08 December, 2024 | 19:01 IST
Emergency situations come without announcements and one of the most pressing requirements during such a situation is money. Be it a medical emergency, or an urgent travel situation, you need liquid money during these moments. However, you may not always have the cash in hand, and it may take a lot of time to dilute your investments. Some investment instruments have specific lock-in periods where you cannot withdraw money before a certain period of time. During these moments, emergency loans come in. Emergency loan in India is a common way to borrow money from lenders during situations of urgency.
Many apps and online lending platforms provide an emergency loan to users. Emergency loans are loans that are quickly disbursed, making sure you have a safety net in a dire situation. They can come in handy during situations like a medical emergency, urgent education fees, travel requirements, unexpected house repair and so on. Taking an instant loan online is usually safe, and they are unsecured, meaning you do not have to put any of your possessions as collateral in order to get the loan.
Now, users can apply for a loan of up to Rs 15 lakhs on the Moneycontrol app and website. The process is 100% paperless. The interest rates of the loans on Moneycontrol start as low as 12% per annum.
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Applying for an emergency loan in India online is easy and you do not need to worry much.
First, you have to open your loan app using your username and password . Once you are on the app, you can check for pre-approved loan offers. Pre-approved loan apps offer money to borrowers within hours or even minutes. The applicants with high credit scores usually get better offers.
Once you have checked your offer and it matches your requirement, enter the amount of money you want to borrow. Select the loan tenure, which is the number of months over which you want to repay the loan. A shorter tenure will mean that you have to pay higher EMIs (equated monthly instalments), but may also reduce the interest rate. Longer loan tenures usually lead to higher interest payments though the EMIs will be lower.
After finalising the loan offer, amount and tenure, proceed to upload your KYC documents. Various lenders may require different sets of documents for loan approvals. You will likely need an ID like your Aadhaar, voter or PAN, your bank statement and your salary statements of the last three months. Self-employed people may need to show proof of their income. The document requirements might change depending on your relationship with the bank or the financial service provider.
Once you are done attaching the documents that were required, review them and the loan amount and tenure. Now proceed to confirm your instant loan online. Your loan will get disbursed within a short period of time.
Different banks have different eligibility criteria to apply for an emergency loan in India.
Credit score is one of the most significant factors that decide whether or not you are eligible to apply for an emergency loan in India. Your credit score, which ranges between 300 and 900, determines your record as a borrower. If you pay back your borrowings on time and have enough credit activity, your credit score will increase. Individuals with credit scores of more than 700 usually get better loan offers.
With the plethora of loan apps available online, and with loans on Moneycontrol app and website, it is now easy for individuals to get easy access to money without having to worry about giving up any assets as collateral. Emergency loans in India have become a popular way to borrow money when there is dire need of funds. However, before applying for a loan, compare different loan apps, tenures, interest rates and offers.
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