• Apply Now

Money in bank in 24 hours

Apply Now

6 Benefits of Using a Personal Loan During An Emergency Situations

  • Highlights

  • Opt for an instant emergency loan to avoid delays in funding

  • Choose top lenders to get an instant emergency loan online

  • Benefit from a sanction that has no spending restrictions

  • Get up to Rs.25 lakh via the Bajaj Finserv Personal Loan

Emergencies are rarely expected, and can impose a burden on your finances. Therefore, it is vital that you contribute towards and build an emergency fund. However, if this fund runs dry, you can opt for an instant emergency loan to address your need for funding. Here, taking a personal loan that offers instant approval is the ideal option to go with. In fact, the benefits of personal loan financing, which include zero spending restrictions, perfectly complement the need for urgent funding. Moreover, instant approvals are often followed by same-day disbursals, helping the personal loan easily function as an instant emergency loan.

To help you better understand this, here are 6 benefits of taking a loan to address emergencies.

Grants Funding Without Demanding Collateral

When faced with an emergency, time is a resource that you may not be able to spare. This is why it is smart to take a personal loan as an instant emergency loan, since personal loans are unsecured in nature. This means that you don’t need to identify a high-value asset you own and pledge it as collateral to get access to funding. What’s more, lenders forego lengthy asset valuation and verification protocols, thereby speeding up loan processing greatly.

Additional Read: How to Lower Your EMIs by 45%?

Offers a Sanction With No End Use Restrictions

One of the advantages of personal loan financing is that the loan bears no end-use restrictions. Hence, you can use the loan to fund any need during an emergency. This makes the personal loan a highly valuable solution in emergencies as these bring along a plethora of expenses that you can’t know about until the very last moment.

For instance, when facing a medical emergency, you will have to cover a wide array of expenses ranging from ambulance charges, hospitalisation fees, and treatment costs to charges for medication and post-op care. Other expenses may also include home renovations to accommodate wheelchairs for disabled patients. However, all these expenses can be handled easily with the Bajaj Finserv Personal Loan, which offers finance of up to Rs.25 lakh.

Minimises Loan Processing Time Thanks To Online Provisions

One of the best benefits of online loans is that you often enjoy a fully digital experience. Right from application to disbursal, you often don’t have to make a single visit to your branch. In fact, Bajaj Finserv offers its existing customers a digital and personalised experience. As an existing customer, you simply must check the offer available to you and authorise disbursal. This way, the money is available to you in a matter of minutes or hours at maximum. However, even as a new customer, you can avail an instant emergency loan online by applying for it and getting approval within 5 minutes.

Simplifies Repayment With a Flexible Tenor

Among the key benefits of taking a loan to address emergencies is that you don’t have to worry about making large one-time payments. For instance, Bajaj Finserv allows you to space out your EMIs over a flexible 60-month tenor. This way, you can borrow a large sum, as needed, and adjust your tenor until you arrive at a comfortable EMI structure. You must note, however, that the longer your tenor is the more will your net interest outgo be.

Bajaj Finserv Personal Loan features & benefits | Instant online approval in 5 minutes

Provides Funding Instantly Via Quick Disbursals

Emergencies usually leave you pressed for time and often in need of near-instant funding. Thankfully, Bajaj Finserv offers funding in a matter of hours. In fact, you stand to get the funds you are approved for within 24 hours of approval. This feature makes Bajaj Finserv’s Personal Loan a viable medical emergency loan in India, even as some health centres require you to make payments before they start treatment.

Additional Read: How to Apply For Personal Loan?

Extends Special, Beneficial Loan Features

Besides the ability to get emergency loan financing easily or an urgent personal loan online, in some cases, you may also get access to special loan features. For instance, with Bajaj Finserv, you can opt for the Flexi Loan facility. Here, you can borrow from your sanction as needed and pay on the go whenever you can. The interest you pay is limited to the amount you utilise and not on the total sanction. Additionally, you can pay interest-only EMIs and the principal later to reduce your monthly instalments by up to 45%.

These 6 benefits of personal loan financing highlight how a personal loan can easily function as an instant emergency loan. With ample, easy-to-access finance and cost-effective repayment terms, you’ll be armed to tackle an emergency, should one arise.

DISCLAIMER:
The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

Personal Loan

Pre-approved offer

Please enter fullname
Please enter 10 digit mobile number
Please enter city

I authorize Bajaj Finserv representative to call /SMS towards this application and other products/services. This consent overrides my registration for DNC/NDNC. T&C

How would you rate this article

 Please let us know why?

What did you dislike?

What did you dislike?

What did you like?

What did you like?

What did you like?

Next up

PRODUCT GUIDANCE

How to ensure your business CIBIL score stays above 700