Emergencies do not come with prior warnings. No matter how prepared you are, they can come knocking on your door anytime. Be it an unforeseen home repair or a medical condition or replacing a home appliance, there may be endless possibilities where you may require funds at very short notice.
The only way out is to either dip into your life’s savings that can disrupt your overall financial planning such as investments and retirement. Alternatively, you may have to get emergency funding from other sources such as selling assets or borrowing from friends or family members.
However, you could also consider a personal loan.
Can a Personal Loan be used for Emergency Funding?
Getting a personal loan for an emergency is a popular way to get access to instant funds. Moreover, you can use funds from the personal loan to fulfill any purpose.
SMFG India Credit offers collateral-free personal loans for up to Rs. 25 lakhs* that give you access to immediate money to tide over unforeseen expenses and emergency expenditures. This is an instant personal loan that is unsecured in nature and comes with affordable rates of interest starting from 13%. With flexible repayment tenures ranging between 12 and 60 months, you can get prompt access to surplus money without having to risk the existing assets of your life’s savings.
With easy eligibility criteria and little or no personal loan documents needed, you can have the loan sanctioned by SMFG India Credit in a matter of days.
Must Read: Different Types of Personal Loans in India
Why Is a Personal Loan the Best Way to Get Emergency Funds?
For those who may not wish to deplete their savings account as a result of an emergency, the best way to access funds in the short term is to opt for a personal loan for an emergency. Here’s why this is the best financial solution:
- Get Immediate Funds Without Having to Sell Off Assets:
Emergencies can come in different forms. Some require little funds to tide over while a medical emergency may require a constant influx of cash. Even with family and friends helping out, it may not always be enough. This can be a source of anxiety and stress.
Using a personal loan for a medical emergency, on the other hand, will help you access immediate funds to mitigate your immediate expenses. Moreover, being a collateral-free loan, you do not need to pledge assets in order to get it approved. This means the money will be in your bank shortly after final loan approval.
You can get emergency funding for up to Rs. 30 lakhs* based on your eligibility and SMFG India Credit’s policy. You can also utilize the funds for other types of emergencies such as high ticket home renovations and more.
- Get Quick and Easy Approval:
Time is of absolute essence when an emergency strikes. Therefore, you do not want to be wasting a lot of it pursuing sources of finance that may not materialise. With SMFG India Credit hassle-free personal loan for an emergency, you will be saving a lot of your precious time whilst being able to access quick fund disbursal.
Simply check your eligibility online that takes a few minutes. This involves parameters like your age at the time of application, country of citizenship, employment information, annual income and good cibil score. Once you have met the basic required eligibility criteria, all you need to do is to make an online application and upload soft copies of the required documents such as KYC documents, Bank statements and income proof.
If you wish to check your monthly instalment amount, you may use the personal loan EMI calculator available on the SMFG India Credit website to get an accurate estimate.
- Fund Disbursal Within 24 Hours to 3 Working Days:
All the submitted documents as well as the information provided in the application form will be verified by SMFG India Credit. To help make the process even faster, it is strongly recommended to ensure that your Aadhaar and PAN are linked to your bank account and mobile number.
After successful verification checks, you will be provided the loan agreement that contains the terms and conditions of the instant personal loan. You need to sign the agreement and send it back to SMFG India Credit. The approved funds will be remitted to your bank account shortly after this step.
- Choose Flexible Tenure and Avail Favourable Terms to Repay Comfortably:
SMFG India Credit offers competitive interest rates starting from 13% per annum on personal loans. Additionally, you get a flexible tenure between 12 and 60 months to repay an emergency loan. You can select an EMI amount that fits in well with your overall financial budget without making it an additional burden on you.
Must Read: 5 Reasons Why You Should Get a Personal Loan
In Conclusion
Emergency loans from SMFG India Credit are one of the best ways to meet your need for short-term funds. With its convenient online process, easy eligibility, and minimal documentation, you can avail of the funds within a few days, a factor that plays a critical role in any emergency.
If you have any queries or questions, you can always get in touch with SMFG India Credit’s Customer Service team on their toll-free number 1800 103 6001. Alternatively, you may email them at or visit the SMFG India Credit branch near you.
* Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us
