How Can a Personal Loan Help You in a Medical Emergency?

A medical emergency is an unforeseen situation, where the flow of money is quite high. In case, you met with such case then you will look out for the capital to meet the medical expenses, but if you don’t have that much of saving then you can avail a personal loan, and this will help you out from any medical emergencies.

Now, you may think how a personal loan can be beneficial in a medical emergency? Well, the answer is quite simple, and for your solace, the specific points are listed below, which will help you to understand the use of a personal loan in a medical emergency.

Some Essential Points -

Immediate release of money

Banks also understand the need of the money in a crucial stage, and if it is about a medical emergency, then they disburse a personal loan amount in a quick span of time and thus helps the borrower to meet the medical expenses on time. This feature you won’t see in other categories of the loan.

Speedy Process

The loan application generally takes time because of the verification of the documents and the application form. But, in case of a medical emergency, the banks ask for minimal documents, and if the situation arises with the pre-approved customer, then the bank won’t ask for the documents. Hence, the speedy process enables the borrower to avail a personal loan in a short period. 

Repayment Flexibility

After completing the need of medical expenses via personal loan, your next move will be the repayment of the loan amount, and in most of the cases you will find rigid mode of refund and this gives an add-on stress, but in medical emergency the repayment mode is flexible, and you can plan your EMI as per your monthly income. 

Personal Loan is more effective than Credit Card

If you plan to meet your medical expenses via Credit Card, then think for a while because the medical expenses are dynamic in nature and you can’t predict the actual cost and might be your credit limit may exceed to meet such expenses and the lenders won’t allow you additional fund above the credit limit and in this case you will feel helpless. So, better go for a personal loan and through the same, you can avail up to Rs. 25 lakh loan to meet the medical expenses.

Secure Bill Payment in the Hospital

Hospitals need instant cash, and then they proceed for next stage treatment of a patient and failing the same will affect the situation. But, in a personal loan, you will get the disbursement of a loan amount in a short time, and the cash will help you to pay the hospital bill effectively.

What is the eligibility for a personal loan for a medical emergency?

1. An Identity Proof should be there like Aadhar Card, Voter ID Card, and Passport.
2. An employment proof that will be a letter issued by your organization stated that you are working in the organization continuously for a year.
3. An Income proof which should be your salary slips of the last 2 months.
4. Bank Account Statement of the previous 3 months
5. To avail a personal loan for a medical emergency, your age should be in the range of 23-55 years.
6. You must be a salaried employee, either in the public sector, a private firm or in MNC.
7. And the essential part, you must be a citizen of India.
8. Various banks retain different income slab for a personal loan against the medical emergency. For example, a borrower who lives in Bangalore, Delhi, Pune, or other metropolitan cities than his/her monthly salary should be above Rs.35,000. The income slab decreases as per the region, and you must check the slab as per your area before going for a Best personal loan.

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These were some of the few documents required for a personal loan against the medical emergency. Various lenders enable you to check the loan eligibility and if you want to do the same then follow the steps listed beneath.

How to check personal loan eligibility to meet medical expenses?

• First and foremost, select your lender.
• Now move to the eligibility calculator, and there you will find several fields such as current city, Date of Birth, income, and expenditure.
• Fill all the details carefully and after filling the same, click on the ‘Submit’ button.
• Soon, you will find the report card, which will feature your eligibility status.

Now, you are well versed with the salient features of a personal loan required for the medical emergencies, and it’s time to apply for it. The process is simple, and for your solace, the detailed steps are listed beneath. But before that, select your lender as per your need and make sure to choose the one who offers a personal loan at a low-interest rate and low processing fee.

How to apply for a personal loan to meet the medical expenses?

• Go to the official site of the selected lender.
• Move to the loan section and select personal loan, and in this section, you will find the sub-category of a personal loan and your task is to select the ‘medical emergency’.
• After choosing the same, you will be asked to complete the registration process, and for the same, you will have to provide your necessary details such as Name, Income, Employment, and more.
• After completing the registration process, you will find a new page which will feature the application form, fill it carefully, and then click on the ‘Submit’ button.
• Now, you will have to upload the documents and amid the same make sure to check the size and the format of the papers.
• After uploading the documents, click on the ‘Submit’ button.
• That’s it; your task is done, and now the lender will verify the documents, and once they approve the same, then within 24 hours your loan amount will be disbursed in your account.
• Now you can access the fund to meet the medical expenses. 

So, these were all about the personal loan which can be utilized in a medical emergency. Nobody wants to face this situation, but everyone should be ready for the same because health issues are a natural phenomenon, and anyone can face this situation anytime. Hence, keep your backup as a personal loan.