5 simple steps to get a personal loan during a financial emergency

5 simple steps to get a personal loan during a financial emergency

During an emergency, especially when it is a medical emergency, your first instinct will be to handle the crisis. Time is crucial during such instances and in most cases, you may need funds in a hurry too. An emergency loan is designed keeping in mind the varied facets of an emergency. Be it funds for medical treatment or money to pay for unplanned home repairs, you can easily apply for a personal loan for emergencies during a crisis to get quick access to finances.

Why is a personal loan ideal during emergencies?
You can use the funds from your personal loan without any restrictions. This means you can use the credit you receive as emergency loan and use the funds for medical treatment without any exemptions or limitations. Moreover, you can get it without pledging any collateral.

In addition, you can borrow money online through a 100% digital process to save time and effort. Usually, a personal loan that is tailored by lenders as an emergency loan online also comes with a short and uncomplicated application process. Usually, you just have to qualify for the loan basis simple eligibility criteria and furnish minimal paperwork to complete the online application process within minutes.

However, to benefit from this short and simple process to access needed funds and benefit from a nominal personal loan rate of interest, you need to be aware of your financial profile and other eligibility requirements. Here is how you can get everything on track in 5 simple steps to apply for a personal loan during an emergency.

Step 1: Check your credit score before applying
A personal loan does not require you to pledge any collateral. Therefore, lenders consider your credit score as one of the key parameters for checking if you qualify for the loan. The higher your credit score, the better are your chances of getting quick approval for a high-value sanction on affordable terms. Having a credit score of 750 and above assures the lender that you are a reliable borrower and allows you to negotiate on the loan terms with a lender of your choice. Good credit history or timely repayments and good handling of debts will help you maintain a high credit score.

Step 2: Check if you meet the other eligibility parameters
When applying for a medical loan or a personal loan to fund an emergency you need to meet your lender’s eligibility criteria of age, income, and employment. Use a personal loan eligibility calculator to not only check this in a jiffy but also forecast the amount you can borrow based on your profile. Once you qualify, your chances of getting a speedy personal loan and instant approval increase.

Step 3: Get the documents required to apply for the loan in order
To speed up the process of getting funds for medical treatment or an emergency, look for lenders who offer hassle-free sanction on a personal loan based on minimal documentation. A lender will generally need you to submit your basic KYC documents for address and identity verification. They may also need you to furnish salary slips and recent bank account statements to further validate your financial standing and process your application. To avoid wasting precious time on re-submission or re-application, check the document list and keep the docket handy when applying.

Step 4: Check for value-added features 
Most lenders allow you to apply for an emergency loan online. This makes the process stress-free. However, lenders like Bajaj Finserv offer additional benefits on your Personal Loan, which helps you repay more affordably and with greater flexibility. For instance, with the Flexi Loan facility, you can withdraw from your loan limit multiple times, as per your needs, and pay interest only on what you utilise. Further, you can choose to pay only the interest component every month during the initial duration and reduce your EMIs by up to 45%*. This helps you repay more conveniently and focus on the emergency at hand.

Step 5: Apply online 

Now the only thing left to do is apply. To get the Bajaj Finserv Personal Loan, all you need to do is:

  • Fill the online application form
  • Enter your phone number and OTP
  • Share basic information about your identity
  • Select the loan amount you wish to borrow
  • Share just a few more details related to your employment and income
  • Upload the needed documents and submit your application
  • Await a call from the representative for the next steps to get the money in your account

This fast and easy process helps you get the funds you need in an emergency without wasting time. You can use the EMI Calculator for Personal Loan in advance to decide on your EMIs and tenor in advance to make repayment easier.

Now that you know how to apply how a personal loan during a crisis, consider the Bajaj Finserv Personal Loan for Medical Emergency. Here you can get approval on a loan amount of up to Rs.25 lakh in just 5 minutes and money in your bank in just 24 hours after approval. Check your pre-approved offer to get started.

*Conditions apply

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