Personal loans are a preferred source for financial assistance in India. With the growth of personal loans in the Indian economic market, the demand for emergency funding as loans are evident.
Such unplanned demand for money can be met through personal loan or flexi personal loan facilities. Unplanned scenarios like medical emergencies, home improvement, etc. require funds, which can be met using these unsecured loans.
While medical emergencies put one in an emotionally vulnerable situation, the high cost of healthcare assistance makes it even worse. Understandably, the lack of monetary assistance can further worsen the situation.
In such scenarios, individuals can survive the medical condition by applying for a medical emergency loan from financial institutions in the form of a flexi loan.
What is a Flexi loan?
As the name suggests, it provides individuals with flexibility in availing a loan. In case of flexi personal loan, individuals are offered a pre-approved limit for a tenor. They can withdraw the funds partially or entirely depending upon their needs.
For example, let us assume an individual meets with an accident or any other medical emergency and needs funds urgently. Nevertheless, the person does not need the funds at one go for his/her medical treatment. Understandably, they do not have to pay the bills at once but can instead pay it from time to time as the treatment progresses.
In this case, acquiring the entire amount at the beginning is not feasible, as the borrowers will have to pay interest on the amount even if they have not used the money. This increases the cost of a loan. Alternatively, with a flexi personal loan, individuals can withdraw the amount as and when required from the approved borrow limit and pay interest only on the borrowed amount.
How can flexi personal loans help during a medical emergency?
Medical emergencies can leave one vulnerable and devastated, and having the right monetary assistance at this situation is of the utmost importance. Mentioned below are some pointers that reveal why a flexi personal loan provides the best financial assistance during medical emergencies.
- Since these loans are approved with a predetermined borrow limit, liquid cash is available for the borrower at all times whenever they need it. One can get the most out of their flexi loan by wisely utilising the available funds.
- This loan facility allows borrowers to pre-pay the borrowed amount at any point in time should they have surplus funds without having to pay prepayment charges.
- Several financial companies charge competitive personal loan interest rates, which makes the loan repayment easier for customers. Further, borrowers only pay interest on the withdrawn amount and not the entire approved loan amount.
- The loan is easy to access as individuals must qualify the eligibility criteria only, and they do not need to hypothecate any assets. In case of a medical emergency, availing unsecured loans is a wiser move.
- These loans do not come with end-use restrictions and individuals can use it for several purposes. Therefore, one may use it to meet hospitalisation expenses or medical expenses, or anything other expenditure.
- Some financial institutions also offer customers the feature to apply and avail loans online.
Further, NBFCs, like Bajaj Finserv, make the loan application process simple for borrowers with their pre-approved offers on loan. These offers are available on several financial products such as personal loans, business loans, etc. Individuals can check their pre-approved offers now by submitting their names and contact number.
Other things to know about flexi loans
Individuals can take benefit from flexi personal loans and fund any emergency effortlessly through such loans. Nonetheless, one should know the following factors for these lines of credit.
Individuals have to qualify these eligibility conditions to be able to avail a Flexi personal loan.
- Individuals should be between the age ranges of 25 to 55 years.
- Individuals must be a resident of India.
- One must be employed in an MNC, private, or public firm.
Individuals must keep these documents ready so that the loan application can be processed without hassles.
- KYC documents such as Aadhaar card, Voter ID, PAN card, Passport, etc.
- Salary slips or income proof
- Employee ID card
- Bank account statement
After one has made sure of eligibility and documentation, they need to apply for the loan. To do so, they may apply for loans online or offline as per their feasibility and acquire funds for a medical emergency.
Since medical emergencies are inevitable and may cause havoc in one’s life, they can access funds by applying for such unsecured loans. This will help them evade the medical situation with ease without suffering considerable financial loss.