Using Your Savings For An Emergency? Try A Quick Loan Instead

Money is a strange entity. We say that it does not buy happiness, but we need it to buy everything we need to lead comfortable lives. It pays for the food we eat, the clothes we wear and the homes we live in. And it helps tide over crises when emergencies come knocking on our doors.

But there are times when there is not enough money at your disposal to meet an urgent requirement. At this time, you might be tempted to spend your savings to meet the need. After all, what choice do you have? What if we told you that you do have a choice, and that you must protect your savings fund?

Why your savings must be protected at all costs

Savings in the bank help create a nest egg for the future. It is a fund of money that acts like a security blanket for an uncertain future. Life is full of surprises, most of them unpleasant! You or a family member might fall ill in the future, or you might want to buy an expensive furniture item for the house, or start a small home-based business. Whatever the reason, a savings fund in the bank helps realise future goals and emergencies without a mad scramble to gather money at the last minute.

But the savings fund takes years to accumulate into a healthy corpus. It takes a lot of commitment and focus to stay the course, if only to invest Rs 3,000 per month from your salary. Every year, when you slightly increase the amount that you save from your income, you end up creating a sizeable corpus. However, the money must never be touched for trivial expenses, or to pay for short-term needs. Indeed, if you do not touch the savings for years and periodically invest them in suitable investment options to grow the fund further.

A personal loan v/s savings: Always take a personal loan!

Now consider that you have a short-term requirement. You might be tempted to dip into your savings fund to meet the need – after all, you just have to digitally transfer the funds and get going. But we advise against touching the savings fund at all – simply pretend that it does not exist. What are the avenues left to you now? You could go the short term loan route, i.e. borrow from friends or relatives, or take an unsecured loan like a personal loan from a reputed lending institution.

Borrowing from friends and relatives should not be an option. So you are left with the other choice, to take a personal loan. Let’s see why this is the best alternative to consider:

• A personal loan is secured in just a few hours of applying for it, provided you have a healthy credit score, a regular income from job or business, and no history of loan defaults
• The loan is disbursed with minimal documentation. You can use a

personal loan app to apply and get the loan easily. Keep your set of documents ready and the app sends an official home to collect them from your doorstep. The loan is processed quickly thereafter

• Since it is an

unsecured loan, it has a much shorter tenure than secured loans like home and car loans. You can become debt-free in a few months with a consistent EMI schedule. You can also foreclose the loan much before its tenure ends.

• If you have never borrowed an institutional loan before, a personal loan is a good place to start building some credit. Be regular in your EMI payments and close the loan responsibly, to build a healthy credit score for future borrowing

So how do I get the loan?

This is the easy part: install a reputed easy personal loan app on your smartphone and set it up as directed in a few simple steps.

• Study the loan product in detail to know the rate of interest, eligibility criteria, your personal eligibility, terms of repayment, processing fees, late payment fees, etc.
• Apply for the loan as directed on the personal loan app.
• Study the list of documents required. Make copies of each and self-attest them. Keep the set ready to be picked up from your doorstep by the app’s representative.
• Await approval from the app and subsequent disbursal. Once the money is in your account, you can withdraw it to use for your requirement.
• Repay the loan in simple instalments from your job salary or business income every month.

Why wait to meet the emergency? Install a leading loan app and get the personal loan quickly and efficiently in your account in just a few hours.

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