Why Meet Emergency Needs with a Personal Loan

 Why Meet Emergency Needs with a Personal Loan


When you are in desperate need of cash, personal loans might act as the perfect saviour. You can utilise this loan product for whatever purpose you like, whether it’s for personal or business reasons. Nowadays, as long as you meet the eligibility criteria and are creditworthy enough, financial institutions readily offer this loan. It is also super easy to avail a personal loan by downloading the app of your preferred financial institution or visiting their website. Read on to know about the multiple benefits of personal loans or why you should get one today. 


High Loan Amount: 


What is better than getting a desired amount of funds with a few clicks? Yes, you heard it right. You can usually avail a personal loan ranging between Rs 50,000 and Rs 5,00,000. You may also come across financial institutions that offer this loan product with a higher loan value. When approving a personal loan, lenders consider an applicant profile. So, make sure you are meeting all the required eligibility criteria. If you have a stable job with a steady income, what are you waiting for? Just go and fulfil your needs with a personal loan. 


Flexible Tenure: 


How would you feel if you borrowed money from someone in an emergency and they were constantly nagging you to repay them? You might feel humiliated and embarrassed. However, this is not the case with personal loans. Financial Institutions offer this loan with payback tenure ranging between twelve months and sixty months. Also, if you have got some spare funds during the loan tenure, you may use it to partially prepay your loan. You also have the option of foreclosing your loan at a minimal cost. So, the next time you need money, instead of going to a moneylender or borrowing from friends and family, take a personal loan.


Multiple Purposes: 


Your friend might ask you a thousand questions when you ask them for financial assistance. Similarly, if you apply for any other type of loan from a financial institution, you might have to explain why you need the money. But with a personal loan, you can do away with all these questions. You can easily apply for this financial product without stating why you require funds. The money from a personal loan can be used for various purposes. It can be used to finance your child’s education, marriage, travelling, medical emergencies, home renovation, and much more. Moreover, if you are feeling the heat of high-interest loans, consider a personal loan for debt consolidation. As this loan product offers so many perks and benefits, it is a must-have during a financial crisis.


No Collateral: 


Have you ever been in a situation where you need money right away, and the financial institution or someone you know is asking you to put your valuables or assets on the line as collateral? If this has ever happened to you, you will surely understand the importance of a personal loan. Personal loans are unsecured forms of financing, and you don’t need to put up your valuables as security. To qualify for this loan, you should just have a steady income, job security, and satisfy a few other basic factors. If the financial institution is satisfied that you are meeting all their mandatory requirements, the loan will be disbursed without the need for collateral. Therefore, in times of emergency, you won’t find anything better than a personal loan.  


Minimal Paperwork: 


How would you feel if a loved one is in the hospital waiting for an expensive surgery and you are waiting in line with a stack of heavy documents outside a financial institution? Worried about whether you will get the loan or not or if you will get it on time, right? However, the good thing about personal loans is that you do not require a lot of documents to get it sanctioned. By furnishing a few basic documents such as KYC papers and income proof, you can easily avail this loan. 


Instant Approval: 


Do you have a smartphone or laptop with proper internet connectivity? If yes, congratulations; you are just one step away from obtaining a personal loan. Nowadays, with digital apps offered by financial institutions, borrowers can easily get their loans approved from the comfort of their home. Also, the turnaround time for the disbursal of personal loans is quick when compared to other loan forms. All you need to do is install the app of your preferred financial institution from the play store or app store, fill in the required details, upload a few basic documents and click on the apply button. Once the loan provider verifies your details, they will disburse the personal loan amount directly to your account. 


To Conclude: 


Now that you know about the many benefits of getting a personal loan in an emergency, it’s time to research, compare and zero in on the right loan provider in your area. Just make sure to pay your EMIs on time and build your credit score, so that you easily get other loans in future. 


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