Emergencies come in all shapes and sizes – some pose a risk to your life, health, and well-being. Others could prove to be a source of danger to your
Emergencies come in all shapes and sizes – some pose a risk to your life, health, and well-being. Others could prove to be a source of danger to your material possessions or immediate surroundings. No matter the nature of the emergency, it requires immediate attention and action. Indians are by nature resourceful and almost always insist on the save-first-spend-later policy. When an emergency throws your life off balance, merely your savings may not be enough to mitigate the situation. Arranging funds quickly during a crisis is a challenge as every minute matters. The ideal solution to your predicament is to apply for a quick personal loan through an instant loan app.
Personal loans are collateral-free loans that do not require you to provide any form of security. Borrowing funds through a personal loan from online lenders are safe and easy. An emergency loan in India can be applied conveniently through a financial lender’s website or mobile application. Some situations where applying for a personal emergency loan can help are mentioned below.
- Medical Emergency
- Urgent vehicle repair
- Unplanned travel needs
- Vital house repair or renovation
- Payment of school expenses for children
- Managing wedding expenses for yourself or a family member
- Business Funding Requirements if you run your own business
- Paying your outstanding rent, bills, or house deposit when you are short on funds
Here are some ways in which availing of an instant personal loan can help you to manage your emergencies effortlessly
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No security, collateral-free loans
Personal loans do not require you to pledge any of your assets (ex., property, jewelry, etc.) as security. This factor enables personal loans to be flexible and easily accessible to more people requiring emergency funds.
Avail high-value loan amount
When applying for an emergency loan in India, you can avail of the higher amount of funds based on your repayment capacity. Some lenders might even offer you pre-approved loans if you hold an active account with them. You can avail of funds as high as INR 25,00,000 during an emergency and utilize the money per your needs.
Effortless and online
During emergencies, you will not have the time to shuttle around arranging for funds. When you avail of an emergency loan through an instant loan app, you save time, energy and don’t get hassled with unnecessary paperwork. Lenders provide loan-related details on their website/app enabling you to choose the offers that suit you best.
Lenient eligibility criteria
The process of applying for an emergency loan in India has become more accessible thanks to the simple eligibility criteria. The factors considered are:
- Age (21+ years to 60 years)
- CIBIL score (750+)
- Employment and stable income
Affordable rate of interest
Customer-friendly financial policies and a competitive personal loan market have helped ensure that lenders can no longer fleece you during an emergency. Most financial institutions offer reasonable and competitive interest rates to borrowers availing of a personal loan.
Convenient repayment options and flexible tenure
Lenders provide customers the option to calculate their EMI using a personal loan EMI calculator. Customers have a better understanding and control over their monthly dues this way. The repayment duration is flexible and can range between 12 to 60 months based on your convenience as the borrower.
Since the entire process is online, lenders ensure all terms and conditions are explained clearly on their website/app. They include details regarding all charges, fees, penalties, etc., thereby eliminating the hassle of dealing with hidden charges later.
Quick loan approval and fund transfer
Traditional loan application and approval is a tedious process. But availing of a personal loan through an instant loan app is quick and convenient. The loan approval process is fast for borrowers with a high CIBIL score, stable jobs, and a regular source of income. After approval, the funds are made available within a couple of hours (max 24 hours) directly into the borrower’s account.
Instant loan app – How to apply for an emergency loan?
Effortlessly apply for an emergency loan by following these simple steps.
- Download the mobile application of your preferred financial lender.
- Quickly upload electronic copies of the minimal documents required.
- Loans usually get approved quickly (maximum within 24 hours).
- After approval, the funds are transferred directly to your bank account.
Life is unpredictable. Emergencies can interfere with your life plans in the most inconvenient ways. New age technology and improved banking policies have empowered Indians to manage any crisis at the click of a button. Avail of quick personal loans during an emergency through an instant loan app and say goodbye to your financial woes.