An emergency is called so for a reason. It can come at any point in life in any form. When a crisis appears, you can't afford to take too long to arrange for money to deal with the situation. This is when you need instant credit solutions like an emergency loan. Here's a look.
How to Finance Different Emergencies?
A top fintech lender offers emergency loans for various purposes. These include medical loans, home renovation loans, travel loans and more. Say you need to finance a medical emergency. Then you can consider the amount you need to borrow based on the expenses you expect to incur in the situation.
A fintech lender offers all kinds of benefits to support you in such a situation. These are:
- Instant access to funds: You can apply for an instant loan on your mobile, whether an Android or iOS device. You need to download the lender's app on your phone and upload some basic details and documents. These are verified in minutes, and the entire process happens digitally. So, you can save time and effort and avail of hassle-free paperless documentation. Once you qualify for the loan, you can disburse it to your bank account in less than 8 minutes! This can help you finance your emergency without much delay. However, you must wait much longer to get a loan from a bank or a traditional financial institution, mainly due to lengthy documentation and verification.
- Flexible loan amounts and tenure: A conventional lender or a bank usually offers big-ticket personal loans. Unlike them, a fintech lender offers small-ticket short-term emergency loans of flexible amounts. You can borrow up to ₹4,00,000 and repay it over a tenure of up to 18 months. Different monthly eligible salaries are suggested for various loan amounts and tenures. So, even if you apply in a hurry, you can decide based on your repayment capacity. The flexible loan amount can increase the scope of financing an emergency successfully.
- Simple eligibility criteria: You can check a fintech loan's eligibility criteria on your mobile. The requirements are simple and require you to be at least 23 years old and working as a salaried Indian resident at a registered company, earning a minimum of ₹15,000 monthly and having a LinkedIn or Facebook account. The easy eligibility criteria can help increase your chances of availing the loan.
Conclusion
What if you lose your job or fall critically ill, can't repay a loan, and this becomes an emergency? Consider availing a group insurance policy to secure your loan repayment against financial crisis. A leading fintech lender, thankfully, offers this facility in the form of income protection cover and health coverage.
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