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What is Emergency Loan

What is Emergency Loan

Emergency Loans in India are small cash loans that provide urgent financial assistance required at any point in time. In case of any unfortunate events, when you don’t have any savings or cash in hand, emergency loan fills the shortage of funds. Borrowers can get an instant emergency loan between INR 50,000 to 1,50,000 to pay off bills, house rent, urgent repairs and other unexpected expenses.

When urgent money is needed, you can’t wait for loans to get sanctioned in weeks. Emergency loans give instant financial help at a considerable rate of interest that doesn’t add to the burden. Overall, emergency loans are mini cash loans that are paperless, fast and easy to acquire.

Simply Cash is a fast pace instant loan app, which is just the right source to acquire an emergency loan from 50,000 to 1,50,000. It is a secured digital platform for instant personal loan launched by HeroFinCorp, a trusted financial company in India.

 
Eligibility Criteria for Emergency Loan

It is better to check whether you qualify for an emergency loan or not, to avoid any delays of organising urgent finance:
 
  • Borrower should be a citizen of India
  • Borrower should fall in the age group of 21 to 58 years
  • Submit address proof - Aadhaar card, driver licenseSubmit identity proof - Standard KYC documents Aadhaar card, Driver licence, PAN card, Passport
  • Proof of business or employment
  • Income proof as salary slips or last 6-months bank statement
Once your eligibility is verified, the loan money will be credited in your bank account within 24 hours. Download the Simply Cashapp available freely on Google Play Store.

 
Reasons to Apply for Emergency Loan with SimplyCash

Simply Cash offers speedy personal loan within 24hours. Apply for an instant emergency loan with Simply Cash for the following reasons:
 
  • Medical Emergency: In case of an accident, injury or specialist doctor visit, you can organise for an emergency loan instead of asking for monetary help from friends or relatives.
 
  • Monthly Rent: Piling up rent every month will not be acceptable by most landlords. So, students, singles or couples staying on rent can rely on an emergency loan to pay off the monthly rent when other expenses are more.
 
  • Wedding Expenses: Marriage is a lifetime event that calls for so many extra expenses besides the major ones. You can deal with spontaneous wedding expenditures with the Simply Cash emergency loan.
 
  • Gatherings: Whether it is a surprise anniversary trip or organising a family birthday party at home, all these gatherings require money to be executed well. Check for an emergency loan on Simply Cash that will help you with urgent cash loans to organise a memorable event.
     
 
Emergency Loan Application Process

  The Simply Cash emergency loan app is designed flexibly with user-friendly navigations to understand stepwise registration/loan application process:
 
  1. Click ‘Install’ to initiate the app download from Google Play Store.
     
  2. Once the download has completed, click ‘Open’ to start using the app on your phone.
     
  3. Enable location settings to give Simply Cash access to find your location.
     
  4. Next, enter your mobile number/email address to begin the application process. These details are verified with an OTP for user safety.
     
  5. On verification, users will be redirected to the loan application form.
     
  6. Fill in the mandatory fields and submit for further processing.
     
  7. Use the EMI calculator to set a suitable EMI against the required loan amount.
     
  8. Submit the necessary KYC documents and income proofs for verification.
     
  9. If all the details submitted are 100% authentic, the loan amount will be disbursed within 24hours to the given bank account.
 

Emergency Loan Interest Rate

Interest rate insists on the borrower to think twice before opting for a loan. But what if the interest rate is less, applying for a loan becomes favourable. The starting rate of interest charged per month at Simply Cash is as low as 1.67% following by a minimum processing fee @2.5% + GST (as applicable). There are no hidden charges at any step.
 
Based on different cities, lender policies, and market rate, the rate of interest may vary. Also, your credit score is a deciding factor for interest rates. Borrowers with a good credit score can get a low rate of interest or negotiate on the existing interest rate offered.

 
FAQs

Q.1 What are Emergency Loans?
A: The emergency loan is a type of personal loan best for dealing with immediate expenses that are unavoidable and can pile up if not cleared on time.

Q.2 How does an emergency loan work?
A: An emergency loan works similar to personal loans. It offers immediate finance to clear urgent and unexpected expenses. The amount sanctioned is limited up to 1,50,000.
 
Q.3 How can I get an emergency loan in India?
A: Emergency loans in India are available easily on online platforms via lender websites and instant loan apps, available freely on Google Play Store.
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Q.4 How SimplyCash loan app Works?
A: The working of Simply Cash is self-explanatory, and each step is defined clearly:
 
  1. Start with installing the Simply Cash app from Google Play store
     
  2. Register with mobile number and email id
     
  3. Enter current area pin code
     
  4. Proceed to the EMI calculator and set the desired EMI, taking into consideration the principal loan amount and interest rate
     
  5. Verify KYC details and bank account
     
  6. On submission, the loan amount is disbursed instantly in the borrower’s bank account.
 
 
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.   Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD AXIS BANK IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK

EQUITAS SMALL FINANCE BANK LTD KOTAK MAHINDRA BANK LTD IDFC FIRST BANK LTD UJJIVAN SMALL FINANCE BANK LTD BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK RBL BANK LTD BANK OF MAHARASHTRA DEUTSCHE BANK AG PAYTM PAYMENTS BANK LTD CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD AU SMALL FINANCE BANK LTD CITI BANK BANDHAN BANK DHANALAXMI BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK JANA SMALL FINANCE BANK LTD UCO BANK

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