Emergency Personal Loan - Features & Benefits

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Get past your financial worries with Emergency Personal Loans

Key Takeaways

• Emergency Personal Loans can ease help you face financial worries during unforeseen circumstances.
• These personal loans are unsecured and do not require any collateral.
• You can repay the Personal Loans in tenures lasting from 1 to 5 years in pocket-friendly EMIs.
• The documentation for these loans is minimal, and the application process is simple.
• If you are eligible, the lender sanctions and disburses the loan within 48 hours.

Emergencies do not show up with a prior intimation. An unpredictable event can take a toll on your finances, leaving you in dire need of funds. Be it urgent medical treatment or extra funds for your marriage, or any unplanned expenses; you could need instant cash anytime. At such times, if you need a Personal Loan urgently, you can rely on an Emergency Loan to come to your rescue and bail you out of a financial crunch. Here is a handy guide on an Emergency Personal Loan.

What is Emergency Personal Loan?

An Emergency Personal Loan is an unsecured loan that does not require any collateral. Also known as an urgent Personal Loan, you can apply for this loan online and get it sanctioned within a couple of days. You can use the loan funds to cater to any personal contingencies without any end-use restrictions. Let us now analyse the features and benefits of this loan.

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Emergency Personal Loan - Features & Benefits

Convenient

Getting a Personal Loan is incredibly easy and involves minimal paperwork. In most cases, the entire procedure is paperless, and you can send your loan application online via the lender’s website. You essentially need to fill an online form and attach scanned copies of essential documents like your identity, address proof, income proof, etc. In the case of Pre-approved Personal Loans, you may not need to furnish any documents.

High-value and Collateral-free

Emergency Personal Loans are also known as unsecured loans. As such, you do not have to provide collateral of any kind. You can get loans of up to INR 15 lakhs without providing collateral and repay the loan in budget-friendly instalments.

Interest and Repayment

You can pay off your urgent personal loan in easy instalments or EMIs. You can repay your emergency loan in flexible tenures lasting from 1 to 5 years. You can choose your preferred tenure based on your income and EMI affordability. Based on your eligibility, the lender offers competitive interest rates. Interest rates are lower for short term loans and higher for long term loans.

Instant disbursal

When you need a Personal Loan urgently, you want the lender to credit the loan amount into your savings account at the earliest opportunity. You can get this benefit with Emergency Personal Loans. After a quick assessment of your personal factors like your age, income, credit scores, and previous credit repayment behaviour, the bank sanctions the loan in the shortest timeframe. It can take a minimum of a few hours and a maximum of 48 hours to complete the disbursal.

Final Note

A financial crisis can undoubtedly cause immense stress. In such situations, emergency personal loans can offer respite. You can visit the website of the lender or apply through their mobile application. As a customer with an existing relationship with the bank, you stand to get attractive interest rates and flexibility with repayment.

Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page.

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.