Emergency Loans

Frequently asked questions

• What factors will affect my approval of an emergency loan? >

  Factors like credit score, employment status, repayment capability, and income-to-debt ratio will determine the successful approval of your emergency loan application.

• How can I reduce the burden on EMIs on my emergency loans? >

  To reduce the burden on EMIs, you should go for longer loan tenures but remember, in the longer run, you will end up paying more interest overall.

• For what purpose are emergency loans used? >

  Emergency loans can be taken and used for any unforeseen and immediate financial difficult times like medical bills, education expenses, or any other personal reason.

• How much time does it take for the approval of emergency loans? >

  Emergency loans are approved and disbursed quickly as compared to other loans so that the applicant doesn’t have to worry much for the funds in difficult times. The approval time varies from lender to lender but it is generally done within a few hours to a days time.

• Is taking emergency loans safe? >

  During emergency or difficult situations, getting this doubt in mind is very common for a borrower. Reputable and esteemed lenders follow all regulations and guidelines to ensure that the borrower’s information is not compromised at any cost and as a borrower, one must do a through research about the lender and their policies to avoid getting in scams and malpractices associated with lending.

• Can I get emergency loans with a low credit score? >

  It is challenging to get an emergency loan at favourable terms with a low credit score. Lenders might give you a smaller amount of loan or charge a higher rate of interest from you in case you have a low credit score.

• Can pensioners apply for emergency loans? >

  Absolutely, many lenders provide emergency loans to pensioners who will have to provide proof of pension income and meet other eligibility criteria.

• How much is the processing fee on emergency loans? >

  Processing fee varies from lender to lender and is typically 1% to 5% of the loan amount.

• Can I get an emergency loan to consolidate my other debts? >

  Yes, you can get an emergency and use it to consolidate your other high-interest debts. This will simplify your payments and help you save some money on overall interest.

• What fees are associated with emergency loans? >

  Usually fees like processing fees, pre-closure charges, late payment fees, etc come with emergency loans. To have a clear understanding of all the fees which come with your emergency loan, check the terms and conditions stated by the lender properly. These are mentioned in fine print in most cases.