How to Get a Personal Loan in Emergency Situations?


In life, there are times when we face less than pleasant situations. In such times, we are often left with a very limited number of alternatives, especially when it comes to arranging the financial resources needed to face the emergency efficiently. Some of the emergency situations that one may come face-to-face with may include:

Personal Loan

  • MedicalEmergency

Being unprepared in the face of a medical crisis can prove to be extremely daunting both emotionally, as well as financially.

  • Urgent Travel

Whether it is for the purpose of business, or in order to meet a family member who is on the death bed, travelling without planning can often prove to be far more expensive than usual.

  • Wedding Expenses

Most weddings are planned within 3-6 months from the date of engagement, leaving no room for the arrangement of the requisite finances, especially if you are inclined to have a dream wedding.

  • Legal Proceedings

Legalities in the business, or even in general life can pop up at the most unexpected times. Whether you ought to pay the lawyer’s fee, the bail amount, or the settlement fee, you may need some external financial help to pull it off.

  • Small Business

Kick-starting a business in today’s dynamic world is no easy feat. Whether it is to add a product or service to your portfolio, market your brand, or simply manage the day-to-day operations, at some point or the other you may need additional financial resources to stay on track.

Thankfully though, you can now easily get a Personal Loan, readily offered by Banks, NBFCs and Mobile Based Lending Platforms. Not only are these loans disbursed swiftly, but also offer a much-needed flexibility throughout the process.

Instant Personal Loans for Emergency

As the name indicates, an Instant Personal Loan is a short term, unsecured credit which can be availed to fulfil one or more financial obligations.

Here are some quick facts that you must know before you applying for a Personal Loan for emergencies:

  • These loans ensure fast access to the requisite sum of money. In most cases, the loan amount is disbursed in as little as 24 hours.
  • The process for application of instant Personal Loans is largely online, barring the KYC verification.
  • Unlike regular loans, these loans enjoy a significantly high approval rate.
  • The loan amount is disbursed through electronic money transfer, thus making the process swift and hassle-free.
  • Instant Personal Loans do not require you to pledge any collateral in lieu of the loan amount.
  • The repayment options are rather flexible, with tenures ranging from as little as 2 months to 36 months.
  • Personal Loan Interest Rates can vary from 11% to 26%, depending on the lender’s policy and your credit history.

Getting Personal Loans in Emergency Situations

  • In order to apply for a Personal Loan from any of the leading personal finance platforms across India, you must be prepared with the following documents –

Address Proof –This can be in the form of a valid Driving License, a valid Passport or an Aadhaar Card.

ID Proof – Here again, your Driving License, Passport, or Aadhaar Card can prove to be of use. Alternatively, you can also offer your Voter’s ID or PAN Card.

In addition to these documents, you must keep your PAN Card number handy. Besides, you may need to give the name of the organisation that you work for, your income details and your official email address.

  • Now that you have the documents as well as other needed information in place, you can log on to the app or website of your chosen Personal Loan provider and fill out the application. Another convenient method to apply is visiting the financial services aggregator website online. Here you can compare various deals and enjoy a flexibility to choose the best plan according to your credit profile.
  • Whatever medium you use, after filling the application, the platform will then conduct a quick analysis of your profile, and give you the information regarding your pre-approved loan limit.
  • If you are already a verified customer, you will be prompted to choose the loan amount, or a KYC verification will be arranged for you, after which you can opt for the required loan amount.
  • You will then be offered with a few repayment options to choose from, based on your preferences.
  • Next, the amount will be credited to your account.

For what it’s worth, it can be incredibly hard to find a solution as seamless, quick and reliable as an online personal loan to meet your financial needs in the times of difficulty. It is for this very reason that a vast number of people are becoming increasingly dependent on products such as PNB Personal Loan and other such loan providers.