Home / Brand Post / 5 ways in which an emergency loan helps manage expenses in a pinch
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Emergencies tend to show up unannounced, catching many individuals off guard. Even for those that diligently put aside money into a contingency fund, sometimes it isn’t enough. In such cases, emergencies will require you to dip into your savings or liquidate assets, both of which are routes you want to avoid. Thankfully, another option available to you is an emergency personal loan. These specially designed instruments can come to your aid when you need funds on short notice.

Most leading lenders today will offer this type of financing solution. You may even have personalised offers for your profile, making the experience a lot quicker. The emergency personal loan is a smart solution when you are in a pinch because it offers you a way to deal with the problem without putting your finances at risk.

Look at the following pointers for a better idea of how an online emergency loan can help.

Get access to funds without needing any collateral

Most new-age lenders today will offer a collateral-free emergency personal loan. This is an important feature because it greatly simplifies access to funds for two main reasons. Firstly, not everyone has an asset to offer up. Secondly, pledging securities can be quite a lengthy process as it often needs to be valued and verified. This lengthens processing and may cause delays, which usually can’t be accommodated in an emergency. The collateral-free nature of an emergency personal loan is crucial to having a smooth experience.

Plan the loan easily and efficiently with the EMI calculator

Even when you need immediate funds, you must plan your loan properly. Improper planning will cause you to borrow beyond your means and pay a lot more than you are comfortable with. Thankfully, planning is relatively easy with a personal loan interest calculator. These digital provisions are free and easily accessible on most lender websites. They enable you to forecast loan payments, calculate the loan cost, and find relevant terms.

Avail a high-value sanction

A major benefit of availing of an emergency personal loan from the right lender is that you get access to a large sanction. In some cases, you may get up to Rs. 25 lakh, but keep in mind that the amount entirely depends on your financial profile. In any case, availing of these funds offers much-needed relief as you aren’t required to dip into your savings. What’s more, in instances where you do take from your savings, you may not have enough to fund the myriad expenses associated with emergencies. However, this isn’t a problem when you avail of an emergency personal loan as you can borrow freely, within limits.

Apply online for expedited processing

You can now avail of an emergency personal loan completely online and from the comfort of your home. Lenders no longer require you to visit a branch physically, and you can get the process started online. In most cases, you have to fill an online form, upload documents, and await approval. All of these processes are undertaken digitally, including loan disbursal. Leading lenders offer approval in just a few minutes and disburse funds within hours. These instruments are the ideal solution in emergencies as you get money on time.

An emergency personal loan from the right lender is arguably the best tool at your disposal in dire situations. This is mainly because you are assured access to funds and have complete flexibility on its usage. With finances in order, dealing with most emergencies is a lot easier. However, when you have an urgent need, you must have a lender that can offer a solution as quickly as you may need it. One option that can deliver and in an expedited manner is the Bajaj Finserv Emergency Loan.

Loaded with features, it is the ideal tool for you when you are in a tight spot. Whether you need funds for a medical emergency or need to make urgent payments for your business or any other immediate obligation, you can rely on this instrument. Depending on your profile, you can get up to Rs.25 lakh as a sanction and get an instant approval for the same! This is possible because you only have to meet minimal criteria and submit basic paperwork. What’s more, it has a competitive personal loan interest rate and a range of digital provisions to make the experience quick and easy. To avail of this instant emergency personal loan, apply online by filling the easy form.

Also Read:

4 easy ways to get a wedding loan to finance your big day

Planning to take a home renovation loan? Get started with these 5 steps

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