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Personal Loan for Emergency

An unsecured personal loan can act as an emergency loan, which can fund unexpected situations. They are typically swift, with deposits arriving within a day or two of loan approval. Some lenders fund emergency personal loans the same day you apply. You will not have to submit any collateral to acquire an emergency personal loan, because they are usually unsecured.

Some lenders offer secured personal emergency loans online, which require borrowers to set aside resources to borrow money, such as home equity and savings account deposits. Because personal loan requirements differ from one lender to another, weigh each alternative individually.

When considering lenders, evaluate how much you need to borrow, the fees, the minimum credit score, and income restrictions. For the quickest results, try to avail of an emergency loan online. These loans can be used as emergency medical loans when urgent money is needed.

Features

You can apply for a personal loan for emergencies whenever you need money urgently. However, ensure you check the bank's emergency loans interest rates before applying for emergency loans online. A personal loan for emergency comes with the following features and benefits:

Eligibility

Who Can Apply

For salaried individuals:

  • Minimum age: 23 years
  • Maximum age: at the time of loan maturity - 60 years or retirement, whichever comes first

For Self-employed Individuals:

  • The business must have been in existence for a minimum period of 3 years
  • Minimum age: 25 years
  • Maximum age: 65 years at the time of loan maturity

Documentation

After checking your eligibility and comparing the emergency loan interest rates offered by the various banks, you can apply to the bank of your choice by submitting the following documents online:

  • Valid KYC (PAN card, Aadhaar card, passport, driver’s license, and so on)
  • 3 months’ bank statement
  • Net Banking or Debit Card details to set up e-Mandate
  • E-Sign/E-stamp for faster disbursal

Emergency Loan Online

How to apply for Emergency Loans?

The process of applying for emergency loans is simple. With IDFC FIRST Bank, the loan application process is completely online. Begin by checking the eligibility criteria and see if you fit the bill. If you do, you can apply for a loan. To apply for an emergency loan, follow these steps:

Personal Loan - Interest rates and Charges for Emergencies

Personal loan interest rates and other charges, as offered by IDFC FIRST Bank in emergencies loans, are as follows:

  • • Interest rates starting at 10.49%
  • • Processing fees of up to 3.5% will be deducted from the loan amount at the time of disbursal.
  • • EMI bounce charges: ₹400
  • • Repayment instrument swap charges: ₹500
  • • Statement of Account (Ad hoc/Duplicate): ₹500
  • • Duplicate No Objection certificate/No Dues Certificate: ₹500

emergency loan

FREQUENTLY ASKED QUESTIONS

What is an emergency loan?

An emergency loan is a loan that you can use to get out of a financial bind. It is an unsecured personal loan that does not need any form of security and can be utilised to cover a variety of personal emergencies. When unexpected financial costs arise, such as medical bills, tuition expenditures, or even wedding expenses, you can take out an emergency loan.

What are the eligibility criteria for an emergency loan?

The eligibility criteria for an emergency loan with IDFC FIRST Bank is:

For salaried individuals:

  • • Minimum age: 23 years
  • • Maximum age: at the time of loan maturity - 60 years or retirement, whichever comes first.

For self-employed individuals:

  • • The business must have been in existence for a minimum period of 3 years.
  • • Minimum age: 25 years
  • • Maximum age: 65 years at the time of loan maturity.

What are the uses of emergency loans?

An emergency loan can be used if an unprecedented expenditure comes up. It can come in the form of a medical emergency, a wedding, and sudden home repairs. There is no restriction on how you use the loan amount.

How much loan amount can I take for an emergency loan?

You can get an emergency loan of up to ₹40 lakhs with IDFC FIRST Bank. The amount sanctioned will be dependent on your credit score and if you fulfil all the eligibility criteria.

How do I get emergency money?

You can avail of emergency loans to fund unplanned expenses. Download the IDFC FIRST Bank app and apply for a personal loan. Post verification, you should have the loan amount in your account within 24 hours.

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