Any unforeseen financial crunch can be incredibly challenging, especially when it comes to medical emergencies. Be it for general treatment or high-end surgeries, such situations demand immediate funds and maximum care.
So, it’s vital to equip with an external financial source. A medical emergency loan seems to be a potential option to raise money for unwanted medical conditions.
Personal Loans for Medical Emergencies
Research suggests approximately 70% of healthcare expenditure in India are usually out-of-pocket payments. The catastrophic expense pushes almost 7% population below poverty every year. Individuals bear an enormous cost for paying medical bills despite allocations from the Government. This is because clearing the debts of private hospitals takes a lump sum amount.
Personal loans for medical emergencies make way to have the required treatments for you or your family. You don’t need to wipe out your hard-earned savings anymore. The high loan amount takes account of all medical requisites. However, you should take care of certain factors before you opt for the loan.
● Check your CIBIL score
Financial institutions generally consider CIBIL score to evaluate a borrower’s creditworthiness. The score also gives a comprehensive view of consumers’ repayment capabilities. Hence, make sure you have a minimum score of 750 to get immediate approval.
A low score holds the chance of direct rejection or imposition of more interest rates on the personal loan. It is advisable to maintain above 750 CIBIL ratings at all costs to avail the best loans and terms.
● Make Sure You Can Meet the EMIs
Conduct an acute analysis of your current income and liabilities to understand your repayment capability. Prior budgeting of EMIs of medical emergency loans can help you meet them on time comfortably. Take aid of personal loan EMI calculator to get an accurate idea of EMIs throughout the tenor.
Usually, NBFCs offer a flexible repayment tenor ranging between 24 and 60 months. So, you have the convenience to choose a schedule according to your ability.
● Look for the Best Alternative
Personal loans seem to have a competitive market, so there will be a number of financial institutions to offer you funds. Do research & choose a lender with maximum benefits and less stringent rules.
For example, NBFCs like Bajaj Finserv provide low-interest rates on personal loans for medical needs. They also give pre-approved offers on these personal loans for immediate funding during the hour of need. This exclusive feature saves ample time of the consumers during those critical hours.
Benefits of Medical Emergency Loan
A. Fast processing
Time becomes the most expensive thing in such a critical situation. Several NBFCs offer a quicker approval process. Unlike health insurance, it’s not a time-consuming affair. You can have the disbursal of loan amount within 24 hours.
B. High loan amount
This type of unsecured medical emergency loan comes with the high loan amount. Some lenders can offer fund up to Rs. 25 Lakh. So, you may also use the balance for various post-treatment costs apart from clearing medical debts.
C. Easy-to-meet eligibility & documentation
Another primary advantage is the easy-to-meet personal loan eligibility criteria. You need to be between 23 and 55 years at the time of application with a stable source of income. Alongside, you will go through hassle-free paperwork that includes KYC documents, salary slip with statements and other relevant documents. Post verification of these will fetch you immediate fund in a flash.
You may not be dealing with any medical emergency at present, but it takes a fraction of a second to face any unfortunate event. So, considering a personal loan for healthcare is a real lifesaver.