Emergency Loans in India – Interest Rates and How to Apply for Urgent Loans
Any unforeseen situation, like sudden medical needs, an urgent requirement for new equipment in the business, or other such events disturb the peace of mind and mark a dent in your financial stability. In such situations, the emergency personal loan can aid you in sailing effortlessly through tough times.
Read on to know about Emergency Loans in India, how to apply, benefits and eligibility criteria. Read on!
What is an Emergency Loan?
An emergency loan is basically an unsecured personal loan that you can use to meet urgent financial requirements. You can use an emergency loan to pump additional funds into your business, mitigate cash crunch during a wedding, and meet medical expenses, to name a few.
An emergency loan from Navi can help you sail through tough financial circumstances without letting go of your investments and assets. Also, since emergency loans are personal loans, you don’t need collateral or a guarantor while applying.
| Interest Rate | 9.9% p.a. |
| Processing Fee | 3.99% to 6% of the loan amount + GST |
| Foreclosure Fee | Nil |
Simple Steps to Apply for Emergency Loan
You can follow these steps to apply for an emergency personal loan:
- Step 1
Visit the lender’s website or app
- Step 2
Select the loan amount, tenure and interest rate
- Step 3
Fill in your basic details like name, age, address, marital status, employment details, income details, and others
- Step 4
Complete your eKYC with PAN and Aadhaar
- Step 5
Submit any other documents, if required
- Step 6
Click Apply
- Step 7
If you’re eligible, you can get the desired amount disbursed into your account
With Navi, the application process for a personal loan is much simpler. All you need to do is register and complete the KYC. Navi will check your credit score, eligibility and repayment capacity and will show you the amount you’re eligible for. If you’re satisfied with the amount, you can proceed to the final step to get the loan disbursed into your account.
There are numerous benefits of availing of an emergency loan online through Navi, like:
- Truly paperless: You don’t need to submit any document while applying for an urgent loan at Navi. To apply for an emergency loan online through the Navi app, fill in your PAN number, and Aadhaar Card number, and take a selfie.
- Hassle-free transaction: Once you submit the loan application and it is processed, the amount will directly be disbursed into the bank account that you have furnished. The EMI amount will also be deducted from the same bank account monthly.
- EMI calculator: We also offer an online loan EMI calculator that you can use for the calculation of your net EMI amount that you need to pay every month. You can customize the loan amount and the tenure as per your requirement. Check out our EMI calculator for the assessment of your EMI.
Also Read
Accidents or malicious events don’t occur with a prior warning. Imagine a situation where one of your family members has met with an accident or one of the machines at your business has suddenly broken down; the emergency loan from Navi will come in handy in those unprecedented times. Here are a few key differentiators of Navi that might persuade you to consider us for the online cash loan:
- Need-specific loan amount: We offer loan amounts that are well-equipped to meet your urgent financial needs. At Navi, you can avail of an emergency loan ranging between Rs. 100 to Rs. 500,000 or even higher.
- AI-based eligibility check: We make sure that the urgent loans are approved in almost no time. Leveraging AI technology, your loans are processed in real-time, and the amount is credited to your bank account instantly.
- Flexible repayment: We provide ample time to the borrower for hassle-free settlement of the loan amount. You can choose the monthly EMI and time duration ranging up to 36 months to repay the urgent personal loans with Navi.
- High availability: You can secure an emergency loan at any time as per your need, and since the loan amount is comparatively low, it will be available to you in under 10 minutes.
- Loan without collaterals: The urgent loans are unsecured loans, and you don’t need any collateral for that. There is no requirement for any guarantee as well for borrowing the emergency loans.
Age Criteria | For availing of an urgent loan at Navi, you must be at least 18 years of age. The age criteria might vary as per the lender’s requirements. The maximum age limit is 65 years. |
Occupation Eligibility | One needs to be either a salaried employee or self-employed for availing of the urgent loans. |
Income Criteria | It is totally up to the demands of the lender. |
Credit Score | Any score above 650 is enough for a borrower to secure an emergency loan for the Navi. |
Documents Required to Apply for an Emergency Loan
To avail of an emergency loan, you need the following documents:
1. For Salaried
- Address proof – Driving license, Voter ID, ration card, etc
- ID proof – Aadhaar card, PAN card, voter ID, etc
- Income proof – Last 3 months’ salary slips
- Passport-size photographs
2. For Self-employed
- Address proof – Driving license, Voter ID, ration card, etc
- ID proof – Aadhaar card, PAN card, voter ID, etc
- Last 6 months’ bank statements
- Last year’s ITR
- Business proof (if applicable)
- Passport-size photographs
However, with Navi, you only need to complete your KYC verification with your Aadhaar and PAN card to avail of a personal loan.
Final Word
A personal loan during an emergency situation is helpful and reduces financial stress. If you need an emergency loan, a personal loan is a viable option. For a hassle-free and paperless process, install Navi App and get your loan approved instantly.
FAQs
Ans: It is a type of unsecured personal loan that one can avail of to pay his/her emergency expenses. These loans are processed quickly within a day or two. With some lenders like Navi, you can get the loan amount within 20 minutes.
Ans: If your credit score is below 600, your loan application can get rejected. However, some lenders do offer personal loans to individuals with a bad credit score. Usually, in such cases, the interest rates are on the higher side. Hence, it’s always advised to maintain a healthy credit score, preferably above 750, at all times. That way, you can also get better deals on interest rates on your emergency loan.
Ans: This depends on your lender. However, with Navi, you can get an emergency loan within 20 minutes, provided you’re eligible for a loan. With some lenders, loan disbursals can take up to 3-4 days.
Ans: You can get loans ranging from Rs.10,000 to Rs.20 lakh or more with emergency loans. However, the final amount is decided by the lender based on several parameters like repayment capacity, monthly income and employment status, to name a few. With Navi, you can get personal loans up to Rs.20 lakh.
Ans: Other than interest rates, the lender may charge a processing fee upfront during loan disbursal. This fee varies based on the concerned lender’s terms and conditions. Also, in case you want to foreclose a loan before the scheduled tenure, certain lenders may charge a loan foreclosure fee. However, Navi doesn’t impose any loan foreclosure fee.
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