With a personal loan, your wishes can come true faster than you otherwise thought possible. While the Indianeconomy posts impressive growth, working professionals oftencontinue to find themselves in a financial crunch around the end of the month. Unexpected expenses can quickly take the proverbial glass from half full to almost empty, compelling you to seek financial assistance. 

If you’re the sole breadwinner of your family, there are likely to be many competing priorities vying for a share of your wallet. Rent, children’s education, medical expenses, household repairs, car or two-wheeler maintenance, utilities and EMIs can stretch your finances and limit your ability to invest in building a corpus for retirement or other life goals. While you cannot always predict when you might need extra funds, emergency cash loans can provide you some much needed respite from bills piling up.

Need for Short Term Cash Loans

In an emergency, time is of the essence. You may need funds to pay for the urgent repair of your roof or the medical treatment of a child. Short term cash loans allow business owners to meet working capital requirements quickly. If you’re a salaried employee, it can help you get the latest home entertainment system that you’ve been eyeing for a while, even if you’re short of money. After all, life is meant to be lived and not endured. 

Even if you track all your receipts and maintain a monthly budget, a medical emergency can leave you scurrying for cover when you least expect it. At the click of a button, short term cash loans can help you cover the medical expenses of your loved ones. Here’s what makes these loans a viable option when you need money at the earliest.

  • Instant Approval

In as little as 24 hours, you can get an emergency loan worth up to Rs. 25 lakh. As the demand for such loans is on the rise, lenders offer instant approval. Online portals make applying for emergency cash loans easy and effortless. All you need to provide basic personal information to set the application process into motion. If you’re a salaried professional or self-employed professional, you may be asked to provide salary, age and contact information. 

Since these loans are unsecured, they are approved much faster compared to collateralized loans. For example, Bajaj Finserv offers Personal Loans that are approved in less than 5 minutes. Also, pre-approved offer on the loan makes it easy to avail funds. Share a few basic details to know your pre-approved offer. 

  • Easy Repayment Tenor

These loans offer the most flexibility when it comes to the repayment time frame. Financial institutions offer customers a variety of repayment terms that can extend up to a maximum of 5 years. For customers, this allows greater control of their finances and helps them avoid interest and fees, depending on the terms and conditions of the loan.

  • Multi-purpose

While loans against security are single purpose in nature, short term cash loans can be used for a variety of purposes. From high end consumer electronics to emergency medical care, they can provide you with financial support for a wide range of needs. If you are a business owner, a short time loan can help you avoid meet working capital requirements, expand your product range, buy modern equipment or pursue new markets.

In addition to this, you can also use a short term loan to pay creditors, buy inventory, expedite production timelines and handle logistics overheads. Since interest paid on small loan in India can be claimed as tax deductible, business owners can also benefit from the tax perspective.