How to take personal loans in emergency

by Finway FSC Empowering People Financially

Personal loans are needed by people for a variety of reasons. A personal loan is an unsecured loan without any security attached to it. It is provided on basis of criteria such as employment history and salary. Credit score is also an important factor. In case of emergency personal loan providers in Delhi will always provide loans on easy terms and very quickly.

Why do you need a loan?

Emergencies happen without any announcement. Sometimes it is required to get large cash amounts. It may be due to some sort of unknown medical reason or repair of home or even a marriage. Now many loan providers operate in India. Good financial advisor in Delhi will always advice that you take an emergency loan only if you really require it.

However everyone cannot avail loan from a large bank in a day or two. Such organizations do not always disburse loans quickly. That is why Instant Cash Loans Online has become so popular in recent years. All that one has to do is login to the website of the loan provider and fill in few details. Within a day a loan executive will call back.

Loan amount criteria

The actual loan amount would depend on the income of the applicant. Personal loans are usually paid back within 1 – 4 years. There are several factors on which loan depends –

· Age – The age of the applicant cannot be usually less than 25 or more than 60. Only adults of working age can avail a personal loan.

· Income – This is a very important criteria since it determines the capacity to pay back. Usually minimum salary should be INR 30,000 to 40,000 per month to receive a personal loan. In case a person is self employed it is higher.

· Credit Rating – The applicant’s credit rating has to be in region of 700 to 750 in order to receive a personal loan. In India a CIBIL score of 750 is considered a good credit score.

· Work experience – An applicant must have at least 2 years experience in the sector he is working in. They must have a steady job or regular source of income.

Since an instant personal loan is not a secured loan it is risky. That is why instant personal loans carry high interest rate between 20 and 30%. This makes personal loans very expensive to bear and one must be careful of how it is utilized.