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Business 279 views Jul 14, 2018
Need Emergency Cash? Get a Personal Loan

During emergency situations that require immediate funds, individuals usually look at their savings account or opt for lending from a friend or family members.  

However, the funds available with these sources may be limited and not suffice the situation at hand. So, what can one do?

In such cases, an Instant Personal Loan can be one of the most accessible solutions. Rather than utilizing all savings and having nothing for the future, such a loan can help you in emergency situations.

Being unsecured, borrowers don’t need to pledge an asset as collateral for availing Personal Loans. Further, banks and NBFCs don’t restrict the application of such loans to limited purposes.

NBFCs also provide pre-approved offers on Personal Loans, home loan, business loans, and a host of other financial products. These offer lower the time taken for availing financing and also simplify the process.

Thus, getting a Personal Loan becomes rapid and can address several emergency situations like:

1)  Medical Emergency

Although highly exceptional, some may come across a medical emergency that can call for a significant investment. Situations like a surgery or a chronic disease treatment will require immediate funds that many may find unfeasible to gather.

With a processing time of about less than 24 hours, one can have their hands on the required cash instantly when they apply for a Personal Loan.

2) Debt Consolidation

When faced with a cash deficit, a business can face hurdles when the due date of repayment approaches. If failed to do so, the relationship between a company and its creditors can be hampered.

Continuous delays in payment may result in vendors lowering their line of credit. Some may even seize doing business with the company.

These situations can pose a threat to a business and may even restrict it from attaining growth.

As Personal Loan criteria are minimal, self-employed individuals can opt for such financing options for debt consolidation.

3) Clearing Outstanding Taxes

Non-filing of income tax alone will invite a 5% penalty per month on all outstanding taxes. Failing to pay taxes will cause the individual to pay a 0.5% penalty on the outstanding tax amount.

Also, in some cases, the individual may also have to serve jail time of 3 months to up to 7 years.

Hence, paying off income tax is a must and that too within the due date. However, when faced with a cash crunch, individuals may find it hard to address this urgency.

So, banks and NBFCs, with minimum Personal Loan eligibility criteria provide this quick and easy financing option. With such a loan, one can pay off the taxes and avoid any unnecessary penalties or jail time.

4) Educational Expenses

Sending the child to a renowned university in India or a foreign country is another cause for the need of funds.

Banks and NBFCs can provide up to Rs. 25 lakh with a Personal Loan that can be useful for funding higher education. Not just tuition fees, but such a loan can also be used for hostel charges, paying for books, and other expenses.

Hence, with a Personal Loan, one can avail emergency funds for all of the situations mentioned above. The presence of a Personal Loan EMI calculator with websites of reputable banks and NBFCs makes evaluating the loan even quicker and straightforward.

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    A fast-paced life can be very stressful. A vacation away from the city can be a good stress buster. All you need to do is choose a location, a hotel, and a travel option to have a good time. An international vacation can turn out to be the best but you may need a little help with the money. No, don’t look as far as liquidating your investments or borrowing money from a friend or a relative. You can easily pay for your international holiday by choosing a Personal Loan from a bank or a non-banking financial company (NBFC). Now imagine that you made up your mind about the trip; applied for a Personal Loan, and await an approval with all your travel plans ready. In the last minute, you receive a call that your loan application is rejected. That can be quite painful! But a poor CIBIL score can lead to the rejection of a loan application. To avoid such heartbreak and stress, know your CIBIL score beforehand. Why is a CIBIL Score Important? 1) It Determines Loan Eligibility: Your loan eligibility depends on the CIBIL score. It is a good indicator of credit discipline. A good credit score shows that the borrower repays the loan on time. It indicates that there has been no default on the payment. A CIBIL score ranges from 300 to 900. The TransUnion CIBIL manages this. A CIBIL score above 750 increases the likelihood that the lender will approve your loan application. Lending institutions check your CIBIL score and credit history. They do it as soon as they receive your Personal Loan application. This helps them know whether you have a good credit record. Upon verification of your credit history, the processing gets under way. Then, you can enjoy a Personal Loan at an attractive interest rate too. 2) It Decides Your Interest Rate: Lenders check your CIBIL score before deciding on the interest rate you pay. Delay or default on loan repayment and high credit card debt can bring down your CIBIL score. A low CIBIL score means high risk involved in lending money. Your lender can quote an interest rate higher than the normal rate to cover this risk. You may be working for a reputable company with a fat pay package. You may need a small amount as a Personal Loan. Still, the lender can charge you a high interest rate due to a lower CIBIL score. Bajaj Finserv, a reputable non-banking financial company (NBFC), offers Personal Loans at an attractive interest rate ranging from 11.45% to 15.6%. Avail these to plan anything from an overseas vacation to a home renovation. What Do You Need to Watch Out For? 1) Discrepancies: The CIBIL score comes along with a credit report. This contains details of your previous or existing loan accounts. You may have a good credit history. But there could be discrepancies in your CIBIL report. This could be due to a process-related error at CIBIL’s end. Or, your existing or previous lenders may mess up the report. Checking the CIBIL score before a loan application can help you spot errors. You get the time to correct them before you apply for a loan. 2) Correction: Always take a no-objection certificate (NOC) from your lender once you close any loan. This includes a Personal Loan, too. It is useful when the lender fails to report the loan closure to CIBIL. When you notice an error in the credit report, report it to CIBIL. They have a well-defined process for correction. But this process may take some time. Identifying errors at the last moment can be a nasty surprise. So, what are you waiting for? Check your CIBIL score and then apply for a Personal Loan. Just enter all your details, choose the loan amount and tenor, and pay the processing and security fees. And if all is well, your loan can get the nod in three minutes. And note that this also for those who may not be applying for a loan any time soon.
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  • 03 Sep 2018
    Owing to their multipurpose use, a Personal Loan and a loan against property are two of the most widely availed financing options when it comes to meeting financial needs. Whether it is a wedding or debt consolidation, medical emergency or education, home renovation or business expansion, these loans can satisfy all types of monetary shortfalls. Numerous banks and NBFCs come forward to help customers address these needs by offering such loans. Furthermore, owing to a high number of lenders, each becomes engaged in a battle to provide the most attractive loans against property and Personal Loan interest rates.NBFCs also need customers to fulfill a few loans against property and Personal Loan eligibility criterions. Leading non-banking financial company further provides additional benefits like pre-approved offers. These pre-approved offers are available with Personal Loans, home loans, business loans, EMI product financing, and other financial products. Such benefits and multipurpose uses are the only two common grounds of Personal Loans and loans against property. Now, the significant differences between these two loans include: 1) Type Personal Loans are unsecured loans and are hence, collateral-free. Applicants need to have a credit score of 750 or above to avail this loan.A loan against property is a secured loan and customers have to provide an asset as collateral to the lender. Either a house or a plot, the documents of such assets will remain with the lender until the full repayment of the loan. If the customer defaults, the bank or NBFC will liquidate the property and fulfil the damages. 2) Loan amount Customers can apply for Personal Loan up to Rs. 25 lakh from NBFCs like Bajaj Finserv. On the other hand, with loans against property, one can get up to Rs. 3.5 crore. The amount that a customer avails through loans against properties will depend on the valuation of the asset. 3) Tenors Majority of the lenders offer Personal Loans with a tenor of up to 5 years. Loans against property come with the tenor of up to 20 years or more. By using a Personal Loan EMI calculator, one can check the EMIs based on the tenure and interest rates. 4) Interest rates As loans against property are secured advances, their interest rates are also lower than Personal Loans. However, as loans against property have longer tenors, the total interest paid may be considerably more compared to Personal Loans. In such situations, one can use a loan calculator to find out one’s EMIs and the total payable interest. 5) Processing time Processing time in case of loans against property is longer than Personal Loans. Usually, a bank or NBFC can process the former within 72 hours and the latter within 24 hours. A loan against property involves a more extensive processing time as lenders verify all the property documents and also give the property a physical inspection. Contrarily, financial institutions require only minimal Personal Loan documents and can even approve such loans within 5 minutes. These are the significant differences between a Personal Loan and a loan against property. Both of them offer something unique, and it solely depends on the individual which he/she wants to opt for.
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