Life is full of unexpected situations and circumstances, with some being more challenging than others. But the most hard-hitting and financially stressful ones always seem to be those related to medical emergencies. Luckily, there is a solution to withstand such troubles easily. You can forget the woes of financial strain with the help of a Personal Loan that you can apply for online.
What is a Personal Loan?
Personal Loans come under the category of unsecured loans. This means you do not need to put up any collateral against the loan amount. All you must do is ensure that you meet the eligibility criteria and submit the required documents.
Following is some of the top features and benefits of a Personal Loan:
- Easy Online Application – To avail of a Personal Loan, you can apply online with your chosen lender easily. Simply submit the basic details and you are all set!
- No Collateral/Security Required – Personal Loans are collateral-free, which means that you are not required to put any assets as security against the loan.
- Instant Approval & Quick Disbursal – When you apply for a Personal Loan online, you can experience an efficient and seamless loan processing system. The entire process is planned in such a way that it ensures that you constantly stay updated throughout your loan journey.
- Attractive Rate of Interest – You can find Personal Loans at attractive interest rates that can help you fulfil your immediate needs. Affordable interest rates on a medical loan ensure that you get timely financial assistance and pay it back in easy EMIs.
- Flexible Repayment Tenure – Apart from attractive interest rates, you can also enjoy the advantage of repaying your loan without any stress. Most Personal Loans come with a flexible repayment tenure of up to 60 months.
- Minimal Documentation – You only need to submit basic KYC documents when applying for a Personal Loan. This allows a lender to verify your personal, professional, and financial background before approving your loan.
A Personal Loan is an excellent multi-purpose loan and does not have any restrictions on end usage. This makes it the perfect financial product that can be availed of easily during emergencies.
How Can a Personal Loan be Used for Medical Emergencies?
A Personal Loan can prove to be extremely beneficial during emergencies. Here are some of the most essential uses of a Personal Loan for medical emergencies:
- Timely Access to Quality Healthcare – A Personal Loan for Medical Emergencies allow you to quickly access quality healthcare without worrying about finances. You can be assured that you or your loved ones receive quality care in time.
- Paying Off Medical Expenses – Medical expenses are quite high, so, a Personal Loan can help you with additional funds to pay off medical bills.
- Financing Any Medical Treatment – A Personal Loan can be used to fund almost any kind of emergency treatment. Since it can be availed of quickly, you can receive quick treatment without worrying about its costs.
Who is Eligible for an Emergency Medical Loan?
You are eligible for an emergency medical loan If you fulfil the eligibility criteria and submit the required documents. The basic eligibility criteria for a Personal Loan for Medical Emergencies are mentioned below:
- Your Age – At least 22 years at the time of loan application and 58 years at the time of loan maturity
- Citizenship – You must hold Indian citizenship
- Work Experience – A minimum of 1-year job experience is mandatory
- Monthly Income – You must have a monthly net take-home salary of at least ₹20,000
- Employer Category – You must hold a full-time job and at least 2 months of stable employment at the current role
Note: The above-mentioned eligibility criteria are indicative and may vary from lender to lender.
How Do I Apply for an Emergency Medical Loan?
You can apply for an emergency medical loan by following the steps mentioned below:
- Step 1: Visit the lender’s website and click on ‘Personal Loan’
- Step 2: Select ‘Personal Loan for Medical Emergency’
- Step 3: Enter your primary details
- Step 4: Upload the required KYC documents
- Step 5: Await application assessment
- Step 6: Receive confirmation of loan approval
- Step 7: Get the loan amount in the bank account
Emergency medical loans can help you protect your life savings by supporting you financially when you need them the most. These loans are easy to apply for and avail of quickly.