In life, financial emergencies can strike anytime and you need to be ready to handle it with confidence to avoid any stress. Emergency Loans are designed for such situations, offering fast approval and disbursal. In this article, we will explore the various benefits of an Emergency Loan along with interest rates and the application process.
How is an Emergency Loan in India Helpful?
- Instant Approval and Disbursal
Emergency Loans come with the benefit of faster approvals when compared to other loan types. These loans are generally approved and disbursed quickly, often within 48 hours. It is easier when you apply with the lender website or the instant loan app which ensures you get the funds on time.
- Minimal Documentation
Avoid excessive paperwork when it comes to an Emergency Loan. Just submit common documents like proof of identity, income, and address proof. With lenders like Hero FinCorp you get to upload documents online, simplifying the process further.
- Flexible Loan Amounts
Choose high loan amounts ranging from Rs 50,000 to Rs 50,00,000. Use these loans as per your financial goals because they are designed to cater to a wide range of emergency expenses.
- Zero Collateral
No need to put up a security to get the loan. Since these loans are unsecured you don’t have to risk any personal assets like property or savings to get the needed money.
- Accessible Anytime and Anywhere
With Instant Loan websites and mobile apps, you can apply for an Emergency Loan anywhere and anytime. This makes them highly convenient during emergencies.
Interest Rates in Emergency Loans
Apply for Emergency Loans that offer very competitive interest rates. You also get a processing charge of 2.5% to 3.5% with zero charges on part payments, while foreclosure plus GST applies.
Eligibility to Apply
- Resident Indian with stability of 1 year
- Age : 18+ years
- Salaried: Employed for minimum 1 year
- Business owners: Should be in business for minimum 1 year
Emergency Loan Application Process
You can apply on the website by following these steps:-
- Click on the ‘Apply Now’ button.
- Enter your mobile number and verify the OTP sent to the entered mobile number.
- Choose the loan amount that you need.
- Verify your KYC details data to check income eligibility.
- Click on ‘Submit’ to complete your application.
Things to Consider Before Using a Loan App
- Interest Rate For Loan
Getting an Emergency Loan can come with a higher rate of interest as compared to traditional loans. Always compare interest rates before applying and ensure you are getting the best deal.
- Loan Processing Fees
Some lenders may charge loan processing fees. These fees may vary depending on the loan amount. Always check for any type of extra charges or fees before applying for the loan.
Conclusion
Getting an Emergency Loan can help you tackle any financial situation with confidence. It makes all the difference as you are always ready to handle such times with ease and money in your pocket. For the best borrowing experience, you can choose trusted lenders such as Hero Fincorp who make the process easier with quick approvals, and no collateral requirements.
