Urgent Personal Loan Rs.10000 - Apply For Emergency

An emergency can strikes when one least expects it, which may lead to person needing money, even as low as Rs 10,000 on an urgent basis. A personal loan can be a lifesaver in such situations when people find themselves strapped for cash, such as during a hospital stay or when wedding costs spiral out of control.

A personal loan is one of the most popular forms of credit because it requires no collateral and can be disbursed quickly. It can be disbursed to a borrower's account within short time after they have satisfied the lender's qualifying requirements.

Another benefit of a personal loan is that the majority of reputable lenders now provide an easy online application process. This makes it possible for borrowers to apply for loans, complete all required paperwork, and have funds transferred into their accounts without physically going to a bank or non-banking finance firm branch.

In fact, the entire process—from application to document submission to disbursement and repayment—can be handled totally online and without any fuss.

Personal loans can be conveniently repaid in easy monthly installments or EMIs. The loan tenure can also be customised to ensure the EMI can be easily paid without much stress on finances.

Eligibility Criteria For Personal Loan Of Rs 10,000

The eligibility criteria to avail of a Rs 10,000 personal loan is as follows:

• The applicant must be a citizen of India
• They should be between 21 and 60 years
• Employment history of a few years
• A minimum income that usually varies from lender to lender
• A good credit score

Additionally, borrowers must have a personal bank account where the lender can deposit the borrowed funds.

Features Of Rs 10,000 Personal Loan

Typically, a personal loan of Rs 10,000 is a short-term loan with a maximum five-year loan period. The interest rates for personal loans may vary according to the lending policies of different lenders. Additionally, it is based on variables such as credit standing, income, repayment capacity, etc.

Although the interest rate on personal loans is a little higher than that of other loans, as the loan amount is not very large, the higher interest rate does have a significant impact. Some characteristics of a personal loan are:

No Requirement For Collateral:

A personal loan is ideal for those raising an amount such as Rs. 10,000 in an emergency as the borrower may not have any tangible asset at hand to be pledged as collateral.

Quick Process For Approval And Payment:

Borrowers who want to avoid the trouble of visiting a local branch of the bank physically can apply for the loan online. However, the online loan application process requires the borrower to upload a digital copy of the documents for verification purposes.

Ideal For Emergencies:

One need not declare the purpose of raising the loan. Therefore, as there are no restrictions on how the money from the personal loan should be used, the loan of Rs 10,000 can also be used for any emergency.

How To Apply For A Rs 10,000 Personal Loan

The application process for a personal loan can be done both online and offline. The online process of loan application involves a few easy steps that are listed below:

• Step 1: First, the borrower must log in to the bank's website or mobile application. Next in the ‘Personal Loan’ section, the borrower must fill up the application form with the correct details as asked.

• Step 2: Next the borrower must submit the required loan amount and the loan repayment tenure.

• Step 3: The last step is to submit copies of all the documents required with the application form.

On completion of the verification of the documents and repayment capability of the borrower, the lender sends a letter stating all loan-related details. The loan amount is then directly credited into the borrower’s bank account within short time.

Conclusion

Securing a personal loan in times of emergency or to cover an unexpected expense is very simple. With a strong credit history, one may obtain a loan with the lowest interest rate and lowest monthly payment.

The biggest advantage of such a loan is that lenders approve the loan request in just a few minutes. Personal loans can also be applied online which makes the process faster and easier.

IIFL Finance offers personal loans ranging from as low as Rs 5,000 with tenure that can be tailored as per one’s needs, therefore enabling borrowers to plan all financial emergencies with comfort.

Since there are no restrictions on how the money from the personal loan should be used, the loan of Rs 10,000 can also be used for any emergency.

One of the most recognised lenders, IIFL Finance provides loans at rates that are among the lowest in the industry. It's simple to apply for a personal loan from IIFL Finance, as it can be all online from the convenience of your home.