You may face a financial crisis anytime. You can borrow from family and friends, but it is not wise to challenge the cordiality of relationships just for money. Why not borrow from banks instead?
What is a Personal Loan?
A Personal Loan is a loan sanctioned by a lender, without any security (collateral). So, it is an unsecured loan. Personal Loans are sanctioned by banks and Non-Banking Financial Companies (NBFCs). You don’t need to state any reasons, while availing personal loans.
Personal Loan is the best loan to fund financial emergencies. It is a great way to address a financial crisis, as it allows the borrower to avail a loan without any conditions. Personal loans are sanctioned rather quickly. They may be approved as quickly as 24 - 48 hours, after the borrower submits the loan application.
Personal Loans are availed on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment.