At times when you face a cash crunch and need access to instant finances, a personal loan for an emergency can be the best solution. These loans come with zero end-use restrictions and you can utilize the availed funds to meet your expenses. With hassle-free application and approval procedure, it further becomes easy to avail this loan.
With financial institutions offering this credit across most cities of India, availing an emergency loans in Bangalore, Delhi, Mumbai, Pune, and many other cities have become convenient. Meet the eligibility criteria they ask for and furnish all documents to get quick approval. Check out how you can avail a personal loan quickly to meet any emergency funding needs.
How to Get a Personal Loan For Emergency With The Best Terms
1. Track Your Credit Score
A credit score is a 3-digit number that lenders use to determine your creditworthiness. Varying between 300 and 900, a credit score of 750 and above is considered good for loan approval.
Especially since the personal loan is an unsecured loan, the importance of a good credit score cannot be ignored. Having a good credit score means you can avail a personal loan quick and easy. Therefore, keep track of your credit score to make sure your application towards a personal loan for an emergency is approved instantly.
You can improve your credit score by repaying your debts and utility bills on time.
2. Prepare to Avail a Personal Loan in Advance
To avail a personal loan quickly, you need to meet the required personal loan eligibility criteria and submit necessary documents at the earliest. For this, you can find a lender who offers personal loans with –
Easy-to-meet eligibility criteria
Find a lender who provides hassle-free approval of personal loan once you meet their basic eligibility requirements.
Here Are The Eligibilities You Need to Meet
- You must be between 23 and 55 years of age
- You need to be a salaried employee working in a public/private company or an MNC.
- You should be a resident of India.
Meeting these eligibilities, you can apply for a loan of up to Rs. 25 lakh and get it approved instantly. Use a personal loan eligibility calculator to know the amount you will be eligible for and apply for the same to improve your chances of quick approval.
Furthermore, you also need to have a minimum net monthly income depending on the city you live in to avail a personal loan quickly.
Some lenders require you to furnish only a few essential documents for loan application approval. Stay ready with the paperwork before you apply for a personal loan for an emergency.
- KYC documents, which may include Aadhaar Card, PAN Card, Voter ID card, etc.
- ID Card as a proof of employment status.
- Last two months’ salary slips.
- Last three months’ bank account statement (It should be your salary account.)
1. Go For Offers That Make Availing Personal Loan Easy
Scan through the offers your potential lenders bring along to find the most suitable one that meets your financial requirements.
For example, NBFCs like Bajaj Finserv bring pre-approved offers that make the process of availing finance easy and also saves your time. The pre-approved offer is available on unsecured loans such as personal loans and business loans and secured loans such as home loans. All you need to do is provide a few essential details like your name and contact number to check your pre-approved offer.
You may also look for personal loans that are available at competitive personal loan interest rates and minimal charges. A low personal loan interest rate means repayment becomes affordable too.
2. Choose a Lender Who Offers Quick Approval
While all the above ways increase your chances of availing a personal loan for an emergency, choosing a lender who facilitates quick approval and disbursal is equally essential. Renowned lenders like Bajaj Finserv approve personal loan applications instantly. Also, you can benefit from disbursal of the loan amount within 24 hours post-approval.
Finally, once you have decided on a suitable lender, apply for a personal loan and get quick approval. Utilize the loan amount to fund any emergency financial requirement.