Emergency Personal Loan : A Financial Lifeline in Times of Crisis

Emergencies, especially medical ones, can place significant financial strain on individuals and families. Unity Small Finance Bank offers Emergency Personal Loans to help you access the funds you need swiftly, ensuring that you can handle unexpected expenses without added stress.

Emergency Personal Loan

Medical emergencies in India can be financially devastating, particularly because a large portion of the population remains uninsured or underinsured. Over 65% of the population lacks adequate health insurance, leading to high out-of-pocket expenses, especially in private healthcare settings. An emergency personal loan is designed to provide quick financial relief, enabling you to manage these unforeseen expenses without delay.

Why Consider a Personal Loan for Emergencies?

In an emergency, having quick access to funds is crucial. Here's why a personal loan might be your best option:

  • Immediate Financial Support: Medical emergencies or sudden expenses require immediate funds. With an emergency personal loan, the approval and disbursement processes are expedited, often within hours, ensuring you can address the situation promptly​.
  • Flexibility in Use: Unlike insurance payouts that may have restrictions or delays, personal loans can be used for any urgent financial need, from hospital bills to emergency home repairs. This flexibility is crucial when every moment counts​.
  • No Collateral Needed: Emergency personal loans are unsecured, meaning you don’t have to pledge assets like your home or car, which makes them accessible even when you don’t have substantial assets​.

Benefits of Personal Loan from Unity Small Finance Bank

Unity Small Finance Bank’s Emergency Personal Loan is structured to offer fast and effective financial relief during critical times:

Loan Amounts Tailored to Your Needs

Borrow between ₹1,00,000 and ₹5,00,000, depending on your financial needs and eligibility

Competitive Interest Rates

Interest rates range from 16% to 30%, adjusted to your financial profile and credit history

Quick Approval

Get your loan approved within hours, so you can focus on managing the emergency rather than worrying about finances

No Collateral Required

These loans are unsecured, so you don’t need to pledge any assets, making the process faster and less stressful

Flexible Repayment Plans

Choose a repayment tenure between 6 to 36 months, allowing you to manage your finances while recovering from the emergency.

Eligibility Criteria for Emergency Personal Loan

To qualify for an Emergency Personal Loan from Unity Small Finance Bank, you must meet the following criteria:

Applicants must be between 23 to 55 years old

Income: A minimum monthly income of ₹20,000 is required, which helps demonstrate your ability to repay the loan

CIBIL Score: A credit score of 675 or higher is preferred, as it indicates good credit management and can lead to better loan terms.

Employment Status: Both salaried and self-employed individuals are eligible. Salaried employees should provide recent salary slips, while self-employed individuals must submit bank statements and GST registration.

Documents required

  • Identification Proof: Aadhaar Card, PAN Card
  • Income Proof: Salary slips for salaried employees, bank statements, and GST number for self-employed individuals
  • Address Proof: Utility bills, rental agreements, or similar documents

These documents help verify your identity, financial stability, and residence, ensuring a smooth loan approval process.

Fees & Charges for Emergency Personal Loan

Understanding the fees and charges associated with an emergency personal loan is essential for effective financial planning:

Fee Type Amount
Processing Fee 3% of the loan amount
Prepayment and Foreclosure Charges 4%
Late Payment Fee ₹500 + GST

How to Apply for a Personal Loan for Emergencies?

Applying for an emergency personal loan at Unity Small Finance Bank is straightforward:

1

Assess Your Needs

Determine how much money you need based on your emergency expenses

2

Check Eligibility

Make sure you meet the age, income, and credit score requirements

3

Use the EMI Calculator

Plan your repayments by using the EMI calculator to find a manageable EMI amount

4

Prepare Your Documents

Gather all required documents, including identification, income proof, and address proof

5

Submit Your Application

Apply online via the Unity Small Finance Bank portal or visit a branch

6

Receive Funds

Once your loan is approved, the funds will be disbursed quickly, allowing you to address your emergency immediately

EMI Calculator

Planning your repayments is critical, especially when dealing with an emergency situations. Unity Small Finance Bank’s EMI Calculator allows you to estimate your monthly payments based on the loan amount, interest rate, and tenure. This tool helps you make informed decisions about how much to borrow and how long to take to repay it, ensuring that your loan is manageable even in stressful situations.

Tip: Adjust the loan amount and tenure in the EMI calculator to find the best repayment schedule that fits your budget without causing additional financial strain.

Personal Loan Calculator

Type of Deposit

Deposit amount

₹
₹ 10,000
₹ 2 Crores

Tenure

Tenure should be between 6 Months - 10 Years

Start Date

Are you a Senior Citizen?

* The interest rates shown are only for an estimation, to see actual interest rates
₹ 10,000

Amount on maturity

@

8.5%

interest rate *

Invested amount

₹ 10,000

Total earnings

₹ 0

Maturity Date

07/08/2025

Conclusion

An Emergency Personal Loan from Unity Small Finance Bank offers a reliable financial solution during critical times. With quick approval, flexible terms, and no need for collateral, it ensures that you can handle unexpected expenses without unnecessary stress. Plan wisely with our EMI calculator and take the first step towards resolving your financial emergency.

Frequently Asked Questions