Unforeseen expenses like medical emergencies, expenses due to urgent international travel and house repair, etc., can crop up anytime. However, today it’s simple to tackle such ups and downs with easy financing options like an emergency Personal Loan. More people today are opting for such options to handle challenging situations in life. 

How does a quick emergency loan help in times of need?

An emergency personal loan has the following benefits:

• No End-use Restrictions

One may have to deal with several types of financial emergencies in life, like paying for medical bills, urgent house repairs or travelling with family for any unforeseen situation, which all demand urgent funding. A quick emergency loan is the best means to combat these situations, as there are no end-use restrictions. 

• Apply from Anywhere

A major advantage of a personal loan for emergency needs is that individuals can apply online from their smartphone or computer. Since the loan application process of new-age lending institutions like Clix Capital is completely online, the processing becomes simple and fast. You don’t have to visit the lending institution’s office even once. 

• Speedy Approval and Disbursement

It is challenging to manage funds on short notice during an emergency. Personal Loans come with a significantly low approval time, and the funds get disbursed quickly to the borrower’s account. So individuals don’t have to face problems in arranging funds. 

• No Collateral Requirement

As emergency Personal Loans are unsecured, there is no need for any collateral. So, one can put their entire focus on handling the situation. 

• Minimal Documentation

Collecting and providing several documents can be hectic, especially during an urgent situation. With an instant personal loan, you need not bother providing a lot of paperwork to get a loan approved. Personal Loans require only a few essential documents, primarily KYC documents, for approval. 

• Flexible Payment Method

The flexibility of repayment is the key feature that makes Personal Loans highly useful in times of need. Individuals can select a suitable tenure after assessing their repayment capacity and monthly budget. One can choose a tenure of 12-48 months.

What are the Documents Needed for Availing of an Emergency Personal Loan?

The documents needed for availing of a Personal Loan for an emergency are:

• Address Proof: The Aadhaar card is sufficient to serve as address proof. If it does not have the current address, one can also provide their Driving License, Voter ID or Passport.  

• Income Proof: Form 16 for the current year or the last three months’ salary slips are sufficient for the proof of income. 

• Identity Proof: Individuals can provide their PAN or Aadhaar card as identity proof. However, one can also provide a Government ID in case they are a Government employee.  

• Application Form: Last but not least is to fill out the application form with a few personal and professional details and submit it online. 

What Eligibility Criteria do Emergency Personal Loans Have?

Listed below are the eligibility criteria for Personal Loans:

• One must be a salaried individual with a minimum income of Rs. 20,000 per month. 
• The applicant must be at least 21 years when applying for the loan or 58 years at the end of the loan term. 
• The credit score of the applicant must be 630 or more.

Steps to Apply for a Quick Emergency Loan

Here are steps to apply for an emergency Personal Loan:

• Go to the lending institution’s website and fill out the loan application form
• Ensure to fill up all the necessary details accurately
• Upload all the required documents and complete the verification process – If your KYC is updated with your Aadhaar and PAN, you don’t need to upload or submit the documents. 
• Accept the loan offer after approval for quick disbursal

This way, you can access the necessary funds to help you deal with critical situations efficiently. So, the next time an emergency strikes, an instant Personal Loan is what you can rely on.      

About the Author

Amaira Sharma is a finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.