Even though health insurance premium growth is expected to hit 20% in FY2020-21, a significant portion of the nation’s populace continues to remain without healthcare. Thus, during a sudden medical need, availing of a medical emergency loan seems plausible. These personal loans are unsecured in nature that do not imply any end-use restriction. A borrower can utilise the advances to meet big-ticket expenses.
Moreover, the fast disbursal and simple documentation make an instant personal loan a convenient financial option during medical emergencies.
What is a medical emergency personal loan?
A medical emergency loan is an unsecured personal loan that can be availed to deal with unforeseen and immediate expenses. A borrower is required to fulfil simple eligibility and documentation to avail of the funds.
Emergency loans cover a wide range of contingency; however, it is crucial to evaluate the linked variables and terms that are associated with a lender before making a loan application.
These instant personal loans also extend additional benefits that help borrowers deal with their medical expenses with ease.
Benefits of personal loans
Some of the personal loan features and benefits that make it worthy during medical needs are-
High loan value
In recent years, medical inflation in India has become a concern for low-income families. Meeting the expenses related to treatment, surgery, medicine, etc. further puts pressure on disposable income. However, availing of a personal loan allows borrowers to strengthen the financial backbone by offering up to Rs.25 lakh, which can be utilised to meet medical need.
Quick approval and disbursal
This medical emergency loan can be availed by fulfilling a few eligibility parameters. Moreover, the applicants need to submit minimum documents. Due to its fast disbursal, these loans can be relied on during urgency.
Ideally, the amount is sanctioned to a borrower’s account within 24 hours* of approval. Further, NBFCs like Bajaj Finserv also bring pre-approved offers, making the application process faster and easier. These offers are available on various financial products, like business loans, personal loans etc. Check your pre-approved offer by entering your name and phone number.
Flexible loan tenor
This credit form offers a comfortable repayment tenor to the borrowers. Financial institutions offer a tenor ranging between 12 and 60 months to personal loan applicants. This immense flexibility in credit repayment term can ensure more convenient servicing of dues, without undertaking excessive financial strain.
No hidden charges
Personal loans are easier to avail of since you do not have to service any hidden charges while opting for this loan. Thus, overall, the expenses related to a personal loan is limited significantly.
Easy eligibility criteria
The eligibility criteria associated with the personal loan is quite convenient and straightforward. Borrowers should check the terms and conditions mentioned by the lenders before initiating an application. Some of the standard requirements are-
- Borrowers must be Indian resident.
- An applicant should be aged between 23 and 55 years.
- Applicants should be employed with any MNC or a company belonging to the private or public sector.
Apart from these parameters, an applicant needs to maintain a 750+ CIBIL score for a personal loan. The credit score substantiates an individual’s repayment capability in the eyes of a lender. Since a personal loan is unsecured in nature, the risk of the lender’s is also high. However, a borrower with a good CIBIL score can enjoy the benefits like low-interest rate and EMI repayment.
Nonetheless, borrowers should also check the documentation process mentioned by lenders to make the application process swift. Nevertheless, the minimal documentation and simple eligibility make these medical personal loans the perfect choice to finance one’s urgent needs. So, scan through the financial institutions and their terms precisely to avail of substantial credit without hassle.