An emergency situation not only disrupts your peace of mind but also your finances. An unpredictable event takes your finances for a hit, leaving you in urgent need of funds. At such times, your search for emergency loan online can end with Upwards. Helping you battle emergency situations, Upwards offers you loans ranging between INR 20,000- INR 2, 00,000.
What is an Emergency Loan?
An emergency loan is a loan you can avail to resolve your financial crunch. This is an unsecured personal loan that does not require any collateral and can be used for catering to any type of personal emergency situations. Paying off medical bills, education bills or even wedding expenses, when financial expenses come uninvited, you can resort to availing an emergency loan.
If you are looking for an emergency loan in India, you do not have to go far. Personal loans are loaded with benefits that are perfect for financial emergencies.
Benefits of Availing Emergency Loan
- Use the funds for handling emergency situations that require financial assistance.
- You don’t have to liquidate your investments
- Get funds on the go
- Competitive interest rates
Eligibility Criteria
The following are the eligibility criteria to avail Emergency Loans
- You must have a monthly income of at least Rs. 13,500.
- Your income must get credited directly to a bank account.
- A minimum CIBIL score of 600 or Experian score of 650.
- Your age must be between 21 to 57 years.
Features and Benefits Emergency Loan
Get through any stage of your health journey with our medical loan that can help you cover a wide variety of medical needs. Other benefits of using personal loan for medical emergencies are:
- Apply for a personal loan online and avail funds instantly for your medical emergencies
- We offer a personal loan amount ranging from Rs.50,000 up to Rs.25 lakhs
- Avail the personal loan amount with minimal paperwork and fast customer service
- Enjoy quick disbursal of the loan to avoid delays in emergency situations
- You can use the personal loan amount for any medical emergencies or treatments
- Get an attractive personal loan interest rate
Documentation Requirement Emergency Personal Loan
Identity Proof
PAN Card – This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any 1 of the officially valid documents given below will suffice)
- Aadhaar Card
- Valid Indian Passport
- Valid Voter ID
- Valid Driver’s License
Address Proof
Any 1 of the following
- Aadhaar Card
- Valid Indian Passport
- Valid Voter ID
- Valid Driver’s License
- Utility Bills (Electricity, Water, Gas) dated within the last 60 days
Income Proof
Salaried Applicants – Last 3 months’ bank statements of your salary account in PDF format showing salary credits
OR
Self-Employed Applicants – Last 3 months’ bank statements in PDF format if you are self-employed
Quick Loan Options during Medical Emergency
1. Preapproved Instant Personal Loans
Based on credit history and banking relationship many lenders, both banks and non-banks, offer pre-approved loans to limited number of customers.
While disbursals of personal loans take between 2-5 days of making loan applications, pre-approved personal loans offered by banks and NBFCs can have near instant disbursals. Many banks have developed capacity for end-to-end digital processing of their personal loan applications. This has allowed these financial institutions to speed up their personal loan evaluation and disbursal processes.
2. COVID special Personal Loan
Many banks have started offering special personal loans to those have been infected with Covid-19. Banks like SBI, PNB, Bank of India and Union Bank of India have launched such loans at competitive interest rates and could be good options for eligible borrowers.
3. Loan against FDs
There are many investors who would have locked long term FDs at a higher rate and if they go for liquidating these FDs they will lose on interest and pay a premature withdrawal penalty. Instead, if you have a bank FD locked at a good interest rate it is better for you to take a loan against it which will come at a much lower rate. For instance, if your bank FD is earning 7% interest you can easily get a loan at 8% from the bank.
4. EPF Advance
You can get a non-refundable advance on your Employees’ Provident Fund (EPF) corpus for up to your 3 months basic salary (including DA) or 75% of total credit balance against your EPF contributions, whichever is less. Though the EPF has a window of 20 days to disburse the advance, automation has helped in disbursal of the advances within 3 days.
5. Gold Loan
Those who cannot avail personal loans can pledge their gold jewellery or existing long term investments to raise finance for medical emergencies. While gold loans are usually disbursed within the same day, the disbursal of loan against securities usually takes longer.
Why Omozing?
- We get our customers the right personal loans for their needs.
- Easy and quick process of applying for funding.
- Our process is digital, saving you from wasting time and effort going from one lender to another.
- We tell you upfront what documentation you will need to provide for the personal loan, and we collect all the documents in one go.
- If you’re not eligible for a loan today, we’ll tell you why and what to do to become eligible in the future!
- We have helped customers to get loans in 2 working days.
- Maximum loan amount approval.