network, which helps it keep operating costs marginally low, a Home Credit executive said. However, the quick pace at which it approves cash loans does not stop the company from running a comprehensive check on the financial health of its customers. Due diligence process begins when a loan seeker transfers Re 1 from his savings account to Home Credit. This allows the NBFC to scan applicant’s bank account details for the last six months through a third party. The lender applies some 40-50 criteria to assess loan seeker’s financial health, the executive said. Only when an applicant’s current address is different from that given in Aadhaar, is he or she asked to submit an additional document for residence proof. The entire process is completed in 10-20 minutes. If applicant’s financial health is found to be good, loan is sanctioned instantly and disbursal happens the next day, the executive said.