Home / Brand Post / Need a personal loan to manage an emergency? Follow these 5 simple tips

An emergency loan is one that you can apply for easily during a crisis and offers fast disbursement in the shortest time frame possible. Ideally, it allows you to use the funds without any restriction so you can meet your needs flawlessly. This is why an instant personal loan is normally referred to as an emergency loan. You can use it to fund any financial crunch, from a medical emergency to urgent home repairs.

Moreover, you can get it without pledging any collateral or plodding through a lengthy personal loan verification process. Usually, an instant personal loan has simple eligibility criteria, requires only minimal paperwork, has a simple online application form that you can complete in minutes, and offers instant approval with disbursal following at its heels. However, to benefit from this short and simple process to access needed funds and benefit from affordable personal loan interest rates, you need to get certain things about your financial profile right. To help you achieve this, here is how you can apply for an emergency loan during a financial crisis quickly.

Review and improve your credit score for quick approval

An instant personal loan does not require you to pledge collateral. Therefore, your credit score has a significant impact on your eligibility. The higher your credit score, the better are your chances of getting an instant approval, a high sanction and better terms. Moreover, the interest rates of a personal loan can be negotiated, and a high credit score of 750 and above can give you an upper hand.

Maintaining a good credit history and credit score can ensure that you can get low personal loan interest rates. Moreover, since a high credit score establishes you as a low-risk borrower, you stand to get instant approval and quick disbursal of the loan amount. Conversely, if you have a low credit score, pay your outstanding debts, credit card bills and impending EMIs to improve your CIBIL score before applying for an emergency loan. Applying with a low credit score will only be met rejection and further lower your score.

Check your eligibility for an instant personal loan

Apart from a good credit score, you also need to meet other aspects of a lender’s eligibility criteria like age and employment. Meeting these parameters assures the lender that you are a responsible borrower, which results in a speedy personal loan verification process and instant approval. To ensure speedy access to the loan amount, choose a lender with simple eligibility criteria. For instance, you can apply for a Bajaj Finserv Personal Loan of up to Rs.25 lakh as a salaried or self-employed citizen of India between the ages of 23 and 55 years on eligibility terms that are easy to meet.

Keep the necessary documents ready

Once you are sure of meeting 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, salary slips and recent bank account statements. Submitting the correct documents on time will ensure that you do not waste time in re-submission or re-application and help you get faster approval.

Choose the right lender with speedy disbursal timelines

One of the most straightforward ways of getting an emergency loan at the earliest is opting for a lender who offers a quick disbursal of the loan amount. Look for lenders that offer an online application process, as this helps save time by eliminating a physical visit. Bajaj Finserv is one lender that allows you to apply for a personal loan online. Moreover, it guarantees approval in 5 minutes with the disbursal of the loan amount in as little as just 24 hours!

Search for loans that come with value-added features

Another way of ensuring quick access to the loan amount is by selecting pre-approved offers that give you a personalised amount at the click of a button. These offers are usually for existing customers and make access to funds faster and easier. Another way to address emergencies is to see which loans provide value-added features.

For instance, Bajaj Finserv’s Flexi Personal Loan allows you to make multiple withdrawals from your loan limit as and when you need them, without submitting a fresh application every time. It also allows you to pay interest only on the amount you use and gives you the choice to pay interest-only EMIs to reduce your outgo by up to 45%* initially. This helps you tackle emergencies in a more relaxed and flexible way.

Using these tips, you can apply for an emergency loan in a prompt and hassle-free manner. To further expedite the process, check your pre-approved offer from Bajaj Finserv today, and meet your urgent and unplanned financial needs with ease.

*Conditions Apply

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

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