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4 practical ways in which a personal loan can help in an emergency

To know exactly how an emergency personal loan can help secure your finances, read on.

October 19, 2021 / 09:22 PM IST

Emergencies always arrive unannounced. And emergency funds are the financial safety net in such situations and have helped many safeguard their savings. Whether covering medical expenses or running the household during a crisis, a backup corpus proves handy every time. However, no matter how prepared you are, an immediate and unplanned expense can cause concern. In a worst-case scenario, it can not only deplete your emergency funds but also affect areas of your finances.

In such cases, when you need urgent money, opt for an emergency personal loan. With the right lender, an emergency loan can cushion the blow and help you deal with a crisis in a hassle-free manner. To know exactly how an emergency personal loan can help secure your finances, read on.

Avail of a high-value loan with no restrictions 

When faced with an urgent and unforeseen expense, you have two options: either dip into your rainy-day funds or take an emergency loan. If you choose the former, you may run out of money and still require more. However, this risk is mitigated when you opt to take an emergency loan. You can access a high-value loan amount with this option, depending on your eligibility and credit profile.

Moreover, emergency loans bear no restrictions on how you spend them. You can use these funds to finance various expenses. For instance, a medical emergency loan can come in handy when you need to manage the hospitalisation, diagnostic tests, and medication costs for a loved one. You can even use it for post-hospitalisation care, which is often both necessary and expensive.

Get instant access to the loan amount in emergencies

In an emergency, time is of the essence. You need the money as soon as possible and usually do not have the time to undergo time-consuming loan application processes. However, this is not the case for emergency loans. You can apply for an emergency loan online, and some lenders also offer a personal loan app to simplify things. This allows you to use and manage your emergency loan, all from the palm of your hand.

Borrow collateral-free funds

An emergency loan is usually an unsecured loan, meaning you do not need to pledge any security for the loan. This expedites loan processing and ensures you get the money you need in no time. What’s more, since you don’t need to pledge any assets, you get to safeguard them too. All you need to do is ensure that you meet the personal loan eligibility criteria and submit the necessary documents. Thanks to digitalisation and fintech, this is now simpler than ever, and you may even enjoy the benefit of a paperless experience. Once verified, the loan amount is directly disbursed into your account.

Easily repay the loan once the emergency is over 

Once you’ve dealt with the emergency, your next responsibility is to repay your dues. Thankfully, this isn’t a difficult task, as you can always tailor the loan to suit your capabilities. Leading lenders offer flexible tenor options and an affordable interest rate on a personal loan. This allows you to calculate personal loan EMI amounts that suit your budget and borrow efficiently. Some may even have better rates on a personal loan for salaried employees, making it more affordable.

With an emergency loan offering such flexibility, you can easily meet your urgent money requirements in a time-sensitive manner. You can also ensure that your savings and investments remain intact, thus protecting your finances! Your only task now is to shortlist lenders and offerings that you can rely on. One great option that promises both quick approvals and disbursals is the Bajaj Finserv Emergency Loan. With it, you can get up to Rs.25 lakh within 24 hours from approval, allowing you to address all your urgent financial needs without compromise easily.

This instrument has a flexible repayment tenor of up to 60 months, guaranteeing affordability and ease of repayment. Bajaj Finserv also extends the Flexi Loan facility, through which you can withdraw multiple times from the sanction as per your needs. Here, you only pay interest on the amount you withdraw. This way, you can finance your emergency financial needs instantly and in an affordable manner without worrying about repayment.

To ensure your eligibility and calculate personal loan EMI, use the personal loan eligibility and interest calculators on the Bajaj Finserv website. Apart from these digital tools, Bajaj Finserv also offers a personal loan app using which you track and manage your loan on the go. With so many features on offer, it is clear that this emergency loan is your best bet in a crisis. To ensure you get the funds you need instantly and without any hassles, be sure to check your pre-approved offer.

Moneycontrol journalists were not involved in the creation of the article

Tags: #Features
first published: Oct 19, 2021 09:22 pm
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