A personal loan has always been a great friend in times of need. It is little wonder then the Indian household consumes a large amount of instant personal loans to tide over their emergencies.
At times of urgent need of funds, one cannot afford to wait endlessly to get their loan sanctioned. Only an emergency personal loan can help you when time is of the essence. Looking for funds during an emergency? Here are five ways a personal loan can help.
Medical emergencies
One of the top reasons why many apply for personal loans is medical emergencies. With rising healthcare costs, even those with health insurance cover have difficulty in paying their bills. The medical bills may exceed the insurance cover, or you may even have to pay hospital bills for elderly parents’ who may not be covered by health insurance. In such instances, an instant personal loan can be your lifesaver. When you apply for an instant personal loan through digital platforms like CASHe – Instant Personal Loans, you can receive the loan amount in your account in a short time, so that you get the money when you need it the most.
Debt consolidation
Expenses from credit cards that charge very high-interest rates can be a difficult thing to control over time Or, other existing loans you may currently have can put a lot of stress on your finances. At times, you may have little time to pay your EMIs before you default on your loan. In these scenarios too, an emergency personal loan can be of great help during a crisis. You can also take a personal loan to consolidate all your debts that charge high-interest rates.
Wedding expenses
Wedding expenses can spiral out of control when style and extravagance become the order of the day. When expenditure is high, there is every possibility that you may face a financial emergency from an unexpected quarter. For example, your catering budget may inflate exponentially, and you may have to pay the caterer within 12 hours or even less. When you are short of funds, an instant personal loan can save the day for you.
Higher education expenses
If you are short of funds before sending your child to a foreign university abroad or in India or need to pay their fees, you can apply for a personal loan and meet his/her higher education expenses. Usually, education loans charge high-interest, in such cases, you can also opt for a personal loan to fund your child’s education in India or abroad.
Home repair and renovation
While home renovation may not be an emergency, there are times when our homes might need an emergency repair. There could be a damaged wall or ceiling right before the monsoon, or some parts of your home may be in urgent need of repair or renovation before a momentous occasion. Such repairs and renovation can’t wait for weeks; hence you will require emergency funds at short notice. You can either dig into your savings or apply for an instant personal loan to pay for the costs of repair.
Before you settle on any lender, it is imperative to compare with various banks and NBFCs and take an informed decision. Check for interest rates, type of interest rates, processing fees, prepayment charges, loan tenure, etc. These are the basic things that you need to check before applying for a loan. Various new age digital lenders offer instant loans that meet your financial emergencies.
