Emergencies come without warning. These may result in a shortfall of funds, especially during occasions such as planning a wedding, or medical emergencies. At such moments, there are two options to choose from.
You can either consume your savings to solve the emergency financial crisis or apply for a personal loan. Emergency loans can help you come out of any financial situation without dipping into your savings. Let’s find out more about how emergency loans from Fullerton India help during a financial crisis.
Benefits of Emergency Loans During a Financial Crisis:
The reasons why one should go for an emergency loan during a financial crisis are as follows:
- No restriction on the usage of an emergency loan
There are no restrictions on how to use an emergency personal loan in India. You can take an emergency personal loan to renovate your house or buy a gadget. It is entirely up to the applicant on how to use the emergency loan amount.
- Collateral-free funding during an emergency crisis
Emergency loans are a type of personal loan that can be obtained without collateral. During an emergency, quick access to funding is key. It is why emergency loans offered by Fullerton India are best during an emergency since no collateral is required for such loans.
- An emergency loan is an instant solution during a crisis
A financial crisis is a time-sensitive scenario where you need funding immediately. Y you can easily apply for an emergency loan online via the online portal of Fullerton India. Applicants can easily apply online via the website or through the Fullerton India personal loan app (for salaried applicants only). You will be instantly informed of your eligibility after submitting the online application. One of the most important eligibility criteria is your credit score – an applicant’s CIBIL score for a loan from Fullerton India must be at least 750. After final approval, you can get the funds within 24 hours*.
- An emergency loan comes with a flexible repayment structure
Fullerton India offers flexibility to customers for repaying their emergency loan amount. You can repay an emergency loan within 12 to 60 months. Thus, you can easily repay the entire loan amount in easy EMIs, without feeling any burden. It is advisable to use a personal loan EMI calculator to select a tenure so that the resulting EMI is well within your monthly budget.
How to get an emergency personal loan quickly during a crisis?
Fullerton India is among India’s reputed lenders that allow users to apply for emergency loans via its online platform. Some factors that help you get emergency loans online quickly are as follows:
- Good credit score
When applying for an emergency loan online, your credit score is cross-checked. If your credit score is healthy, you can get an emergency loan easily. However, if your credit score is low, you might not get the wanted loan amount from any NBFC. Your loan application might even be rejected if your credit score is lower than 750. You should check your CIBIL score for loan before filling out the loan application.
- Income & employment stability
You need to be working in the current company for at least the past six months and have an overall work experience of at least 1 year to be eligible for an emergency loan via Fullerton India. Cash salary applicants will not be accepted. You can increase the chances of emergency loan approval by having a stable source of income.
- Better income-to-debt ratio
Your monthly debt amount should not be more than 50% of your monthly income. If your monthly debt bills are more, it means you cannot manage to repay the emergency loan on time. If you have a good income-to-debt ratio of less than 30%, you might get an emergency loan quickly and at good terms.
You can plan your repayment by checking the EMI calculator of Fullerton India. Apply for an emergency loan to manage any urgent needs in 2022!