Personal Loans: A backup for your emergency needs

3 MinsFebruary 10, 2020

You may have diligently saved money and built an emergency fund to deal with unforeseen expenses. But what if the money you’ve set aside falls short of your requirement? In such situations, you could consider availing a Personal Loan.

Let us see some instances where you may need to fall back on a loan despite having made provision for the expense. For instance, your car meets with an accident on the way to an official meeting and needs major repairs. Your motor insurance will not pay for it entirely and you have to pay from your pocket. Or, imagine if an elderly person in your family needs an urgent surgery. While he/ she is covered by medical insurance, the sum assured will not pay for the entire expense and you don’t have time to redeem your Fixed Deposit or Mutual Fund.

personal loans

In such cases, a quick and easy to avail of Personal Loan could be the answer to your problems. Let us see how.

24x7 Personal Loans provides easy access to money when you need it the most. You need not borrow money from friends and relatives, or exhaust your existing finances built over the years, which has been earmarked for other financial goals.

A Personal Loan is an unsecured loan; which means you do not have to mortgage your existing assets (house, car, investments, etc.). Since an emergency calls for quick action, consider 24x7 Personal Loans by Axis Bank. It offers a completely online loan application and disbursal process. Existing Axis Bank customers can get instant disbursal with zero documentation. New customers will have to undergo minimal documentation.

[Also Read: How a Personal Loan can help in debt consolidation]

For existing Axis Bank customers with a pre-qualified offer, the loan is sanctioned instantly and usually disbursed within few minutes. The application process is entirely digital and all it takes is a few clicks. You can apply through your internet banking account or Axis Mobile app. Axis Bank grants 24x7 Personal Loans anywhere between Rs. 50,000 to Rs. 15 lakh with a flexible repayment tenure ranging from 12 to 60 months. If you need a smaller amount for a shorter period, you can avail of 24x7 XS Personal Loans which offers Rs. 10,000 to Rs 1 lakh for tenures between 3 months and one year.

Here are your checkpoints to get a Personal Loan almost instantly:

  • Maintain a healthy credit score (higher the credit score – 760* and above - the better it is)
  • Do not submit multiple loan applications (it can weigh on your credit score)
  • Make sure you have not availed a Personal Loan in the last six months (it does not depict a very healthy picture of your finances)
  • Make sure your EMIs do not exceed 40-50% of your net take-home pay
  • Avoid creating a credit card debt (use a credit card with discipline and pay all your dues on time)
  • Maintain a fair balance between secured and unsecured loans (since it weighs on your credit score)

Axis Bank does not charge any penalty for part-payment or early closure of the loan. So, you have the option to close it before the tenure. Use Axis Bank’s Personal Loan EMI calculator to know how much the EMI on your loan would be.

*CIBIL Score

Disclaimer: This article has been authored by PersonalFN, a Mumbai based Financial Planning and Mutual Fund research firm. Axis Bank doesn't influence any views of the author in any way. Axis Bank & PersonalFN shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information of this article. Please consult your financial advisor before making any financial decision.