A savings account for emergencies may seem sufficient for unexpected emergencies. But no matter how much you save, a large fund withdrawal during a crisis could leave you looking for excess funds. Most people default to asking their family and friends for additional financial help during these situations and waste precious time. But you can easily apply for an instant loan online and access liquid funds in your bank account instead.
This blog covers why an emergency personal loan is a good option and how it can help you overcome financial emergencies. Let’s get right into it.
Is a personal loan for emergency funding a good option?
Yes, a personal loan is an excellent option for emergency funding. This is because you can access instant funds without giving up collateral in exchange. Besides, you only need to meet your loan provider’s eligibility criteria to secure a loan.
Once you furnish the necessary documents, the loan is approved within minutes, and the funds are also disbursed instantly to your bank account. But that’s not all.
The biggest selling point of an emergency personal loan is that you can apply for one online and repay the loan through affordable EMIs. In addition, many financial institutions today also allow you to choose a tenure based on your financial situation.
It’s evident that an instant loan online can help you with funds for unexpected financial crises. Need a few examples of how these loans can help you in different situations? We’ve got you covered!
How can a personal loan help you during emergencies?
#1. Medical emergencies
Medical emergencies can strike at any time. And the last thing you want when one strikes is to search for a funding source. The good news is you can get a medical emergency loan with any financial institution. These cover costs like operations, hospital charges, tests, and medication.
All you need to do is apply online for a medical emergency loan with a financing institution of your choice. Once the loan is approved, the funds get disbursed quickly.
#2. Education fees
If you have a child studying away from home, you need to account for fees, travelling and living expenses when saving money for their education. And often, all of these amount to huge sums of money. However, if you’re facing a cash crunch and cannot meet these expenses, you can easily apply for an instant loan online and secure emergency funding.
With a little research, you can apply for a low interest rate emergency funds loan, with a reputed financial institution offering favourable loan terms too!
#3. Debt consolidation
If you have outstanding debts, you could get an instant loan online to pay them off in one go instead of paying different rates of interest on them. This way, you save funds that would be spent on interest and reduce the debt burden, given that you can pay off the loan EMIs over time and choose a tenure based on your financial goals.
#4. Home repairs
You can also get an emergency funds loan for urgent home repairs if you didn’t know. These include changing the ceiling before monsoons, plumbing, and even home improvement. All you must do is apply for a loan online. The funds will be disbursed immediately.
#5. Wedding expenses
You can also get emergency funding for last-minute wedding expenses, be it for wedding shopping, decor or catering, no questions asked, when you apply for an emergency personal loan.
Whether you need a medical emergency loan or just an easy way to secure emergency funding, getting a personal loan from a reputed lender like Tata Capital is advisable. We offer easy, collateral-free loans and need you to fulfil minimal eligibility requirements. So head over to Tata Capital website to apply for one today!