Cover your immediate expenses with a personal loan

Life can be quite unpredictable, and you never know when you might need an immediate access to funds for certain unforeseen expenses. In such cases, you can either look towards your savings, or apply for a personal loan for financial assistance. Now, the latter alternative can be beneficial since it helps keep your savings intact while ensuring you get the funds required to take care of the expenses at hand. Read the following article to understand how personal loans can help in times of financial need:

Why take personal loans for urgent financial expenses?

For their ease of application and quick disbursal, online personal loans are the best option during urgent financial needs. One of the key advantages of a personal loan is that it can be used without constraint. Whether it is an emergency medical expense, planning a wedding or vacation, or paying tuition fees, personal loans can be used for any purpose that may arise without notice.

IDFC FIRST Bank also offers quick online applications and disbursals, making it an ideal choice for meeting your emergency needs. Here are a few situations where you can use funds from instant personal loans.

· Covering wedding expenses

A wedding is a lifetime event and might require significant investment. Covering the cost of the wedding with your life savings may not be the most suitable choice. You can opt for a personal loan and repay them in convenient instalments with tenures of up to 60 months. IDFC FIRST Bank offers high-value loans of up to Rs 1 crore, which can help you comfortably meet your fund requirements for planning a marriage.

· Funding your travel expenses

There are numerous ways to fund your travel expenses, but the most convenient would be an IDFC FIRST Bank personal loan which you can opt for instantly after approval and it doesn’t require a long application process. Instant personal loans are especially useful for last-minute travel plans or unplanned trips that may arise due to emergencies. Simply use net banking or the IDFC FIRST Bank mobile app to apply for a loan.

· Meeting an urgent medical expense

A sudden medical expense can arise anytime and, and it is no surprise as to how expensive medical bills can get. Also, arranging funds at short notice is another major challenge that most individuals face during crucial situations. However, with quick applications and disbursals, personal loans are an ideal solution for meeting emergency medical expenses. A completely online application process and instant disbursals make IDFC FIRST Bank’s personal loans stand out. You also get affordable interest rates for a cost-effective loan.

· Paying tuition fees

Tuition fees, especially for higher studies, can add up to quite the amount. A personal loan can help you pay your tuition fee conveniently within the deadline and repay it back in convenient instalments. IDFC FIRST Bank offers a flexible loan tenure ranging from 1 year to 5 years for convenient loan repayment.

· Repaying debts

One of the best ways of tackling multiple debts is through debt consolidation. IDFC FIRST Bank offers debt consolidation loans which do not require any collateral. These loans take only a few hours to get processed and approved. You can pay off all your old debts and focus on a single loan. This means that you only have to worry about clearing one monthly payment, making it relatively easier to plan your finances.

How to get instant personal loans with IDFC FIRST Bank?

Getting a personal loan is much easier and effortless with IDFC FIRST Bank. Follow the quick and simple 4-step process to get an instant personal loan.

1. Apply for a personal loan – Log into your IDFC FIRST Bank Mobile app or net banking account and apply for a personal loan.

2. Wait for your personal loan application to get approved – Based on the entries in the online form, the bank will check your loan eligibility and approve a loan amount.

3. Upload all the required documents – Upload the required documents to complete the online verification.

4. Get instant online disbursal to bank account – After verifying your personal details, the bank will disburse the loan amount directly to your bank account instantly.

Quick tip – Before applying for a loan, you can make use of the personal loan EMI calculator which is available on the IDFC FIRST Bank website to find a loan plan that is suitable to your budget.

Urgent expenses can arise anytime without notice and dipping into your savings may not be the best solution. Instant funding through personal loans can help you meet your requirements without depleting your savings, thus keeping your financial goals intact. IDFC FIRST Bank offers one of the most cost-effective personal loans and flexible repayment tenures to clear the loans conveniently. Explore more!