Personal loans are the preferred choice for people looking for quick financing. Since these are unsecured loans, borrowers do not need to provide any collateral for security. Moreover, these loans have no end-use restrictions, making them an ideal funding option for various planned and unplanned expenses.
Emergency expenses can take a serious toll on an individual’s savings and strain their financial situation. Therefore, handling unexpected expenses like medical emergencies with a medical emergency loan can be a better choice.
What are personal loans for Medical Emergencies?
Instant personal loans are unsecured loans borrowers can utilize for various purposes. These loans do not have any end-use restrictions. For instance, several NBFCs offer medical emergency loan of up to Rs 10 Lakh at attractive interest rates. Borrowers can take a loan as per their requirement and utilise it for their urgent financial needs.
Why Take a Personal Loan for Medical Emergencies?
Taking a Personal Loan for medical emergencies is one of the most common usages among salaried professionals. Here are the major reasons why one should opt for them in case of unplanned expenses like medical emergencies:
- Easy and Quick Processing: Lending institutions take less time to process Personal Loan applications. Usually, they process it almost instantly as minimal paperwork is involved.
- Fast Approval: Since personal loans are collateral-free and require minimal documentation, they are subject to quick approval. So, it is better to cover a medical emergency with a medical emergency loan when the borrower is looking for instant funds.
- Affordable Interest Rates: personal loans are easily available at attractive interest rates. One can easily check the interest rates online and opt for the best.
- High Loan Amount: Loan seekers can get an instant loan of up to Rs 10 Lakh to fund their unplanned medical expenses. A higher loan amount allows a borrower to cover various financial requirements during a medical procedure.
- No Collateral Requirement: Borrowers do not need to provide any collateral while applying for a Personal Loan. That is why borrowers prefer instant personal loans for medical expenses.
- Online Processing: Many NBFCs have online application and approval facilities for personal loans. It makes the process hassle-free for anyone tackling a medical emergency.
Medical Expenses a Personal Loan Can Cover
A Personal Loan can cover various expenses while undergoing medical treatment. Borrowers can use instant personal loans for procedures like:
- IVF treatment or any related procedure
- Pregnancy-related expenses like ultrasounds, delivery, caesarean, prepartum and postpartum care, etc.
- Elective procedures like dental implants, etc.
- Cosmetic procedures like liposuction, tummy tuck, facelift, breast augmentation, hair transplantation, chemical peels, etc.
- Medical equipment like braces, crutches, dialysis machines, etc.
- Diagnosis procedures like ultrasound, CT scan, biopsy, MRI, PET, etc.
- Post-operative procedures like physiotherapy, exercise machines, rehabilitation sessions, etc.
- Hospitalisation charges, medical bills, medicines, etc.
Tips to Get the Best Personal Loan
It is a common myth that personal loans come with very high interest rates. Aspiring borrowers can make these loans affordable by taking the following steps:
- Mention All Income Sources: Since instant personal loans are unsecured and borrowers do not have to provide any collateral, lending institutions determine an applicant’s credibility based on their income and debt obligations. Mentioning all income sources in the loan application gives the lending institution more confidence about the customer’s repayment capacity.
- Maintain a Good Credit Score: A credit score of 630 or above is crucial for getting a medical emergency loan at lower interest rates. The higher the credit score, the better the chances of getting the best Personal Loan offer from lending institutions.
- Choose the Right Lending institution: Shop around and look for loan offers based on their interest rates, repayment terms, eligibility and documentation requirements, customer service, and other parameters to get the best loan offer.
Maintaining a strong track record is crucial to getting the best instant personal loan offer. However, once received, pay all EMIs on time to maintain a good credit score and improve eligibility for future loans when needed.
About the Author
Amaira Sharma is finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.
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