Financial security is a myth. There might come an unforeseen situation that can destabilize your entire budget. To find oneself in such a situation, of course, is quite rare but nevertheless being prepared about it can save you from taking any wrong turn.
Knowing about the urgent emergency loan can give you financial assurance in times of your monetary crisis.
An urgent loan will provide you with instant money as and when you need it. Thus, if you are trying your hands on different financial options to avail a lump sum amount, it is exactly what you would want to have.
Features And Benefits
There are several reasons why an urgent loan serves to be the best option for people caught in a financial strait. By taking a look at its features and benefits, you will know for yourself how this loan can save your day.
No Collaterals Or Mortgages
An urgent emergency loan is a type of unsecured loan. What this implies is that you can avail of the loan without having to place your assets as collateral or mortgage. Just with the help of your monthly income, you can get this loan quite easily.
Lenient Eligibility Criteria
Unlike various other types of loans, an urgent loan goes easy with your eligibility criteria. It only takes the basics: you should be a citizen of India with a salaried job and that you should be above 18 years of age. Even the maximum age limit which you can expect is around 60-65 years. So, in terms of eligibility criteria, you will not be facing any difficulty.
If you are in urgent need of funds, it will not help much to get money after a considerable stretch of time. Urgent loan fixes this problem effectively. Once your quick documentation and verification processes are completed, you can get the required funds within a day or two. That is the reason why the emergency loan is also called the instant loan.
Getting a loan is a lengthy process, it involves lots of paperwork which consequently makes the process tedious and lengthy. With the option of an emergency loan, however, you can get the loan amount with minimum documentation. The paperwork involved here would only be the basics like giving your PAN card and Aadhar Card number, etc.
The paperwork involved in getting an urgent loan is next to nil.
Low Credit Score
For an urgent loan, you do not have to maintain a high credit score. You can easily get an emergency loan with a credit score as low as 650. There are other credit assessment technologies employed by these loan providers. This ensures that a borrower when faced with financial difficulty, can easily opt for this loan irrespective of his credit score.
Substantial Credit Amount
Although the maximum loan amount you can get depends on factors like your income, credit score, and running offers. But, nonetheless, the credit amount to be expected from an urgent loan is usually good. You can expect the range of loan amount that is, anywhere between Rs 100 to Rs 5,00,000 or more. Unlike gold loans, where the ratio of the loan amount you can get against your gold is 75%, urgent loans always offer a much higher ratio even for a low salaried person.
Flexible Tenure And Payment Structure
You get to choose the payment structure of your loan as well as the tenure. You get the maximum time period of 36 months or 3 years to pay the loan. Within this time limit, you can choose the ways in which you will be making your payment.
The EMI options can easily be modified depending on your affordability. If you choose a higher EMI option, your loan will be paid quickly. But if you choose to reduce your EMI amount you will be given more time to pay but with more interest charges.
The purpose of this loan serves best if you can access it immediately. That is why the lending institution ensures that you can contact them with the utmost ease. All you will have to do is to download their official loan app and from there you can apply for the funds. This makes getting the loan simple and easy. You will not even have to leave your home to visit the lender. The funds will get directly transferred to your bank account.
The lenders of this type of loan understand the financial difficulty you or any other borrower must be going through. This is why they update their work system in such a way that you can get the funds without any hassle. From all aspects, whether it be time, eligibility or credit score the option of an urgent loan makes the overall process both effective and efficient.
There is no denying that borrowing money is never easy but if you are running out of options, emergency loans can be your savior. However, ensure to go through the terms and policies before applying. This will avoid any issues in the future.