How to Get A Personal Loan for Emergency Funding?
Life can be unpredictable. A car crash, a fire accident and lives start trickling between the borders of comatose and death. Hospitalization costs money and sometimes we all need help with that.
That’s where you can apply for a Personal Loan to ensure that you don’t play with danger and give your family the care they deserve. Apply for a Personal Loan for emergency and save their lives.
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Applying for emergency Personal Loans can be seamless provided you have a good credit score in. You can register your loan eligibility criteria and get it verified before an emergency occurs so that you can be prepared.
Documentation
The documents for Personal Loan includes proof of income, gross salary slips, proof of stable employment and HR signed letters. All this documentation helps the banks construct your risk profile as a borrower. The amount for your Personal Loan is decided from there.
For unsecured Personal Loans in times of emergencies, your credit score and financial profile verification makes or breaks your application. If you have a collateral and a co-borrower, then the chances of getting the amount increases by a lot. The maximum amount you can borrow for a medical emergency is upto Rs. 25 lakhs.
No co-signers are required for unsecured Personal Loans.
Your repayment procedure will be in the form of EMIs. The EMI tenure can last anywhere from 24 to 72 months.
What Are The Benefits For a Personal Loan For Emergency?
There are several benefits included when you opt for emergency funding through a Personal Loan.
They’re instantly approved and disbursed. This is usually within a 72-hour window. But that’s if your credit scores and documentation are in place. Usually required Credit Score for Personal Loan is around 750 to 900. Your financial profile verification on the CIBIL database should also be clear.
Your loan application can be approved within 5 minutes if you apply online.
Another benefit is that you don’t have to put up a collateral when you’re applying for an emergency loan.
You don’t need to mortgage your property or vehicle for this, that gives you some peace of mind. The best part is you don’t need a cosigner to avail the loan. This means that you don’t have to rely on additional references during your time of need. The repayment tenure for emergency Personal Loans are also reasonable. They can last up to 72 months at fixed-monthly EMI rates. This gives you enough time and space to pay it back once the crisis is over.
The maximum amount you can get in terms of an instant unsecured personal loan is Rs. 25 lakhs. That should be enough to cover most emergencies. So, don’t worry about the money, and keep your family safe. That’s what matters the most here. Banks understand that, so they can be pretty lenient with the requirements.
Category: Loans
