Emergencies in life may be rare, but you may not be sure of the time when they will strike you. A medical emergency is one of the most alarming ones. Hence, everyone should be equipped with a medical emergency fund or insurance to cover hospitalization costs.
However, sometimes you may lack such funding or your savings may not be enough to cover the needs. During such tough times, you can always opt for a personal loan for medical emergencies.
Healthcare loans like this may help you pay off the higher medical bills. Not just for the payment of the expensive medical bills, you can also use emergency loans for other advantages as well. Go through his post and know more.
Benefits of Applying For Healthcare Loans
- A Higher Loan Amount
The cost of medical expenses is on the rise with each passing day. Hence, if you don’t avail emergency loans, it can eat up your assets and savings. In the same context, healthcare loans can let you borrow as high as up to Rs.25 lakhs. You can also pay lower personal loan interest rates if your CIBIL score is excellent. The CIBIL score for required for personal loan is 750+ out of 900.
- Approvals Within 5 Minutes
Once you meet the lenders’ personal loan eligibility criteria, it can process your loan application as fast as within only 5 minutes after submitting the loan application. The process is online, and hence, it does not take much of a time.
- Disbursal Within 24 Hours
Lenders are aware that when you are struck by an emergency, you can’t wait for ages for the money to be credited into your bank account. As a result, once you have got the loan approval, it may take around 24 hours for the loan amount to be disbursed. This way, you can use the personal loan amount super quick to cover your needs instantly.
- No Collateral or Security Required
Healthcare loans are unsecured in nature and don’t need to put down any collateral or security to acquire a loan. The loan is approved and disbursed as per one’s creditworthiness which is decided as per lender’s eligibility and other factors. As a result, you can see higher personal loan interest rates on it. Nonetheless, as discussed earlier, you can avail a lower rate of interest if you have a strong CIBIL Score, repayment and income record.
- Flexible Repayment Tenor
When you are availing a loan option such as healthcare loans, then you don’t have to worry about repaying it soon and affecting the monthly outlays. Leading banks, NBFCs, and other lenders let you enjoy a flexible loan tenor ranging 12-60 months. It can help you spread the cost of your loan over the duration. As a result, you can pay smaller EMIs and don’t have to let the loan account hamper your monthly expenses.
- Minimal Documentation and Easy Eligibility Criteria
The healthcare loans carry negligible documentation along with the hassle-free eligibility criteria. Have a look at some standard personal loan eligibility criteria along with documents required:
- KYC documents
- Employee ID Card
- Last 2 month’s Salary Slips
- Previous 3 months’ bank account statements of the Salaried account
- You should be aged between 23-55 years
- You need to be a working professional for an MNC, private or public limited company
- You should be a resident citizen of India
Medical emergencies may strike us any of the time without giving intimation in advance. Hence, considering life uncertainties, you need to have a contingency fund. In case, if you don’t have one, then you can apply for a personal loan for emergencies.
Now that you have an idea of the benefits of healthcare loans, you can apply for it online if you need it now.
Bajaj Finserv comes with pre-approved offers on personal loans, home loans, business loans, EMI finance, credit cards and more. Such deals can ease off the loan formalities by making it less time-consuming.
To check out your personalized pre-approved loan offers right away, all that you need to do is share a few of the personal inputs such as your name and contact number.