When an emergency strikes, you need a large amount of money to manage your needs quickly. Similarly, you may have many goals and aspirations in life which you want to fulfil, but lack of money may not help you. People used to save earlier to make way for achieving financial and other desires in life. However, it used to take much time.
Will you save and then fulfil some needs in life or try out any other option?
The most vital thing here would be when you need the money at the earliest during an emergency.Â
Nowadays, people looking to fulfil the aspirations and needs opt for an easy funding facility such as an instant personal loan online. Some also call it emergency personal loan as it covers their needs entirely. Many salaried individuals apply personal loan online when their salaries can’t fulfil urgent needs.
In the same context, an instant personal loan has emerged as the most preferred financial tool to fulfil urgent needs.
If you are a salaried individual who is looking to avail some funds to meet some needs, you can get up to Rs.25 lakh from leading lenders.
All that you need to do is meet the creditor’s personal loan eligibility and submit some basic documents to get the loan approval.
Here are some reasons behind such immense popularity of the emergency personal loan. Read on!
Here’s Why Personal Loans Are Being Preferred By All
1)Â Â Â The Facility to Acquire a Large Loan Amount
When someone is battling some medical emergency, looking to expand a business or arrange funds for the wedding, he/she surely needs a large amount of money. Lenders understand this, and they offer up to Rs.25 lakh. The final loan amount that you can get depends on your eligibility and CIBIL Score.
2)Â Â Â The Unsecured Nature of Personal Loans
An instant personal loan is an unsecured funding solution which means that you don’t need to provide or submit any collateral or security while applying for it. The loan is provided as per your creditworthiness and after meeting a lender’s eligibility conditions. Â
3)Â Â Â The Multipurpose Usage of The Loan Money
As the name suggests, a personal loan is for covering personal needs and hence, may be used as per your needs and situations. It makes it one of the vital reasons why personal loans are so popular these days. There is no restriction on the usage of the loan amount as per your needs except for illegal activities like gambling and others. Scores of borrowers apply online personal loans for many common purposes such as:
- Debt consolidation
- Wedding expenses
- Business expansions
- Sending children overseas for higher education
- Medical emergencies
- Home renovations, repairs and remodelling
4)Â Â Â The Easy to Meet Eligibility Criteria and Documents
When it comes to applying for an emergency personal loan, nobody wants to spend the time in completing the loan formalities. As a result, lenders have some basic instant personal loan eligibility and some common documents that you need to provide such as:
- Your age should be between 23-55 years
- You need to be a resident citizen of India
- You should be employed with an MNC, public or a private limited company
- KYC documents
- Employee ID Card
- Last 2 months’ Salary Slips
- Bank account statements of the salaried account, for the last 3 months
5)Â Â Â Hassle-Free Application, Approval and Faster Disbursement
A personal loan is meant to help people manage their expenses without waiting for a long time. Hence, leading banks and lenders provide you with a hassle-free personal loan application along with quick approvals and disbursement. You can fill the personal loan application form online and get approval for the same within 5 minutes. All approved borrowers don’t need to wait longer for the money to be accessed. You can easily get the desired loan amount credited into your bank account within 24 hours.
6)Â Â Â Flexible Repayment Tenors Help All To Avail Personal Loans
When you are servicing an instant personal loan, you may not want its repayment to burden your budget. As a result, creditors let you avail a loan tenor ranging 1-5 years so that you can repay the loan over smaller EMIs. It is another reason behind the popularity of the emergency personal loan.
You are aware of some of the factors behind the popularity of personal loans. If you need to manage some of your needs, you can apply for it online right away.
