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5 Steps to Avail a Personal Loan to Manage an Emergency

An instant personal loan is normally referred to as a loan taken for emergencies. The application process is quick and easy, and the disbursement of funds is rapid too. If you are in a crisis, an emergency personal loan is one of the best sources for urgent funding. Additionally, you can use emergency loan funds without any restrictions.

What is a Personal Loan for Emergencies?

Typically, an emergency personal loan is taken to pay for a health emergency or an urgent home repair requirement. More often than not, however, people opt for an emergency personal loan to finance health emergencies, or supplement healt0h insurance policies that have restrictions of use. Furthermore, even with health insurance, you may not have funds to use instantly. An emergency personal loan allows the immediate use of funds.

Advantages of an Emergency Personal Loan

Once you meet eligibility criteria for approval of a loan, you can calculate personal loan EMI by using an online EMI calculator, available at Finserv MARKETS. This will better prepare you for the decisions you take relating to the amount of the loan you want. You should also know about loan features/benefits before you opt for one:

  • Quick and Easy Application – You can apply conveniently and quickly with instant approval.
  • Rapid Fund Disbursement – You can get a maximum loan amount of Rs. 25 lakhs, and after approval, funds are sent to your bank account within 24 hours.
  • Convenient Repayment – The choice of flexible repayment tenures is provided (1 – 5 years).

5 Steps to Avail an Emergency Loan

When you have learned about the features and benefits and considered the loan amount and tenure, these steps will get you nearer your goal of taking an emergency personal loan:

  1. Check your eligibility criteria. Typically, eligibility for a personal loan requires that you are of a certain age, earn a stipulated income, and have a good credit score. If you meet basic eligibility criteria, you assure lenders of your ability to make repayments.
  2. Check your credit score. Your credit score is a summary of your credit profile and informs lenders about your creditworthiness. If your credit history is not sound, your financial health is in doubt and you may not get approval for a loan.
  3. Documents should be in order. You should have the necessary documentation ready, such as your PAN and Aadhaar Cards, income statements, photographs, etc.
  4. Pick the appropriate lender with instant loan approval facilities and quick fund disbursal. At Finserv MARKETS not only can you get facilities like an EMI calculator to calculate personal loan EMI, but you also get an online application that is convenient with approval in a matter of minutes. Fund disbursement is also prompt, within a day.
  5. Choose a loan with value-added benefits. You can get loans with pre-approved offers that give you a customized loan amount at a click. This ensures a faster application process.

On Your Way with Finserv Markets

At Finserv MARKETS, you can select some of the best personal loan products that aid you in an emergency when you need a quick application process and funds without delay.