How to Get an Instant Personal Loan for Emergencies
5 min read | 5 months ago
Emergencies can strike anyone at any time. Whether it is a medical emergency or home repair that cannot wait, the first thing you need is smooth cash flow. One way of staying prepared for life’s uncertainties is knowing how to get reliable instant personal loans to meet urgent fund requirements. This guide helps you prepare for unexpected incidents so that they don’t turn into financial emergencies. Let money be the last thing you worry about while dealing with a problem by keeping the below factors in mind.
Check Your Eligibility
The first step to knowing the amount you can get for emergency fund requirements is to assess your eligibility. Your CIBIL rating is a comprehensive evaluation of your financial standing. You can get instant personal loan approval with a CIBIL score of 780 or above. The higher, the better. A higher score helps you get lower interest rates. You can enter your details on the bank’s app or website and assess your eligibility within minutes.
Did you know?
A good CIBIL score can also get you pre-approved loans. No need to wait for the provider to verify, just upload your documents and get instant access to funds.
Gather Required Documents
Banks require certain documents to process your details and assess your capacity to pay the loan back. These include:
- Identity proof, such as an Aadhar card, voter ID, driving license, etc.
- PAN card or bank statement.
- Freelancing income.
Additionally, if it’s a medical emergency, you can keep the medical documents handy, which may help you get a higher loan amount, based on the need and your eligibility. Otherwise, these documents are not required since personal loans do not have restrictions on end-use.
Usually, you do not have to pledge any assets as collateral for a personal loan. However, in the case of inadequate eligibility, you might be asked for collateral to get a quick personal loan. These are called secured personal loans. You might be required to submit additional documents for this type of loan. For instance, if you pledge a car, you must submit proof of ownership. If you fail to pay the EMIs, the bank has the right to seize the pledged asset.
Apply For the Loan
The next step is to apply for a personal loan. The good news is that digitally forward banks have dedicated emergency loan portals to help customers apply for instant personal loans online. These platforms allow you to adjust the repayment tenure and EMIs to prevent any financial burden after the emergency has been dealt with.
It takes only a few minutes to apply for the loan. Most of the banks approve and disburse emergency loans within a few hours to ensure you have access to cash when you need it.
Review the Loan Terms
Once you are satisfied with the loan application, including tenure, EMI and rate of interest, it is time to review the terms of the loan. Reading all the terms and conditions is essential to ensuring that you meet all the requirements and there will be no issues with approval. Additionally, awareness enables you to make a better decision.
Make sure the EMI due dates and repayment schedules are manageable for you. Also, explore pre-closure options to learn if any additional costs are associated with early repayment.
Receive Funds
Sit back while the bank approves your request and disburses the funds. They credit the funds to your preferred bank account within a single working day after loan approval.
Repay the Loan
A great way to avoid accumulating debt is to create a repayment plan. Banks allow you to set E-mandates. These mandates are standing instructions for your bank to debit the EMI on the due date from your bank account, without manual intervention. You will receive reminders from the bank so that you can arrange enough funds in the account a few days in advance. Paying your EMIs regularly without fail helps you build your CIBIL score. This can help you in the future to get quick personal loans for planned or unplanned expenses.
Prepare for Uncertain Times
Life is uncertain and the only way to reduce stress is to stay prepared for difficult times. One way to do so is to learn about the ways to get quick personal loans to meet immediate money requirements. Make sure you choose your bank wisely. One with online facilities and expedited processing with real-time support is the best. Additionally, maintain your CIBIL score to avoid any problems in getting an instant personal loan. You can raise your CIBIL score by taking a credit builder loan to avoid facing any challenges while applying for an emergency loan.
FAQs
1. How do I get an immediate personal loan?
Getting an immediate personal loan is simple through an online application. Check your eligibility, interest rate, EMI amount, tenure, and loan terms, and apply according to the bank’s guidelines.
2. What is the fastest way to get an emergency loan?
The fastest way to get an emergency loan is to apply for a quick personal loan online. Modern banks provide facilities to get reliable access to funds within a few hours by uploading the required documents.
About Unity Small Finance Bank
Unity Small Finance Bank is committed to making banking simpler and more accessible for everyone. Our services include Savings Account, NRI account, Current Account, Fixed Deposits, and Personal Loans offering flexible tenures and attractive interest rates. We also offer financing options like MSME Loans and Microfinance to support businesses and underserved communities. Learn more about Unity Small Finance Bank here.
