Numerous banks as well as NBFCs offer personal loan for Medical Emergency, an alternative of a personal loan, to multiple consumers fronting medical emergencies. These loans often do not require any kind of security or necessarily collateral and are provided principally on the basis of the repayment capacity, credit score, occupation profile, as well as the employer’s profile, etc. of the loan applicant. Nevertheless, applicants can also contemplate the regular personal loan provided by lenders not offering special medical emergency loans. Most lenders do not put any end usage restriction on personal loans besides for notional purposes, applicants can also assist regular personal loans to meet numerous medical expenses be it hospital bills, treatment cost, cost of medicines, expenses connected to surgeries as well as operations, etc. Such lenders also provide instant personal loan for medical emergency or medical expenses to applicants having an improved credit profile.
Features of Personal Loan for Medical Emergency
The features of medical emergency loans and frequent personal loans provided by numerous lenders are usually the same. Even their rate of interest generally does not vary. Here are most of the major features of personal loans which would offer a fair idea of medical loan features.
Interest Rates
Personal loan rate of interest offered to deal with medical emergencies generally begins from 10.49% p.a. However, some PSU banks might also offer personal loans for medical emergencies at lower interest rates.
No Collateral Required
Lenders don’t need collateral or any security from applicants who avail personal loans for medical emergencies.
Have Quick Disbursal
Personal loans generally avail disbursal in around 2-7 working days post the submission of application of a loan. Some lenders use end-to-end digital processing of personal loan applications, which allows such loans to have quicker disbursal. Lenders offer pre-approved personal loans to selected customers based on the credit profile. Such pre-approved personal loans are usually disbursed within a few seconds of making a personal loan application.
Minimal Documentation
Lenders tend to acquire medical loan applicants to submit their ID proof, address proof, income proof, etc. during the documentation process. Nonetheless, pre-approved personal loans provided to pre-existing customers need not necessarily undergo fresh documentation for availing personal loans.
Flexible Tenure of Repayment
Certain lenders generally provide a feasible repayment tenure of 1-5 years to the applicants procuring Personal Loan for Medical Emergency. Nonetheless, various lenders also provide personal loan tenures of 6 and 7 years.
How can a Personal Loan for medical emergency help?
The personal loan can be utilized to cover a variety of medical expenses, such as:
- Unexpected Medical Bills: If one doesn’t have health insurance cover and gets hurdled up in an unexpected medical emergency or illness, the personal loan can assist to offer for all the medical bills.
- Hospitals Which Are Still Not Covered Under Insurance: Numerous hospitals specialize in such a particular medical procedure however it may not be covered under such an insurance. If a person ever finds themselves in an explicit situation as such, our personal loan can assist to pay for the medical expenses.
- Cosmetic Procedures: various cosmetic procedures are usually not covered by insurance as well as they can be considerably treated as extremely expensive. A personal loan for a medical emergency can assist to finance the cost of such procedures.
- Dental Work: Dental work can be pretty expensive or costly, especially if one requires extensive procedures. The personal loan can assist to pay for dental work that is not covered by insurance.
- Prescription Drugs: Prescription drugs can be costly. If one requires to take them for an extended period of time. A personal loan covers the cost of any medication.
Features of Loan for Medical Expenses
Some of the features are enlisted as:
- Quick application process: the personal loan application process is simplified, quicker as well as 100% paperless, making sure that one receives the funds they require significantly.
- Instant and feasible approval: an entirely digital application process permits for quicker approvals and fast disbursal. It has no scope of delays due to any physical documentation.
- Competitive rates of interest: the personal loan for medical expenses is provided at best-in-class rate of interest, beginning at just 10.49%, ensuring it is an affordable option for financing medical bills.
- Collateral-free or no guarantor required: the personal loan eliminates requirement for collateral, making it accessible for an individual to access such funds required.
- Increased loan amounts: Offering escalated loan amounts from ₹30,000 to ₹5 lakh. It offers financial support one requires in the time of difficulties,
Feasible repayment options: the flexible repayment tenures, varying from 12 to 72 months. They are customized to suit the financial situation, ensuring it is easier for them to repay the loan.