In the absence of an emergency fund, unpredicted expenses can upset your plans and budget. You may have to fix the electrical wiring of your home, go on an unplanned business trip, or pay a creditor urgently, when you haven’t planned for these expenses. At such times, instead of dipping into your savings or using your credit card, you can avail a personal loan. Here is why it may be the best option to meet your urgent financial needs.
Apply Online and Get an Instant Approval
Now, you don’t have to travel to a lender’s branch to apply for a personal loan. To conveniently avail a personal loan, apply online from the comfort of your home or on your way to address an emergency. This way, you avoid multiple trips and keep from wasting time and resources. Further, since a personal loan doesn’t require collateral, you only need to meet certain eligibility criteria and produce minimum paperwork to prove your legitimacy and repayment ability.
Apply with lenders like Bajaj Finserv that have basic personal loan eligibility criteria and minimal documentation to gain approval within 5 minutes! Note the eligibility criteria below:
- You should be an Indian resident aged 23 to 55 years
- You should be a salaried applicant employed in an MNC, public or private company With minimal paperwork, the application becomes easy. Note the documents that you need to produce:
- KYC documents
- Employee ID card
- Latest 2 months’ salary slips
- Latest 3 months’ bank account statements of the salary account
Speedy Disbursal to Meet Emergency Needs
When you meet the eligibility criteria and produce the required documents promptly, your lender can approve your loan fast. Once your lender sanctions your loan, you can access a significant amount in no time! When you’re scouting for a lender to apply for a personal loan, quick approval is what you should look for. For instance, with a Bajaj Finserv Personal Loan, you can enjoy an instant disbursal within 24 hours. In fact, the money is directly deposited in your bank account.
Substantial sanction to fund various expenses
Based on the lender, you can access a high-value loan amount, which may be more than your credit limit, to meet varied financial needs. For instance, Bajaj Finserv offers personal loans of up to Rs.25 lakh with which you can fund a vacation, children’s education fees, working capital requirements, and more. The affordable personal loan interest rate makes it easy on your pocket, such that you don’t have to overstep your budget irrespective of the sanctioned amount. This interest may be lower than your credit card interest and allows you a much longer repayment window.
Further, you can avail this loan on a flexi loan facility to make multiple withdrawals and pay interest-only EMIs. This way you need not overborrow during an emergency and pay extra interest on the whole sanction. What’s more, you can choose to pay interest-only EMIs and repay the principal only at the end of the tenor. This way, you not only save up to 45% on EMIs, but can also use the principal portion to fund other pressing needs.