Finance

Need Cash for an Emergency? A-Z Guide of Availing Personal Loan

Life is unexpected, which means cash emergencies can occur at any time. The COVID-19 pandemic is the biggest example of how unforeseen events can take a huge toll on our lives and our financial portfolio. This pandemic has affected everyone in many ways; facing a cash crunch more than ever, pay cuts, lay-offs, medical emergencies, etc. And to deal with such emergencies, you need to have a strong corpus to fund the same. However, not everyone has an amount stash somewhere, and in those cases, an availing personal loan can help you ride the emergency wave. 

Whether you need an urgent loan 10,000 or Rs. 1 lakh, several banks can offer you a personal loan quickly, provided you meet their eligibility requirements. Availing instant loans can help you manage your finances in a better way. The best part is that the loan amount gets credited into your bank account within a day of loan approval.

Now, you must be wondering here that how to avail of that urgent personal loan? Aren’t there any eligibility criteria I need to fulfil before applying for a personal loan? And does it come with any usage limit, or I can use the amount for anything? Well, all of your questions and more are addressed in this article. So, continue reading.

For beginners, What is a Personal Loan?

A personal loan is an all-purpose loan offered by almost every bank and financial institution to meet any of your emergency cash needs. Right from medical expenses and home renovation to debt repayments, you can use the loan amount as per your financial requirements. It is an unsecured loan wherein the borrower can avail funds without providing any security or collateral.

There are many lenders or loan apps that provide urgent loan 10,000 to Rs. 25 lakh with minimal documents and fast approval facility if you meet their requirements. 

But why a personal loan and not any other loan?

A personal loan comes with a wide range of features and benefits that make it an ideal option to meet your emergency cash needs. Here are some of them:

Quick Disbursal: If you meet the bank’s eligibility criteria and submit the required documents successfully, the personal loan amount will be easily disbursed into your bank account within 15-30 minutes only. A fast disbursal feature of a personal loan makes it one of the best solutions for all emergency funding problems.

Flexible Repayment Period: Another significant feature of a personal loan is that it gives you the flexibility to make the repayment as per your suitability, provided you choose the repayment tenure according to your payment capacity in the starting before signing the agreement. The repayment tenure usually ranges from one to five years. Thus, you can choose tenure as per your needs & finances.

No Collateral or Guarantor Required: As mentioned before, a personal loan is an unsecured loan. Thus, you don’t even need to submit any collateral to avail of it.

Minimal Documents: The documents required to avail of a personal loan are very minimal. You just need bank documents and KYC documents to avail an instant 10000 loan on aadhar card

Tax benefits: Do you know you can avail of tax benefits if the personal loan is used for certain things? One could claim tax deduction under section 24(b) for interest paid on the loan if the personal loan was used for home renovation. To avail of the deduction, the individual has to prove the actual usage of the personal loan by establishing linkage between loan amount credited in your bank and corresponding use for making payments for renovation.

What are the Eligibility Criteria for Availing 10000 Loan on Aadhar Card?

If your monthly salary is low, you should check whether you meet the lender’s minimum income eligibility criteria or not. Always keep in mind that banks and financial institutions will only consider your application if your monthly income and repayment abilities meet their requirements. However, these are not the only requirements you need to fulfil, and banks laid down other requirements as well that you need to check:

  • An individual must be a resident of India to avail of a personal loan.
  • The applicant of loan must be aged between 21-60 years when applying for a personal loan.
  • Applicant must have at least 2 years of work experience, and this is optional usually
  • The applicant must be working with a public or private organization or a multinational company (MNC). 

Documents Required to Avail Urgent Loan 10,000?

Following documents are required to avail of a personal loan:

  •     Duly filled application form
  • Identity proof where you can provide a copy of your Aadhar card, passport, driving license, or voter ID card.
  •   Address proof where you can provide a copy of your Aadhar card, passport, driving license, or voter ID card as proof of your residency.
  •     Bank statements of last 3 months
  •     Passport-sized photo that must have been taken recently
  •     Signature verification proof
  •     Form 16 as well as the latest salary slips for salaried individuals. 

How to Apply for an Instant 10000 Loan on Aadhar Card?

You can avail of instant 10000 Loan on Aadhar Card anytime and from anywhere. All you are required to do is visit the lender’s official website or mobile app of the lender, provide some of your basic details, upload the income & KYC documents, and then submit your application. If your application gets approved after the verification, you can avail of an Urgent loan 10,000 disbursed into your bank account instantly. 

Conclusion

A financial emergency in India can strike at any time, & if your monthly income is not sufficient, a personal loan in India can be your saviour in such situations. Moreover, with the advent of so many fintech apps, availing of a personal loan has become so much smoother now. If you were one of those individuals who used to ask their family and friends for credit; Then an online personal loan is a boon for those people. There is no restriction on the end usage, proper documentation by the bank; No tax implication, which makes availing 10000 Loan on Aadhar Card or any other amount very beneficial.

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