Need an emergency loan to manage an emergency? Follow these 5 simple tips
An emergency loan is a loan that you can apply for easily during a crisis and that offers quick disbursement in the shortest possible time. Ideally, it allows you to use the funds without any restrictions in order to meet your needs perfectly. This is why an instant personal loan is generally referred to as an emergency loan. You can use it to fund any financial crisis, whether it’s a medical emergency or urgent home repairs.
Moreover, you can get it without pledging any collateral or going through a lengthy personal loan verification process. Usually an instant personal loan has straightforward eligibility criteria, requires minimal paperwork, has a straightforward online application form that you can complete in minutes, and offers instant approval with the next disbursement on hand. . However, to benefit from this short and simple process of accessing necessary funds and benefiting from affordable personal loan interest rates, there are a few things you need to understand about your financial profile. To help you achieve that, here’s how you can quickly apply for an emergency loan during a financial crisis.
Review and improve your credit score for fast approval
An instant personal loan does not require collateral. Therefore, your credit score has a significant impact on your eligibility. The higher your credit score, the better your chances of getting instant approval, high sanction, and better terms. Plus, the interest rates for a personal loan can be negotiated and a high credit score of 750 and above can give you the edge.
Maintaining a good credit history and a good credit rating can allow you to get low interest rates on personal loans. Plus, since a high credit score makes you a low risk borrower, you get instant approval and quick disbursement of the loan amount. Conversely, if you have a low credit score, pay off your outstanding debts, credit card bills, and impending IMEs to improve your CIBIL score before applying for an emergency loan. Applying with a low credit score will only be a rejection and lower your score even further.
Check your eligibility for an instant personal loan
Besides a good credit score, you must also meet other aspects of a lender’s eligibility criteria, such as age and job. Following these parameters assures the lender that you are a responsible borrower, resulting in a quick personal loan verification process and instant approval. To ensure quick access to the loan amount, choose a lender with simple eligibility criteria. For example, you can apply for Bajaj Finserv personal loan up to Rs.25 lakh as a salaried or self-employed Indian citizen aged 23-55 under easy to meet eligibility conditions.
Keep the necessary documents close at hand
Once you are sure you meet the eligibility criteria, gather the necessary documents. These include documents that verify your identity, address, income, and employment, such as your PAN or Aadhaar card, passport-sized photo, pay slips, and recent bank statements. By submitting the right documents on time, you won’t waste time submitting a new or new application and will help you get approval faster.
Choose the right lender with fast disbursement times
One of the easiest ways to get an emergency loan early is to go with a lender who offers quick disbursement of the loan amount. Look for lenders who offer an online application process as it saves time by eliminating a physical visit. Bajaj Finserv is a lender that allows you to apply for a personal loan online. Moreover, it guarantees the approval in 5 minutes with the disbursement of the loan amount in just 24 hours!
Look for loans with added value features
Another way to ensure quick access to the loan amount is to select pre-approved offers that give you a personalized amount with one click. These offers are generally intended for existing customers and make accessing funds faster and easier. Another way to deal with emergencies is to see which loans offer value added features.
For example, Bajaj Finserv’s Flexi personal loan allows you to make multiple withdrawals of your loan limit as and when you need it, without submitting a new request each time. It also allows you to pay interest only on the amount you use and gives you the choice to pay interest-only IMEs to reduce your spending by up to 45% * initially. It helps you deal with emergencies in a more relaxed and flexible way.
By using these tips, you can apply for an emergency loan quickly and hassle-free. To further speed up the process, check your pre-approved Bajaj Finserv offering today and easily meet your urgent and unforeseen financial needs.
* Conditions apply
Disclaimer: This content is distributed by Bajaj Finserv. No journalist from the HT Group is involved in the creation of this content.
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