A detailed guide to apply for an emergency loan online

business guarantor loansWith the highly unpredictable nature of life, an emergency can crop up anytime which may require you to get instant financial aid. In case of unavailability of funds, the situation can get worse and disrupt your peace of mind. Therefore, to help you handle such situations, availing an emergency loan online can be of great help. With the loan amount, you can easily cater to urgent financial situations without having to be dependent on your friends and family for any financial help. The loan amount can be utilized for addressing various emergency situations like payment of education fees, medical bills, home renovation expenses and others. Read this article to know everything in detail about getting an emergency loan online in India.

What is an emergency loan?

To put it simply, an emergency loan is an unsecured personal loan that helps you cater to emergency financial needs. The loan amount is offered by the lender without any collateral which means that in case of non-repayment of the loan the lender is not at risk of losing out on his assets. The emergency loan amount availed can be availed to take care of urgent financial needs that require quick financial aid. Thus, an emergency loan serves as the right choice to take care of financial requirements.

Eligibility criteria to get an emergency loan

To get an emergency loan online in India, you are required to meet the below eligibility criteria:

  • You should be aged between 21 years-60 years
  • You should be a citizen of India
  • You should be employed with public, private or Government Company
  • You should have a minimum salary of Rs. 17,000
  • You should have a minimum credit score of 650

It is significant for you to note that the eligibility requirements may vary from lender to lender.

Documents required to get an emergency loan

Below is the list of documents you need to provide to get an emergency loan. The list may vary from lender to lender and may also vary depending on your credit profile.

  • Address proof i.e. Aadhar card, utility bills, passport or driving license
  • Identity proof i.e. PAN card, driving license, passport
  • Income documents i.e. salary slip, Form 16
  • Bank statement

Submission of salary slip and bank statement are mandatory to help the lender verify your employment and salary details. Few lenders in India may require you to provide a salary slip and bank statement of the past 3 months, whereas few may require you to provide the past 6 months’ statement.

Advantages of getting an emergency loan in India

Collateral-free: Availing an emergency loan in India is simple as you don’t have to offer anything as security or keep any collateral to get the loan amount. Thus, this ensures that your assets are risk-free and the burden is shifted on the shoulders of the lender.

Minimal documentation: With digital advancement, application process for availing an emergency loan has become pretty simple. You don’t have to run from pillar to post to get the loan amount and can instead apply for the loan from the comfort of your home. You can upload documents like your identity proof, address proof and others in PDF or JPG format.

Easy repayment tenure: The loan amount is provided for flexible tenure ranging from 12 months-60 months, thereby making it easy for you to repay the loan amount. The tenure may vary from lender to lender depending on your credit score and eligibility criteria.

Instant disbursal: Post successful loan approval, the emergency loan amount is disbursed into your bank account in just 24-48 hours. Few lenders in India offer disbursal within 10 seconds, thereby making it easy for you to fund your emergency requirements.

Quick disbursal process: On successful loan approval, the loan amount is disbursed immediately which ensures you can take care of emergency financial situations in an easy way.

Use the amount for any purpose: The loan amount availed can be availed to take care of financial requirements like vehicle repairs, home renovation, payment of medical bills, wedding expenses and others.

Improves credit score: Timely repayment of emergency loan EMIs can help you improve your credit score which can make it possible for you to secure more unsecured loans in future.

How to apply for an emergency loan?

  • Visit the lender’s app or website
  • Log on to the app or website using your Gmail or Facebook address
  • Fill in the required personal and professional details
  • Submit KYC details
  • Upload documents i.e. address proof, identity proof, and income documents
  • On approval, submit a bank statement and additional details
  • Get disbursal within 24-48 hours

Conclusion

Availing an emergency loan online in India is a simple and hassle-free process. You can apply for emergency loan on different online platforms. With flexible repayment tenure and low EMI options, an emergency loan can be the right choice to take care of urgent financial needs.

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