🔑 Key Features
| Feature | Description |
|---|---|
| Loan Type | Unsecured Personal Loan |
| Loan Amount | ₹10,000 to ₹10,00,000+ (depending on lender & income) |
| Interest Rate | 10% to 24% per annum (based on credit score & urgency) |
| Repayment Tenure | 3 to 60 months |
| Approval Time | As fast as 30 minutes to 24 hours |
| Collateral | Not required |
🆘 When Should You Use an Emergency Loan?
🏥 Medical emergencies (surgery, ICU, hospitalization)
🛫 Urgent travel (funerals, family emergencies)
🛠️ Home or car repair (fire, flood, breakdowns)
🏚️ Natural disasters (floods, earthquakes, etc.)
👨👩👧👦 Family crisis (urgent cash for dependents)
🏦 Salary delay or temporary cash flow issues
✅ Benefits
💰 Instant liquidity in tough times
⏱️ Fast processing and disbursal
📝 Minimal documentation
🚫 No need to sell assets or borrow from friends/family
🔁 Flexible repayment options
Apply Loan
🧾 Basic Eligibility & Documents
| Requirement | Details |
|---|---|
| Age | 21 to 60 years |
| Employment | Salaried or self-employed |
| Documents | Aadhaar, PAN, income proof, bank statement |
| Credit Score | 650+ (better score = faster approval, lower rate) |
⚠️ Points to Consider
| Concern | Why It Matters |
|---|---|
| Higher interest | Emergency loans may be costlier than regular loans |
| Short tenure | EMIs can be higher due to short repayment window |
| Credit impact | Missed payments hurt credit score |
| Hidden charges | Check for processing fees, prepayment penalties, etc. |
💡 Example
You face a medical emergency and need ₹2,00,000.
Lender offers it at 13% p.a. for 2 years.
EMI = ~₹9,500/month.
You get the loan disbursed in under 4 hours.
🔁 Emergency Loan vs Credit Card vs Gold Loan
| Option | Approval Time | Interest Rate | Collateral | Flexibility |
|---|---|---|---|---|
| Emergency Loan | Fast (hours) | 10–24% | ❌ | High |
| Credit Card | Instant | 36–45% if unpaid | ❌ | Limited |
| Gold Loan | 30–60 mins | 8–12% | ✅ (gold) | Moderate |
👥 Who Should Consider It?
Salaried individuals facing sudden expenses
Self-employed people with irregular income
Anyone without savings or emergency fund
Those needing fast, no-questions-asked funding