When faced with an emergency or unexpected need that demands substantial funds, your first thought is likely to be ‘Can I get an instant loan?’. Fortunately, there are a few loans that you can count on to bail you out in such situations, but not all of them are equal. Take a look at your top 3 options and read on to find out how a personal loan for emergencies is your best bet.
Loan Against Your Assets
This loan is ideal when you need a large amount of finance. The larger the amount you require, the higher valued asset you have to pledge. You can pledge a car that you own to get the necessary money, if you have the documents to prove that you are indeed the vehicle’s owner. Optionally, for larger requirements, consider pledging a property you own and apply for a loan against property. That said, remember that since the asset has to be valued and its documents have to be verified, even the quickest lenders will take a couple of days to send the money your way.
Loan Against Your Investments
Your life insurance policy is an investment that has a cash value. Typically, it’s higher if your policy has been in effect for a number of years. In times when you need finance quickly, you can get funds up to this limit. Likewise, you can also pledge other investments depending on what the lender accepts. Check the list of approved instruments before you apply and remember that these loans have a short tenor, typically a year, so you must be sure of your repayment ability before applying.
Personal Loan For Emergencies
The best option, however, is a personal loan for emergencies. It’s collateral-free, easily available, flexible, and is packed with several features and benefits. For instance, the personal loan offered by Bajaj Finserv is excellent for emergencies as not only do you have to pledge no security, but also because you get the benefit of nominal personal loan interest rates, a sanction of up to Rs.25 lakh, and a flexible tenor of 12 to 60 months. Additionally, personal loan eligibility criteria are minimal and you can apply online instantly. Get approval in just 5 minutes and disbursal in 24 hours post verification.
What makes this loan the best option in an emergency is its flexi loan facility. Bajaj Finserv Flexi Loan facility comes with an array of benefits. The facility allows you to borrow from the total sanction in instalments, as per your needs. You don’t even have to make multiple applications to borrow each time from the sanction. Thereafter, you pay interest only on what you use and not the entire loan amount. In fact, you can pay interest-only EMIs through the tenor and repay the principal at the end of the tenor to ease any cash flow concerns that you may have. This option can not only help you pay up to 45% lower EMIs, it also prevents over-borrowing.
Since the personal loan documents required by Bajaj Finserv are minimal, it answers the question, ‘What is the easiest loan to get?’ You can apply even on the spur of the moment, but don’t do so before you check your pre-approved offer. This is important as you can use customised deals to speed up the process further.