Emergency Loan
Emergency loans are your safety net when life takes an unexpected turn. No matter how financially sound you are, you can never predict a financial urgency that might require support. This is where a Personal Loan for emergencies helps
you manage your finances and prevent a financial dent.
Understanding emergency loans
A loan for an emergency offers you instant financial aid for any unforeseen expenditure. Be it a medical emergency, sudden home repairs, education fees, or a wedding, an emergency loan can cover it all. It is an unsecured loan, so
it does not require any security, making it more accessible and easier to manage your finances.
Features and benefits of an emergency loan
High-value unsecured loan
Emergency loans are unsecured loans that do not require you to pledge collateral. This gives you access to higher loan amounts without worrying about the loan sanction limit, which would otherwise depend on the
collateral value.
Flexible repayment tenor
Personal Loans for emergencies have a repayment tenure ranging from a few months to years. If you are looking for lower EMIs, emergency loans provide you with longer tenures that fit your financial situation. However,
longer tenures also result in higher interests. Axis Bank offers you Instant
Personal Loan tenures ranging from 12 to 60 months, so you can choose the tenure that suits you best.
Zero hidden charges
All the charges related to your emergency loans are stated upfront, and there are no add-on charges apart from them. This helps you get a clear idea of what you are getting into and plan your finances accordingly.
Simple documentation
Emergency loans require minimal documents, making the application and approval process much quicker for you.
Flexi loan facility
One of the best features of emergency loans is that you get a pre-approved credit limit, which lets you withdraw money according to your needs. This also means that you pay interest only on the withdrawn amount
and not the entire sanctioned amount. This makes the deal much more affordable and gives you more control over your finances.
Disbursal within 24 hours
These loans are designed to ease your stress during emergencies. Hence, they offer instant approval, and you get the loan amount in your bank account within 24 hours. This makes the loans reliable and saves you
from any further financial strain.
Online application
You can apply for an emergency loan from the comfort of your home without visiting your bank for processing. Everything from the application to the document verification process is paperless and is available at
your fingertips.
Pre-approved offers
You can streamline the application process by providing your name and contact information to your bank and accessing pre-approved offers. This simplifies the procedure, enables quicker access to various services
or products, and saves you time and effort in the process.
Quick processing
Once you have filled out the form with the correct details and submitted the documents as required, the processing does not take long. Your loan can also be approved on the same day of application, and you will
receive the sanctioned amount instantly.
24x7 online assistance
With access to 24x7 assistance, any doubts you might have regarding the loan application or approval process get answered instantly. This eliminates the waiting period in urgent situations and makes loan applications
a seamless process for you.
Eligibility criteria for an emergency loan
Age
The applicant must be at least 21 years old to apply for an emergency loan, and the maximum age at maturity should be 60.
Employment
Employed individuals from both public and private limited companies are eligible to apply for a loan for emergencies.
Monthly salary
The individual should have a consistent minimum net monthly income of Rs 15,000 for existing Axis Bank customers and Rs 25,000 for non-Axis Bank customers to be
eligible.
CIBIL score
The applicant is expected to have a CIBIL score of 720-750 or above for easy approval.
Nationality
A personal loan for emergencies is only lent to applicants who are Indian citizens.
Documents required for an emergency loan
- A filled-out and signed loan application form.
- KYC documents: passport, driving licence with photograph, Aadhaar card, job card by NREGA signed by a state government officer, voter ID, etc.
- Age proof: passport, PAN card, Aadhaar card with DOB, driving license with photograph, birth certificate, or school leaving certificate
- Income proof: salary slips from the last 2 months and bank statements from the last 6 months
- Employment proof: proof of employment in the current organisation for one year
Application process for an emergency cash loan online
- Go to Axis Bank’s instant personal loan page
- Enter your 10-digit contact number and DOB or PAN number, and enter the OTP
- Select an eKYC and video KYC option, or submit your KYC documents and click ‘submit’
- Add your Aadhaar number and enter the OTP sent to your linked contact number
- Fill in your income and education details
- Select the loan amount you wish to sanction, depending on your eligibility, and click ‘confirm’
- Fill in the details required for your employment verification
- Click on ‘continue’ and complete your online emergency loan process
