Sudden and unforeseen medical emergencies can arise out of nowhere in your life. We all make budgets and we manage our daily and monthly expenses accordingly. But imagine suddenly one day you face a health issue in your family. Can you get a loan for medical emergencies? You need monetary support at that time. If you apply for a loan, it might take days to get approved. Can you get a personal loan faster at that time?
Here are some of the factors which will help you get personal loan during medical emergencies:
The loan applicant must be an Indian citizen between the age of 23 and 55. The applicant must be salaried and employed in a company (MNC, private, public). Check your eligibility criteria before you apply for a loan.
- Documents required
Certain documents fall under mandatory documents in this process. The eligible salaried applicant must produce the following documents. KYC documents such as Aadhar card, Voter ID card, PAN card, driving license, Employee ID, salary slips, and financial statements of his/her salary account. Keep the documents handy all the time.
- Good credit score
Always remember that a good credit score can fetch you a personal loan faster. The CIBIL score is a crucial factor in determining the approval of your application. A good credit score of 750 and more can encourage the lender to offer you attractive interest rates. To maintain a good credit score, all you need to do is clear all your outstanding bills and dues in time. Make sure you do not have any arrears in the loan department.
Advantages of getting a personal loan for medical emergencies
There are several advantages of getting a personal loan for meeting your medical expenses and medicines. The major advantages are listed below:
- No need for any collaterals
Personal loans are unsecured loans. You can take personal loans for emergency purposes without mortgaging any of your assets and property. The application process before a hassle-free one and save your precious time as well. Check your eligibility criteria and make sure all your documents are given to the financial institution.
- Higher loan amount
Emergency loans fetch you a higher loan amount. This is one of the greatest advantages of getting personal loans during emergencies. There is no perfect estimation of how much the medical bills will amount to and getting a higher loan amount can reduce your worries to some extent.
- Rate of Interest
In this case of emergency, competitive personal loan interests are provided by financial institutions across the country. Interest rates are higher compared to the secured loans. With a higher CIBIL score you can get a lower interest rate against your loan. Also, there exists a negligible processing fee o help you get the personal loan easily.
- Flexible tenure
Personal loans for medical needs come with a flexible repayment period. There are financial institutions that offer loans up to 25 lakhs INR and a repayment facility for up to 60 months. They give you pre-approved loans during your emergencies. They also give you a range of repayment options for your convenience.