India’s financial infrastructure has grown exponentially in the last five years, penetrating tier 2 and 3 cities. The unprecedented birth of fintechs in the country has contributed significantly to this growth as it brought to market financial products and services that bridged a crucial demand-supply gap, while enabling societal development. Some of these include digital lending, online B2B payment solutions, diversified investment and online insurance – offerings that have been instrumental in bailing segments of the population out of a financial emergency.
Be it an unexpected medical bill, house/ car repair or travel, these unforeseen expenditures can make one feel helpless when financially strapped. Amid such a situation, opting for an emergency loan can be one of the best ways to get through tough times. This blog explores the nitty-gritty of emergency loans – when and how to opt for them and why KreditBee might just be the ideal choice.
But first, what is an emergency loan?
To put it simply, an emergency loan is a type of personal loan that can be quickly and easily availed in times of urgent needs. It serves as a financial lifeline when funds are not readily available for unaccounted expenses. Emergency loans by fintechs have been designed to provide consumers quick access to cash to ease the stress of waiting. Downloading an emergency loan app and submitting the necessary documentation is, at most, the entire procedure, seamless and hassle-free!
How to quickly get an emergency loan?
When in a financial emergency, time is of the essence! Digital lenders and other fintechs have made this process easier by disbursing loans within hours or 2-3 days from verification of documents. To access an emergency loan quickly, here’s what needs to be done:
- Assess the situation: It’s crucial to determine the exact amount needed to cover emergency and related expenses as it will help avoid borrowing more than necessary.
- Identify genuine lenders: Research about RBI-licensed lenders that offer such loans and have verified reviews on its platform where they offer emergency loans . RBI authorized digital lenders like KreditBee often provide a quick and hassle-free application process.
- Collate required documents: To streamline the application process, keep documents of proof of income, identification, and other banking information ready for quick submission.
- Apply online: With lenders like KreditBee, one can apply for an emergency loan online or on their loan app from the comfort of one’s home. The entire application process is typically straightforward and can be completed in minutes.
- Approval and disbursement: Once the loan is approved, the funds are usually disbursed quickly, sometimes within hours.
Why choose KreditBee for an emergency loan?
A leading fintech company in India, KreditBee offers instant personal loans up to Rs. 4 lakh for various financial emergencies. The process of applying for a loan with them is simple and hassle-free. Here are the steps:
- Download the KreditBee loan app from Google Play Store and register with one’s mobile number
- Complete e-KYC verification by sharing photo ID, Aadhaar card, PAN card and bank statements
- Choose the loan amount and tenure that is suitable, and submit the application
- Get the loan amount credited to the bank account within 10 minutes
KreditBee’s emergency loan service has many benefits, making it an ideal choice for borrowers in a financial emergency. Some of the key features are:
- No collateral or guarantor is required
- Flexible repayment options ranging from 2 months to 36 months
- Affordable interest rates starting from 1.02% per month
- Hassle-free documentation and paperless process
- High approval rate and fast disbursal
- 24/7 customer support and easy access to loan details
- Transparent terms and conditions with no hidden costs
KreditBee’s personal loan service can help overcome any financial emergency. Whether needed for medical emergencies, home repairs, education, travel, wedding preparations, or any other personal reason, this digital lender is an excellent choice for securing emergency loans. Today, in times of financial crisis, help is just a few clicks away!