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Advice on setting up an emergency fund – a personal loan for unexpected expenses
Posted on Tuesday, August 22nd, 2023 | By IndusInd Bank
If your emergency fund falls short of meeting your needs, choose IndusInd Bank’s personal loans for emergencies to meet your urgent financial requirements. Our unsecured personal loans come with attractive interest rates and flexible repayment schedules. These loans have a 100% online application process and are instantly disbursed, providing succor in difficult circumstances.
Unexpected, urgent, and often unsettling, financial emergencies can take us by surprise. This is why it’s prudent to set up an emergency fund for achieving both financial security and peace of mind.
However, there might arise a situation in which even emergency funds fall short of meeting unexpected and immediate financial needs. At such times, personal loans can be a lifesaver – they are easy to apply for, do not require collateral, and are approved quickly.
Setting Up An Emergency Fund: Getting Started
Follow these best practices to set up an emergency fund:
- Save consistently: Each month, set aside some money that is not required for daily expenses.
- Have clear goals: Know how much you want to save for an emergency fund. This can be anywhere between 4-6 times your monthly income.
- Adjust the amount: Adjust the target amount of the fund in accordance with significant life events – higher education, marriage, or buying a vehicle or house.
- Separate and automate: Create a separate savings account to avoid dipping into this corpus of funds. Automate savings by setting up automatic transfers to your emergency fund account every month.
When to Consider a Personal Loan
While it is helpful to put away money and build a corpus of funds, the following life situations may still require you to take out a personal loan for emergencies:
- Medical situations: The steep costs of an unforeseen medical condition could well drain your savings within a short period of time. In such cases, taking out a personal loan for medical expenses can help you regain your health and peace of mind without compromising on the quality of medical care.
- Moving house & home maintenance: A personal loan can save the day whether you suddenly have to move house or take care of unforeseen damages and repair work at home.
- Higher education: Quality education can be expensive, and sometimes, you may not get enough notice. A personal loan for education can help you cover tuition fees and other expenses on time.
- Other unforeseen expenses: A personal loan for emergencies may be needed in several other situations, such as loss of job and subsequent income, a sudden death or wedding in the family, and unexpected car repairs among others.
Get Emergency Personal Loans at IndusInd Bank
Life is unpredictable. As illustrated above, a sudden situation may arise, requiring a significant sum of money that is not available to you immediately. An IndusInd personal loan can be a lifesaver in such situations for the following reasons:
- Avail loan amounts of up to INR 5 lakhs instantly to meet your financial needs, no matter what they may be.
- Get affordable personal loans at attractive interest rates.
- Choose from flexible repayment schedules that fit your budget and repayment capacity, ranging from 1-4 years.
- The application process is 100% digital with instant approval, zero physical documentation and swift disbursal, facilitating easy access to funds in an urgent situation.
- There is no stress of collateral involved, allowing you immediate and hassle-free access to funds.
To get an instant personalloan for emergency situations, visit the IndusInd Bank website and apply now!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
