5 reasons why a personal loan is a useful way to manage an emergency
An emergency can come without warning. Be it a medical emergency, urgent home repair or renovations, or your child’s educational expenses, there are many possibilities where you may require money urgently. You are likely to consider two options in such a situation: dip into your savings or look for alternative financing solutions.
The first option can work quite well, but only if you’ve prudently set aside a sufficient amount of money as an emergency fund. If you haven’t, it isn’t a smart idea to handle any expenses with your savings, as you could run short or completely deplete your hard-earned money.
At such a juncture, you’re better off relying on an emergency personal loan. As it is an unsecured loan, you get quick access to collateral-free money, and the instrument is easy to avail of. Bajaj Finserv offers an emergency loan to help you meet such needs, and you can rely on it during a crisis. It has lenient personal loan eligibility requirements and a lengthy tenure to ensure the post-emergency payments are easy on the pocket. Look at these pointers to better understand why an emergency loan is your best option in times of need.
Get access to an ample sanction without risking assets
Emergencies, especially medical, often require a lot of funds immediately. This can be hard to arrange when dealing with the stress that comes with an emergency. But, with a personal loan for a medical emergency, you don’t have to worry about this problem. It is an unsecured loan, so you don’t have to pledge any assets to get approved for funding. Putting up your assets as collateral can be quite time-consuming and may even cause delays during verification.
Secondly, you can borrow up to Rs. 25 lakh to deal with such pressing issues. The amount you can get is based on your financial and credit profile, but this ample sanction can help you easily deal with most emergencies. Be it an urgent home repair due to water damage, or the hospitalisation of a loved one, the amount you get helps you handle such expenses.
Get quick and easy approval
In an emergency, you may not have the time or the capability to endure any tedious procedures. You need quick access to funds, and you can avail of that benefit with the Bajaj Finserv emergency loan. To qualify and get instant approval in just a few minutes, you only need to meet the basic personal loan eligibility criteria. These requirements are simple and related to your:
- Annual income
- Credit score
To prove and substantiate your eligibility, you are also required to submit some paperwork. And Bajaj Finserv has a minimal requirement for documentation, which includes:
- KYC documents (PAN Card/Passport/Aadhaar Card)
- Employee identity proof
- Bank statements
- Payslips of the past two months
Receive disbursal in just 24 hours of approval
Accessing urgent money is a reality with an emergency personal loan from Bajaj Finserv. Thanks to the relaxed requirements and quick loan processing protocols, you not only enjoy instant approval but disbursal as well. You can get the entire approved sanction disbursed to your bank account within 24 hours* of approval. This means that no matter the emergency, you can be assured that you’ll get the funds you need with this instrument.
Handle staggered expenses as they arise with the Flexi Loan facility
It can be pretty challenging to know exactly how much money you’d need when facing a crisis. Some expenses may occur immediately, while others may be paid later or continuously over several weeks. To help you address this need for funds, Bajaj Finserv offers a Flexi loan facility. Here, you can borrow from your approved sanction as many times as needed, without restriction. You pay interest only on the amount you withdraw and not the entire sanction. You can prepay the amount you’ve utilised based on your capabilities.
What’s more, you can opt to pay interest-only EMIs for the initial parts of the tenor. This can effectively reduce your monthly outgo by up to 45%*, and you can use the amount you save for other pressing obligations. The Flexi Loan is an innovative and viable provision to avail in an emergency. It gives you restriction-free access to funds and allows you to control the outgo optimally.
Opt for a flexible tenor and avail favourable terms to repay comfortably
Besides offering easy access to funds, Bajaj Finserv also has provisions to keep payments manageable after the emergency has passed. Repaying your dues comfortably is vital as it allows you to borrow freely, knowing that the loan won’t be a burden in the future. To ensure that you never have to worry about your emergency loan, Bajaj Finserv offers a tenor that ranges up to 60 months.
Paired with the competitive interest rate on a personal loan, these provisions help you keep costs in check. However, to truly tailor repayment to suit your profile, you must calculate personal loan EMI using the EMI calculator. With an idea of your options, you can adjust the values accordingly.
With all these loan features on offer, there’s no doubt that the Bajaj Finserv emergency loan is the right choice in a crisis. Right from loan application to disbursal and loan management, you enjoy the benefit of digital tools to ensure things go smoothly. You can even use the personal loan app to manage your loan from your smartphone. To receive funding quickly and without any delays altogether, be sure to check your pre-approved offer for a hassle-free borrowing experience.
*Terms and conditions apply
Disclaimer: This content is distributed by Bajaj Finserv. No HT journalist is involved in creation of this content