Emergency situations concerning money can hit anyone’s life. And it may not give them time to prepare for it in advance. Hence, many people liquidate their assets and savings when they face emergency situations.
But with emergency loans from leading lenders available in India, you don’t have to worry. If you are eligible, you may get a considerable amount by applying for the loan for emergency situations.
The personal loan interest rates may be higher as it is unsecured finance. But applicants having a CIBIL score of 750+ can negotiate for lower personal loan interest rates with their lenders.
Personal emergency loans are best to go for as it gives you money when you need it the most. On that note, let’s know the benefits of applying for emergency loans and when you should go for it. Read on!
When should you apply for the loan for emergency situations?
The personal emergency loans give you the freedom to use it for any legal purposes as per your needs. But many people use the same for the following reasons. Take a look:
- Medical emergencies
One of the top reasons people apply for emergency loans is to cover an urgent medical situation. The loan can cover all bills for hospitalization, medicines, and diagnostics, post-hospitalization and beyond.
- Debt consolidation
If your debt is consuming a significant portion of your income, you can always rely on the loan for emergency situations. You can use the loan money to pay off the entire debt in one go. This way, you can pay just 1 EMI in the month and enjoy considerable savings.
- Wedding expenses
From catering to decoration to guest accommodation to booking honeymoon packages and more, the personal emergency loan can be used for all.
- Higher education
You can also use the loan money if you wish to send your children abroad for pursuing a quality education.
- Home renovations and repairs
If your home has been crying for repairs for a long time, then you can use the loan for emergency situations to manage all expenses. You can also do that if you wish to give a facelift to your house.
What benefits does the emergency loan provide you?
The loan for emergency situations comes with so many benefits. Have a look:
- A large loan amount
If you have the required eligibility, then leading lenders in India can let you access an amount as high as up to Rs.25 lakh. You are free to use the loan money for anything as needed.
- Quick approvals
Since you are applying for an emergency loan, lenders don’t take time to sanction your loan request. The loan approval comes instantly within minutes.
- Faster money disbursements
Once you have the approval for emergency loans, you don’t have to wait for the money. You can get the amount credited into your bank account within 24 hours*.
- Flexible repayment tenure
Once you avail the loan, you don’t have to strain your wallets and pay a bigger EMI amount when dealing with an emergency. Top lenders in India let you repay the loan EMI over a flexible tenure of up to 60 months. This way, you can stretch the loan amount and pay reduced EMIs.
You are now aware of the situations the emergency loan can work wonders, along with its amazing benefits. You can apply for it online from the comfort of your home during the pandemic time and meet your diverse needs quickly.
Bajaj Finserv offers exclusive pre-approved offers on financial products like personal loan, housing loan, business loans and more. It is to ease off the processing of the loan.
You can share your basic details like name and mobile number to check out your special pre-approved loan deals now.