Ajay Goel is a start-up employee, who has finally found his calling in digital marketing after a small stint as a software engineer in an MNC in Bangalore. He was euphoric with the current job and package, which he had found after a lot of struggle. He thought nothing can go wrong any more, not knowing that he was literally baiting the Murphy’s Law. An unanticipated medical emergency!
Now where can he arrange money quickly to rush through the hospital formalities? Personal Loan was Ajay’s best bet as secured loans were out of question.
Imagine living a planned life within means and sans borrowing! It would be great indeed. Unfortunately life doesn’t work like that and has a way of springing pleasant and sometimes not-so-pleasant surprises on you. Even the financially disciplined ones who diligently puts away some money in emergency fund every month without fail face this, though they do not fall as hard as the ones who never bothered. Quick emergency loans in Bangalore is a happy reality today.
Traditional unsecured loans follow a strict documentation procedure due to obvious reasons. And when you are dealing with an unexpected contingency like a medical emergency or something that needs to be paid in one or two days, you may not be in a position to run behind loan agents/managers. Many are not aware of Fintech companies in the Garden City that specialize in bridging the gap and make it easier for loan seekers to get up to INR 5 lacs credited to their accounts in 24 hours.
Here are 3 Scenarios When Emergency Loans Make Sense:
- Medical Emergency
Like an inconsiderate and uncouth guest, illnesses come unannounced at the most inappropriate time. It could be in the form of a road accident or a terminal disease. Sometimes your health insurance may not suffice to cover the entire expenses ranging from hospitalization, doctor’s fee, ambulance fees and medical bills and so on.
As an incredibly fast-paced metropolitan, Bangalore has no dearth of institutes offering skill enhancement courses, specialized trainings and coaching for competitive examinations like GMAT, GRE among others catering to young professionals from all fields. They don’t come cheap though, and most institutes insist that you pay the entire fee in the beginning. This leaves aspirants with little choice but to opt for quick personal loans.
- Home Renovation
Some home repairs need to be solved at the earliest in order to avoid more destruction. Damages caused by a break-in, a tree fallen on the roof, a massive crack in the wall or a faulty wiring etc. call for your immediate attention. These are examples of damages you cannot simply put on hold until you save some money. Even if your house is insured, you may not get your compensation immediately (though you can claim them later). Personal loan is your next option.
Summing it up:
There are times when it is more important to get things done than worry about interest rates and tenures. Do you think the above three qualify?