Types of Emergencies That Can Be Covered With a Personal Loan

You may follow a disciplined and planned approach to manage your finances. However, life is uncertain and there may be many situations when you find yourself facing financial difficulties. A sudden travel plan, wedding, or medical emergency may result in a liquidity crisis.

Instant loans may be beneficial in such situations. Here are five benefits of availing such loans.

• Quick and easy The documents required when you apply for a personal loan are minimal. This ensures you receive approval and disbursement quickly, which is important because you need the funds urgently.
• Flexible repayment Lenders offer flexible repayment schedule to ensure you are able to make timely payments. You may choose to repay the emergency personal loan amount between one and five years.
• Higher loan amount You may find yourself requiring a large amount to meet certain emergencies. Lenders offer up to INR 10 lakh as the borrowed amount, which allows you to meet your fund requirement.
• Affordable An instant loan is an unsecured facility and may be slightly more expensive than secured facilities like home loans. Nonetheless, the personal loan interest rates are affordable, which combined with longer repayment tenure ensures you have no difficulty in making timely repayments.
  
• No limitation on use A home loan may be used only to purchase a house. Similarly, an automobile loan must be used to purchase a vehicle. However, when you avail of a personal loan, there is no limitation on how the borrowed amount is used. This gives you the flexibility to use the money as per your requirements. Here are four ways in which you may use the money.
• Urgent travel You may need to travel urgently, which requires you to fly to the destination. You may not have the money needed for such urgent travel. A quick personal loan is an excellent option to meet this requirement.
• Medical emergency An accident or a major illness may strike without warning. You need immediate treatment in such emergencies. Medical expenses are skyrocketing and even with a health insurance, you may find yourself short of funds. An easy personal loan is beneficial in this situation.
• Business needs You may face a sudden loss in your business and this may require infusing some liquidity for the survival of your venture. A business loan is a long and cumbersome procedure and requires collateral. To overcome these hassles, you may avail of a quick personal loan to tide over the rough patch faced by your business.
• Wedding A wedding is one of the biggest life events and Indian weddings are often grand affairs. Even if you have been saving for your wedding, you may not have sufficient funds to have your dream wedding. A personal loan may be used to fund this shortfall and make your ‘big day’ memorable.
  Availing an instant loan is very simple and may be done online. You may submit your application on the lender’s website and your emergency personal loan is approved within minutes.