28 February, 2025 | 15:59 IST
Emergencies can arise out of nowhere and often lead to financial distress. There can be different types of emergencies, including medical needs, unplanned travel and a big-ticket expense like vehicle repair, or house renovation. One thing to keep in mind is that during a scenario like this, you need to have enough cash to keep you cushioned. However, this may not be possible all the time, and it may take a toll on your savings and investments.
Availing an emergency loan could be helpful to avoid financial distress when you are running short of cash. The tech-driven digital lending platforms, like Moneycontrol, have made it easier to get instant emergency loans. Getting an emergency loan primarily depends on your income and credit score. A higher credit score could help you in getting quick approval for an emergency loan.
Those with a bad credit score or no credit history may find it difficult to avail a personal loan. However, many lenders are now offering instant loans even for those with not so great credit history, though the interest rates could be higher depending on the terms and conditions.
Let’s take a look at why credit score matters and how to get an emergency loan for a bad credit score.
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Many apps and digital lending platforms in India are offering emergency loans to users, with flexible repayment terms and reasonable interest rates. These loans are disbursed quickly, within a few minutes to one or two days depending on the lender. You can avail such loans with even credit scores below 700. A bad credit loan refers to borrowing despite having a poor credit history.
Taking an instant loan online from a trustworthy platform and lender is generally safe, and since they are unsecured, you won’t need to offer any of your assets as collateral to secure the loan.
However, while disbursing an emergency loan, the priority is always given to your credit score. A credit score is a three-digit number that evaluates your creditworthiness as a borrower. It ranges from 300 to 900, helping lenders get an idea about how reliable you are for repaying loans.
You can check your credit score for free on the Moneycontrol app and avail personal loans up to Rs 50 Lakhs from eight leading lenders. The personal loans start at an interest rate as low as 10.5% per annum. The application process is seamless as you can complete the KYC verification and EMI payment set up digitally.
Even if your credit score is bad, you can get an emergency loan. This is because other than credit score, the bank may consider other factors like income, loan amount and more. If you fulfil those criteria, your emergency instant loan will be disbursed within minutes. Here's what you can do:
Through the Moneycontrol app and website, you can now apply for an emergency loan of up to Rs 50 lakhs from eight lenders. For these loans, the interest rates start 10.5% per annum. The process is completely paperless, allowing you to get an instant online loan with ease.
ALSO READ: Emergency loan apps: Check Pros and Cons before borrowing
With a bad credit score, while you still may be eligible for getting an emergency loan but it has a few cons. The interest rate could be high and the bank may also provide you with a smaller loan amount. It’s prudent to check multiple offers before applying for a loan and taking steps to improve your credit score.
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