Faced With An Emergency? Read This First

Your sibling has suddenly decided to tie the knot, and you must raise money quickly to fund the marriage ceremony. You are left scratching your head, wondering what to do — then you decide to apply for a marriage loan or personal loan.

What is a personal loan?

A personal loan is a sum of money offered against your personal and financial credentials, such as income level, credit score, age, residence status in India and repayment history. The loan is an unsecured product because it does not ask for any collateral against the approved money, unlike a home or car loan.

Personal loans are approved for all individuals that have a stable income from a job or self-employment, and who have a good repayment history and credit score.

How does a personal loan help in an emergency?

Though all lending institutions in India are empowered to offer personal loan finance to individuals, only the best instant loan apps offer quick and efficient disbursal to help during emergencies. Indeed, lending apps are speedy in disbursing loan amounts no matter what the applicant’s requirement or urgency is — this is because they work with a digital interface with minimal documentation. The application is processed quickly after checking for credit score, income levels and the submitted documentation. The best instant loan apps in India today are highly flexible about approving loans even for those individuals with a low credit score (between 0 to 100, for example).

It is safe to say that you may get the personal loan within a few hours of applying for it on a good loan app, whatever your situation or credit score status. This is immensely helpful during an emergency. The lender also does not ask why you require the money; you are at liberty to use the money as you wish, provided you repay the loan in equated instalments every month from your income.

If you need to quickly raise funds for a wedding, you can get an instant loan in the form of a marriage loan. The loan can also be used as a medical loan, education loan or travel loan, depending on your requirement.

How to get the loan from an app

Are you about to apply for personal loan finance from a loan app? This is what you do:

• Download the desired loan app from the Google Play Store or Apple App Store for free. The app is smartphone-enabled so ordinary phones will not be useful.
• Install the app as directed and go through a short set-up process. The app completes the set-up in a few minutes.
• Go through the app’s personal loan features, interest rate structure, processing fees, documents list, and how to repay the loan. You may initiate a discussion on certain queries you may have by writing to the app or asking for a call back. Do check your eligibility for the personal loan.
• Once you are certain of taking the loan from the best instant loan app in India, you can get your documents in order. Check the list mentioned on the app and get copies made of the required papers. You must self-attest the set of documents and keep it ready for pick-up from your home. The app sends a representative to take the documents set for submission.
• Meanwhile, the app checks your credit score, income levels, repayment history and the documents set while processing the loan application. Once everything is found correct, the app disburses the loan to your savings account. You can now withdraw the money and use it for your unique requirement.