Life has a way of throwing curveballs along the way that disrupt your routine and everyday life. In these emergencies, you might face emotional, physiological, and financial challenges. While you have to deal with the emotional and physiological challenges, a personal loan is available for dealing with the financial challenge.
Personal loans are unsecured, multipurpose loans that give you the funds needed for your financial needs. When an emergency strikes, personal loans can be the go-to solution for your financial needs. Here are the reasons why and how personal loans prove useful for emergency funding
Personal loans prove useful in emergencies because they are available within the shortest possible time. With the online mode of the loan application, you can apply for the loan in real-time and get a quick sanction if you fulfill the eligibility parameters and the relevant documents have been submitted. Moreover, with lenders launching their mobile apps, availing of personal loans has been simplified and made quick.
Most lenders offer the loan within a few minutes to get instant personal loans when you need them the most.
When it comes to the quantum of the loan, you can get the desired funds if you match the eligibility criteria. Lenders offer personal loans up to Rs.25 lakhs or above, making it easy for you to meet the financial requirements of even the severest of emergencies.
One of the major benefits of a personal loan is its unsecured nature. You don’t have to pledge any asset to avail of the loan. The loan is issued based on your eligibility parameters, most specifically your income.
Thus, even if you don’t have assets or have assets of a lower value, you can avail of personal loans easily as you don’t have to pledge any asset to the lender.
Personal loans have very simple eligibility criteria. You just need to be an adult with a stable source of income and a good credit score to be eligible for the loan. You don’t need a guarantor or a third-party guarantee for the loan.
Even when it comes to documents, personal loans require minimal documentation from borrowers. You just have to submit your KYC documents (identity proof and address proof), bank details, and income proof, and the loan gets sanctioned. Moreover, with the online application mode, you can simply upload your documents to complete the documentation process.
The simple eligibility and documentation allow quick processing of the loan so that it is sanctioned quickly and you get the funds in an emergency.
Personal loans allow you repayment tenures going up to 5 years. Moreover, the interest rates are also affordable. This helps you choose a flexible tenure per your suitability and affordability and repay the loan without hurting your pockets. You can use the EMI calculator to find the most affordable EMIs for the loan to make the repayment easy and affordable.
With personal loans available for emergencies, you don’t have to draw upon your savings to meet the requirements of contingencies. This safeguards your investments and allows you to continue saving for your financial goals while the loan meets your emergency needs.
A personal loan, thus, is a suitable solution for emergency funds given its ease of availability and quick issuance. Being unsecured, the loan becomes easily accessible and can be used to fund any type of emergency like medical contingencies, loss of job, rough business cycle, etc.
While you cannot predict emergencies, you can definitely meet them head-on when you have an emergency loan at your disposal. Personal loans can be emergency loans. So, the next time you face an emergency, opt for a personal loan and fulfill your financial obligations. To select the most suitable loan option, you can visit Ruloans and check out the loan options across leading lenders. Find a loan that offers the most affordable interest rates and the desired funds that you need and apply for them online for quick issuance. Get emergency funding at the earliest, and that too, without hassles.