Emergency Loan

Even if you have the most failsafe financial plan in place, there may be some situations that you simply cannot foresee. You may have an emergency fund to deal with such contingencies, but in some cases, your emergency fund may deplete soon, leaving you with many bills to pay. For such unexpected needs, you can always avail an emergency loan.

This is a kind of personal loan that you can rely on to fund unforeseen costs like a major home repair after a natural disaster or a sudden medical emergency involving yourself or a member in your family. With an emergency personal loan, you can ensure that your financial needs are easily met. 

Features and Benefits of Emergency Loan

When you avail an emergency loan on Bajaj Markets, you get to enjoy many beneficial features. Here are the top features and benefits of this kind of a loan.

• High Loan Amount: On Bajaj Markets, you can avail emergency personal loans up to Rs. 50 Lakhs, without any restrictions on end usage. This makes it easier to take care of financial contingencies.

• No Hidden Charges: All the terms and conditions of your loan are mentioned upfront, so you don’t have to worry about any hidden charges.

• Minimal Documentation: The documents needed to apply for an emergency loan online are also very limited. So, you don’t have to be burdened with excess paperwork.

• Flexible Repayment Tenure: You can repay your loan at your convenience by choosing a tenure that is comfortable for you, ranging up to 5 years.

• No Collateral: Since these loans are unsecured borrowings, you need not worry about offering a collateral as security when you borrow funds.

• Easy Online Application: Above all, you can easily apply for an emergency loan online, with just a few simple steps. The whole process is easy and hassle-free.

Interest and Charges for Emergency Loan 

Depending on the emergency loan provider you opt for, the rate of interest and the associated charges can vary. Here is a preview of the interest rates and processing fees for some of the loans available on Bajaj Markets. 

Disclaimer: Current interest rates shown are indicative of market conditions and individual qualifications and will vary based on your lock-in period, loan type, credit score, purpose, and loan to value ratio.

Eligibility for Emergency Personal Loan

To be eligible for an emergency loan online, you need to fulfil a few basic eligibility criteria. Check them out below.

• You should be an Indian national 

• You should be aged 21 or above

• You need to be a salaried or a self-employed individual

• Your net monthly income should be at least Rs. 15,000

• You should have a work experience of 2 to 3 years

• Your credit score should be 600 or above

Documents Required for Emergency Loan

To apply for personal loan online, you need to submit the following documents as a part of the process. 

• Proof of identity like PAN, Aadhaar card, voter’s ID, passport or driving licence

• Proof of residence like voter’s ID, Aadhaar card, passport, driving licence, electricity bill, telephone bill etc.

• Proof of income like your bank statement or salary slips of the previous three months 

• 2 passport size photographs of the applicant

Things to Consider Before Applying for Emergency Loans

Before you apply for an urgent emergency loan online, you need to keep some important things in mind. Here are some key things you should consider. 

• Interest Rate: Check the interest rates and compare your options before you apply for a loan from a specific lender. That way, you can find and take advantage of the best interest rates.

• Terms and Conditions: Also look at the terms and conditions of the loan, like the foreclosure policy and the repayment tenure, among other things.

• Fees and Charges: There may be other fees and charges associated with your emergency personal loan, like processing charges and prepayment fees. Get to know these details before you apply.

• Eligibility Criteria: Lastly, check the eligibility criteria and make sure you qualify for the loan. This makes the application process much easier and quicker.

How to Apply for Emergency Loan Online?

Applying for an emergency loan on Bajaj Markets takes very little time. All you need to do is follow the steps outlined below.

• Step 1: Visit the Bajaj Markets website.

• Step 2: Enter your personal and professional details in the application form online. 

• Step 3: Choose the lender from whom you wish to avail your loan. Select the amount of loan you wish to borrow and enter the loan tenure to get instant approval online.

• Step 4: Submit the application form and the required verification documents.

• Step 5: After your application is approved, the amount will be disbursed to your bank account.