Personal loan

5 reasons why a personal loan is a useful way to deal with an emergency

An emergency can happen without warning. Whether it’s a medical emergency, urgent home repairs or renovations, or your child’s education expenses, there are many possibilities for which you may be in dire need of money. You are likely to consider two options in such a situation: dip into your savings or seek alternative financing solutions.

The first option can work very well, but only if you have carefully set aside enough money as emergency funds. If you haven’t, it’s not a good idea to manage expenses with your savings, as you could run out or completely use up your hard-earned money.

In such times, it is better to rely on an emergency personal loan. Since this is an unsecured loan, you get quick access to unsecured money and the instrument is easy to use. Bajaj Finserv offers an emergency loan to help you meet such needs, and you can count on it in times of crisis. It has lenient personal loan eligibility requirements and a long duration to ensure that post-emergency payments are easy on the pocket. Take a look at these tips to better understand why an emergency loan is your best option in times of need.

Access sufficient sanction without risking assets

Emergencies, especially medical ones, often require a lot of immediate funding. This can be difficult to organize when dealing with the stress that accompanies an emergency. But, with a personal loan for a medical emergency, you don’t have to worry about this problem. This is an unsecured loan, so you don’t have to pledge any assets to get funding approval. Placing your assets as collateral can be time consuming and can even lead to delays during verification.

Second, you can borrow up to Rs. 25 lakh to deal with such urgent issues. The amount you can get is based on your financial and credit profile, but this sufficient sanction can help you deal with most emergencies easily. Whether it’s an urgent home repair due to water damage or the hospitalization of a loved one, the amount you receive helps you meet such expenses.

Get quick and easy approval

In an emergency, you may not have the time or the ability to endure tedious procedures. You need quick access to funds, and you can take advantage of this advantage with Bajaj Finserv Emergency Loan. To qualify and get instant approval within minutes, all you need to do is meet the basic eligibility criteria for a personal loan. These requirements are simple and related to your:

– Age

– Use

– Annual revenue

– Credit rating

– Citizenship

To prove and justify your eligibility, you must also submit documents. And Bajaj Finserv has a minimum documentation requirement, which includes:

– KYC documents (PAN card / Passport / Aadhaar card)

– Proof of employee identity

– Bank statements

– Pay slips for the last two months

Receive disbursement in just 24 hours after approval

Accessing urgent money is a reality with an emergency personal loan from Bajaj Finserv. With relaxed requirements and fast loan processing protocols, you not only get instant approval, but also disbursement. You can have the entire approved sanction deposited into your bank account within 24 hours * of approval. This means that no matter the urgency, you can rest assured that you will get the funds you need with this instrument.

Manage staggered expenses as they arise with the Flexi loan facility

It can be quite difficult to know exactly how much money you would need in a crisis. Some expenses can occur immediately, while others can be paid later or continuously over several weeks. To help you meet this need for funds, Bajaj Finserv offers a Flexi loan facility. Here you can borrow against your approved sanction as many times as you need without restriction. You only pay interest on the amount you withdraw and not on the full penalty. You can prepay the amount you used according to your capabilities.

Additionally, you can choose to pay interest-only IMEs for the early tenor parts. This can effectively reduce your monthly expenses by up to 45% *, and you can use the amount you save for other urgent obligations. The Flexi Loan is an innovative and viable arrangement to use in an emergency. It gives you unrestricted access to funds and gives you optimal control over exits.

Choose a flexible duration and benefit from advantageous conditions to repay comfortably

In addition to offering easy access to funds, Bajaj Finserv also has provisions to keep payments manageable once the emergency has passed. Comfortably repaying your contributions is vital as it allows you to borrow freely, knowing that the loan will no longer be a burden in the future. To make sure you never have to worry about your emergency loan, Bajaj Finserv offers a term of up to 60 months.

Combined with the competitive interest rate of a personal loan, these provisions help you keep costs under control. However, to really tailor the repayment to your profile, you need to calculate the EMI of the personal loan using the EMI calculator. With an idea of ​​your options, you can adjust the values ​​accordingly.

With all of these loan features on offer, there is no doubt that Bajaj Finserv Emergency Loan is the right choice in times of crisis. From loan application to loan disbursement and management, you benefit from digital tools to keep things running smoothly. You can even use the personal loan app to manage your loan from your smartphone. To receive financing quickly and without any delays, be sure to check your pre-approved offer for a hassle-free borrowing experience.

* Baths and conditions of application

Disclaimer: This content is distributed by Bajaj Finserv. No HT journalist is involved in the creation of this content

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