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Tata Capital > Blog > Personal Use Loan > Why a Personal Loan is Known as a Loan for Emergency Needs

Personal Use Loan

Why a Personal Loan is Known as a Loan for Emergency Needs

Why a Personal Loan is Known as a Loan for Emergency Needs

No matter how well you plan for life, there are bound to be uncertainties along the way. You may have sought guidance from financial advisors, professional investors, parents, and even your colleagues to cover your portfolio with well-thought-of savings, insurance policies, and strategic investments. However, despite calculated planning, an emergency can strike anytime. And when it does, one of the best tools to deal with it is a personal loan. 

How does a personal loan help in emergencies?

This type of loan has many benefits and features that make them suitable for dealing with unforeseen circumstances. Here are some reasons why this type of loan is also known as one for emergency needs:

  1. Covers multiple expenses: The most effective feature of a personal loan is that it can be used to cover varied kinds of urgent costs. Whether you are facing a health crisis or the urge to travel to a beautiful destination with friends, this loan from Tata Capital takes care of everything.
  2. Simple procedures: An emergency arrives unannounced. Therefore, it is essential to look for an easily accessible solution. A loan for personal use is just the solution. With overdraft facilities, faster approvals, long tenures, and attractive personal loan interest rates, there can be no better alternative in your hour of need.
  3. Quick application process: Time plays a crucial role in a financial emergency. Whether it is a wedding or a medical emergency, time can be one of the vital factors in desperate situations. This type of loan can be approved instantly. Personal loan eligibility requirements are also relatively simple and straightforward. For instance, Tata Capital requires you to submit only three basic documents:
    • Salary slips of the last three months
    • Bank statements for the previous three months
    • Identity and address proof

      Also, it only takes up to 72 hours for the money to be credited into your account after you have submitted all the necessary documents.
  4. Ample funds: You can get a loan between Rs.75,000 and Rs 25,00,000 at attractive interest rates.
  5. No collateral: A personal loan is an unsecured loan that does not require collateral. This makes it a convenient and practical option when dealing with emergencies. This loan offers other advantages as well. For example, an ideal credit score of 750 can help you get a loan, but if your CIBIL score is low, you can apply for a loan with a co-applicant, such as your spouse or a parent.

Conclusion 

A personal loan is a useful tool to meet unexpected expenses. The loan tenure and equated monthly instalments or EMIs are also flexible. You, hence, do not feel the pressure of a debt lingering over your head. These loans can cover several urgent situations and help you in times of need.  If you are facing a financial emergency, you can check out Tata Capital’s multipurpose loan that comes with many attractive benefits.

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