It is a goal for every millennial to achieve financial wellness on their own. However, the increasing costs of living don’t allow the modern generation to achieve this goal. Hence, many times, they are often left helpless in the face of an immediate medical emergency. But now they can breathe with a sigh of relief; after all, there are a ton of new-age financial institutions that provide capital assistance in the form of an emergency personal loan in India.
You can easily apply for this financial assistance through the traditional methods or by making use of modern means. Further, the interest rates charged by the new-age banks and NBFCs (non-banking financial companies) are way lower than the ones given out by the traditional financiers and loan sharks.
Other than that, there are a plethora of other benefits of opting for a small amount personal loan in India, and a few of them are here as follows:
- Other than covering the sudden medical emergencies; you can make use of the loan amount for a variety of other reasons. You can purchase a new gadget, consolidate your existing credit card bills, or even fund your last-minute trips.
- An emergency personal loan in India is offered by the financial institutions without asking for any sort of collateral. Meaning, you don’t have to keep any of your property or funds with the financial institutions as collateral, in order to obtain financial assistance. Therefore, even the documentation of a personal loan is extremely quick as you just have to submit a few documents such as your salary slips, KYC documents, proof of residence, etc.
- The new-age financial institutions offer the applicants with a flexible repayment option. Therefore, you can easily plan out and repay your borrowed sum in the form of EMIs (equated monthly instalments) over a certain period of time. Further, the financial institutions determine your EMIs on the basis of the principal borrowed amount, interest rates charged and your repayment tenure.
- The financial institutions even provide you with an EMI calculator on their online websites for free-of-cost. Therefore, you can easily make use of this online tool to compute your emergency personal loan amount from the comfort of your home or office. These tools have an extremely user-friendly interface; thus, any person can make use of it, without having any sort of prior knowledge.
- Further, there are a ton of new-age financial institutions providing personal loans; thus, you can easily reduce your interest rates through comparison. You can either choose to compare on the online websites of the financial institutions’ or make use of the aggregator sites.
- Comparison of personal loans will not only give you an insight into the functioning of a bank or NBFC but will also help you find the best financial institution for you.
Thus, these are the various reasons why opting for a small amount personal loan can prove to be a wise choice. Hope this article will help resolve all your doubts.
Good luck and all the best!