Benefits of Taking a Personal Loan For Medical Emergency

Medical emergencies are something that won’t strike you beforehand and without giving intimation. In the event of a medical emergency, you have two options to cover your needs – you should either have medical insurance or a loan.

They can help you cover your financial needs without exhausting your hard-earned savings.

But the aspect to consider is that your insurance may not have coverage for an illness that you may have. It is where a personal loan for a medical emergency may help you inside out.

It is because it is a facility that is designed to help you get a higher amount of up to Rs.25 lakh from leading lenders. You are free to use the funds to pay for multiple reasons.

If you wish to know about other benefits of availing the emergency loan, then here is a post to go through!

  • Get up to Rs.25 lakh without pledging collaterals

When you are looking to take personal loans to pay for multiple things related to your medical emergency, you can get a higher loan amount of up to Rs.25 lakh. The best thing is that you don’t need to pledge any collateral or security to avail the loan. It is an unsecured loan type. If you have a robust cibil score, healthy repayment history and a consistent employment record, then you can get the loan approval at a lower rate.

  • Instant loan approval

When you have the required eligibility and furnish the loan documents, then the prospective lender can grant you instant loan access.

  • Money in your bank within 24 hours to meet your needs
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Once you get the loan approval from your lender, then you don’t need to wait for the funds in your account to access it to meet your multiple requirements. Leading lenders in India now provide you with a loan disbursement within 24 hours of approval.Also visit  cybersecurity engineer

  • Stretch your loan over a flexible tenor and pay lower EMIs

When you are battling a medical emergency, you may find it tough to pay the higher loan EMIs. Hence, reputed lenders in India let you opt for a stretchable tenor ranging 12 months and 60 months. It is up to you to pay to pick an option to pay EMIs. Choosing a shorter tenor means paying bigger EMIs, but your loan burden will finish fast. If you choose a larger tenor, then you will pay a reduced EMI but need to pay compounding interest. Thus, based on your repayment capacity, you can opt for an alternative.

  • Easy to meet eligibility criteria and documents

Applying for a personal loan for a medical emergency does not mean indulging in too much paperwork when you are already in difficulty. Most lenders have a simple to meet eligibility conditions and basic documents that you need to meet and provide. Have a look at the standard eligibility conditions:

  • Your age should be under 23-55 years
  • You should be an employee of a private, public or an MNC Company
  • You must be a resident citizen of India
  • KYC documents
  • Employee ID Card
  • Last 3 months bank account statements of the Salaried account
  • Previous 2 months’ Salary Slips

With so many features and benefits of the personal loan for medical emergencies, you can make the most of it by applying online today.

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