123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

Need Immediate Funds? Here Is An Emergency Loan For You

By Author: Arwind Sharma
Total Articles: 9

Mohan, a journalist from Indore, was facing a great crisis. His mother had been hospitalised and he needed to pay a huge medical bill. His health insurance plan made a partial claim settlement, as some treatments were excluded. He needed cash to pay for everything else, and he needed it fast. His family physician then advised him to take a personal loan. Mohan heeded the doctor’s words and asked his bank about the loan. Here is what he learned:

What is a Personal Loan?

A personal loan is an unsecured loan lent by banks and financial institutions. The loan can be put to just about any kind of personal use. It could be a wedding, household repairs, a vacation, or, as in Mohan’s case, a medical emergency.


Features of a Personal Loan

A personal loan has some common features, which are as follows:

Unsecured Loans: These loans do not need any security. They are offered based on the financial profile of the borrower. The lender takes into account the borrower’s occupation, level of income, and credit score.
Instant Loans: Personal loans are the easiest to get. Banks and financial institutions approve personal loans at once without any hassle. However, you have to produce proper information and documents.
A Variety of Uses: A personal loan can be put to any kind of use. Of course, you cannot fund any speculative or gambling activities! Otherwise, you can use the loan any way you want.

How to Apply for a Personal Loan?

The Internet has the answer. Why look anywhere else? Borrowers can apply online. They have to:

Check their eligibility
Check prospective EMIs
Furnish their details
Apply for the loan

The process takes a few minutes. The loan approval comes through at once.

If you are conservative, the offline mode of loan application is also available. You can visit the bank or the financial institution’s office. Then fill in the loan application form, submit the documents required, and apply for the loan.

Personal Loan Eligibility

Individuals have to fulfill some basic Personal loan eligibility criteria


Investing / Finance Articles

1.
Download Algotrade To Enjoy Consistent Profits In Forex Trading
Author: johnsyanol

2. Applying For Guaranteed Loans With A Bad Credit History – What To Expect?
Author: Katherine Felix

3. Why You Should Refinance Your Mortgage Instead Of Getting A New One
Author: Daniel Contreras

4. Retirement Planning Companies In Richmond
Author: Danny McCarty is the author of this article

5. With Trade12: You Can Work With The Trustiest Brokers
Author: Trade12

6. Everything You Ever Wanted To Know About Cfa Level 1
Author: Sushri Panda

7. Your Forex Leverage & How To Manage It
Author: John Arnold

8. What Is A Two Wheeler Loan And How To Apply It?
Author: Neha Sharma

9. What Is A Recurring Deposit Calculator And How To Use It?
Author: Neha Sharma

10. Types Of Life Insurance Policies
Author: Neha Sharma

11. What Are The Basic Types Of Insurance Policies Available To Us?
Author: Neha Sharma

12. Do You Know What A Two Wheeler Loan Emi Calculator Is?
Author: Neha Sharma

13. Three Main Types Of Bank Loans Available In India
Author: Neha Sharma

14. Did You Know These Four Facts About Inactive Savings Bank Accounts?
Author: Neha Sharma

15. All You Need To Know About Personal Loans
Author: Neha Sharma

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: