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Personal Loans: A backup for your emergency needs
Posted on Thursday, October 6th, 2022 | By IndusInd Bank
It ever so happens; life throws us off our feet, and the next thing we know is that we’re left with a home repair situation, a medical urgency, an unexpected rise in school fees, or more. These are some of the things that need your immediate attention.
If you have a home, you need to bear the repair expenses. Depending on the situation, the nature of the emergency can exhaust your savings. There are two popular ways in which you can dip to cover the unexpected expense – an emergency fund or apersonal loan. Which option you choose will largely depend upon how much you need exactly as instant cash without taking on additional stress. With the right bank, an online personal loan can provide the much-needed cushion to deal with a crisis. So, how does it help?
Unsecured Loan:
Applying for an instant personal loan can increase your purchasing power as you don’t have to put up any collateral for it. This is a major advantage as you can get cash instantly, and it is helpful when you need to make a payment the next day. You can have cash at your disposal without worrying about arranging for collateral.
Medical Emergency:
All of us realised the importance of health during the ongoing pandemic. While many of us had the necessary health coverage, a lot didn’t, and there were many whose health cover maxed out, and they had to run pillar to post to secure additional funding to save a loved one. Be that as it may, in the face of an urgent medical emergency, the best solution is to secure a personal loan for medical expenses online with a low-interest rate. You can find affordable interest rates for a personal loan here. You can repay your loan in easy installments as per your choice of tenure so that you can focus on things that need your attention the most.
Overshooting a Budget:
Most of us plan for a wedding well in advance. It makes sense to have a budget in mind and not spend excessively. However, during the festivities, there may be situations where you have to invite more guests or change the menu or décor or even book a few additional rooms. If you are cash-strapped and need immediate funds without worrying about collateral, then availing of a personal loan is your next best choice.
Speed:
Whenever you have an unforeseen situation, you may have to pay for it right away. Depending on the bank, you can apply for a personal loan online after assessing your eligibility criteria. You can also assess your EMIs by using a personal loan calculator. Once your application is processed online, you can get funds instantly in a matter of a day or two.
Affordability:
When you compare taking personal loans for emergencies to that of borrowing from a friend or family, or even a loan shark, you will find that they carry a lower interest rate. With a bank, there is instant support, transparency, and a sense of relief that you will get funds on time.
In a perfect world, we’d have control and power over everything. However, life is all about constant changes. A perfect life is just a call away from a new accident or an unfortunate medical diagnosis, etc. So, it is a wise decision to know about all the options you can avail without worrying yourself excessively.
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.
