Financial emergencies can crop up at any time for anyone. From a delay in salary credit to your bank account to a medical emergency, you may sometimes need instant financial help.
The best way to deal with such a financial crisis without affecting your savings is to begin by sorting your priorities. An instant Personal Loan can help you cover the cost when you need additional funds quickly.
The financial market is filled with different loan products, giving instant access to money for all your emergency needs. Though it’s easy to find loans in the market, picking a reliable lending institution that suits your needs is important.
NBFCs like Clix Capital enable salaried professionals to apply for an instant Personal Loan online in India from their homes.
Let’s learn more about Personal Loans for Emergencies and how you can apply for one.
What are Emergency Loans, and how do they work?
Emergency loans are unsecured Personal Loans available instantly through new-age NBFCs like Clix Capital. They are a great option when you need quick funds to pay for your emergency needs. Particularly known for quick disbursals, they can be used to pay for medical emergencies, home repairs and renovations, holiday and travel plans, short-term training or certification programs, and many other personal needs.
You can get Personal Loans of up to 10 lakhs from Clix Capital, with a tenure ranging from 12- 48 months with minimum documentation and quick approvals.
How to Apply for a 1 lakh Personal Loan Online?
- The application process for an instant Personal Loan online in India differs from one financial institution to another. NBFCs like Clix Capital enable borrowers to apply for a Personal Loan online of up to 10 lakhs.
- Due to tedious application and verification procedures, getting a Personal Loan for an emergency from a traditional lending institution can be difficult. This is why borrowers prefer lending institutions that operate online. Applying for a 1 lakh Personal Loan with such loan providers can be quick and easy. However, it’s always better to be aware of their terms and conditions before making a borrowing decision. Once you are familiar with the processes, you can apply for the loan using the following steps:
- Visit the website of the lending institution.
- Register using your mobile number and verify via OTP.
- Provide your personal and professional details.
- Once the verification is completed successfully, the loan amount will be disbursed to your account.
Why Apply for Emergency Personal Loans?
There are different credit instruments that people can opt for to procure emergency funds. Unsecured Personal Loans are the most preferred option due to the advantages listed below.
Fast processing and distribution: Emergency loans are processed in no time, and the amount is transferred to your account quickly, as they need less paperwork. This convenience lets you manage your financial needs at the most urgent times.
Simplified application process: NBFCs like Clix Capital have made availing of Personal Loans for Emergency quicker with a completely online process. This process is simple and involves only a few steps.
Low Credit Score: NBFCs provide Personal Loans for Emergency on an Experian credit score of 630. However, the applicant has to fulfil other eligibility criterias set by the lending institution.
Overall Convenience: With the online application process, you are not obligated to visit the NBFC’s office for any purpose. You can, thus, apply for a Personal Loan from the comfort of your home or wherever you are.
When should I go for an Emergency Loan?
Emergency loans are ideal for situations that demand quick funds. A few of the reasons that you must consider an emergency loan are medical needs, unplanned travel, salary delays among others.
Eligibility Criteria to get Emergency Loans
Emergency loans are made available without much legwork when you fulfil the following eligibility criteria.
- Experian credit score of 630
- You must be at least 21 years old
- Your minimum income should be at least Rs. 20,000 per month
- You should have 1-year working experience with six months in your current company
Documents Required
- Identity proof like Aadhaar Card or PAN Card, or government ID for government employees
- Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
- Income proof, including your last month’s pay slip or current year’s Form 16
Conclusion
Emergency Personal Loans are a great option for financial emergencies. However, they come with certain conditions and eligibility criteria. So, check different loan products and make an informed decision based on loan tenure, interest rates and repayment capacity. You can use Clix Capital’s Free Personal Loan EMI calculator to accurately calculate your monthly payments.
Image Credit: Photo by Alexander Mils on Unsplash (Source)
