Financial emergencies can be devastating to any family’s savings and investments if one does not navigate with caution. One of the best solutions for anyone who requires instant access to extra funds is applying for an online emergency loan, also called a personal loan. This article enlists five benefits of opting for an online loan during a financial emergency to help save your earnings from being depleted. Take a look at 5 top features of an emergency loan to understand how this loan can be helpful:
No collateral required
Unlike other categories of loans such as home loans, the borrower need not pledge any collateral while applying for a personal loan in India. This feature contributes towards expediting the procedure of sanctioning the loan by the bank and helps the borrower access funds instantly.
Comprehensive personal loan rates
Not every bank offers comprehensive personal loan interest rates, but well-known banks do. IDFC FIRST Bank for one is known to offer the industry’s best interest rates when it comes to personal loans. You can opt for a personal loan of up to ₹1 Crore with IDFC FIRST Bank at an attractive personal loan rate. This helps you save more on the EMIs (Equated Monthly Instalments) that you pay during the emergency loan’s repayment period. However, besides the interest rate offered by the bank, you must consider other features such as the efficacy of the bank’s customer service before applying for the loan.
Sanctioned instantly
Another advantage of availing a personal loan is that it is sanctioned almost instantly. Online personal loans have made this feature a lot quicker, helping customers avail personal loans from the comfort of their homes. You can opt for an instant personal loan directly through IDFC FIRST Bank’s mobile banking app.
Balance transfer facility
Personal loans offer a balance transfer facility to customers, which is very advantageous and helps customers keep their options open. You can opt to transfer the outstanding balance of all your existing personal loans to a new lender with a lower personal loan interest rate by opting for this facility. The balance transfer facility is offered by most reputed banks in India and is a facility that you must prioritise for a stress-free personal loan repayment experience.
Ability to plan for repayment
Borrowers who opt for personal loans today should plan for their repayment even before applying. Before applying for a personal loan, you must use a personal loan EMI calculator like the one offered by IDFC FIRST Bank. Doing so can help you decide on a total loan amount, compare the interest rates offered by various banks on their personal loans, and more importantly, be aware of the personal loan EMIs beforehand.
We hope these features of personal loans could help you assess their functioning and repayment procedure better. Be sure to make a note of all the features of a personal loan before applying for it.
