An unplanned expense can take a toll on your finances, and even with the best-laid financial planning, you can feel the heat of a money crunch.
Unplanned expenses can appear anytime, and you may need urgent financial aid to cover the unexpected costs. And an affordable instant personal loan is the ideal solution to manage these unplanned expenses. Please continue reading to know more about it.
What is an unplanned expense?
An unplanned expense is an expense that does not fall under regular expense and can arise anytime in life. For example, you can face an unexpected expense at any point in your life, like the expense of your child’s study abroad, family members or your health emergency, a wedding, buying an expensive car or gadget and so on. But with an instant personal loan, you can easily cover the expense.
What is a personal loan?
A personal loan is a non-collateral or unsecured loan that offers an instant loan with less documentation. Anyone can apply for personal loans, whether they are a self-employed or salaried employee. One can even use a personal loan app to apply for such loans. Personal loans offer instant financial support for your emergency monetary needs. It does not include a security pledge and covers various emergency expenses. For instance, PaySense offers instant personal loans up to 5 lacs.
Eligibility of applying for a personal loan
The foremost important part of your instant personal loan application is to know the eligibility criteria of the application. Usually, every money lending authority, including banks, has different eligibility criteria, and you must check eligibility before proceeding with your application. However, if applying under PaySense, you can use the official personal loan app below the eligibility criteria. Here we will share general eligibility for personal loan applications.
- You should be an Indian resident.
- Your age must be between 21 to 60 years old.
- You should be a salaried or self-employed person.
- Your maximum monthly earnings should be 18,000/-INR for salaried and 20,000/-INR for self-employed.
- Your location should fall under the loan provider’s service coverage.
Documents you need to submit for your personal loan
Unplanned expenses can be covered with an affordable personal loan. And you can get this financial aid by submitting minimal documents with your application. The paperwork required to apply for a personal loan is listed below. Also, keeping the required documents handy will help you with a hassle-free application.
- Proof of address– you can use your Aadhaar Card, Passport, Voter Card and Driving License as address proof.
- Identity proof– Your PAN card number and a selfie will be used as ID proof.
- Income proof – The record of the last three months’ e-banks statements or net-banking history.
Why choose an affordable personal loan to cover your unplanned expenses?
You can choose an instant personal loan to cover your unexpected expenses to get immediate monetary support. According to many financial experts, affordable personal loans are ideal for managing unplanned costs. And here, we will share why they are the best option for your emergency financial need.
- Easy to apply– personal loans are easy to apply and ideal for emergency monetary requirements. You can even use a personal loan app to apply for your loan.
- Minimal documentation – Another reason you can opt for a personal loan for emergency financial aid is its minimal document requirement. You can apply for your funds with some essential documentation like- ID proof, income proof and address proof.
- No need to pledge security– The best thing you can get with a personal loan is it is non-collateral, and you do not need to commit security for your loan application.
- Available for various purposes- Personal loans are an excellent option for unplanned expense management because of their versatility. You can get a personal loan for different purposes like a kid’s abroad education, a spouse’s medical bills, planning a wedding, buying a house etc. Also, you do not need to justify your expenses to the lending authority to get the emergency money.
Conclusion
An instant personal loan is an ideal solution for your various financial needs, and you can avail your required financial aid for every unplanned expense. And with financial providers like PaySense, you can apply for a personal loan easily with some quick and simple steps.