9 Reasons Why You should Avail Instant Personal Loan in an Urgent Medical Situation


With medical emergency being the most unpredictable event in nature, one cannot be fully prepared in terms of handling the financial expenses associated with it. Additionally, one may not be covered at all times with a health insurance plan. Therefore, at such times, availing an instant personal loan to take care of the medical expenses is the most suitable option one can resort to. Read below to understand why availing an instant personal loan in an urgent medical situation is the best choice you can make.


Reasons to avail an instant personal loan for a medical emergency:


Simple and hassle-free online application: At the time of a medical emergency, you certainly would not get time to visit a bank and apply for a loan. At such times, you can simply visit an online lender’s a website or downloads the app that allows you to avail an instant loan in a few clicks. Nowadays, lenders let you apply for an instant loan in a pretty a straight-forward process requiring you to submit basic details, complete KYC and upload bank statements online. For instance, online lenders let you apply for an instant loan easily without having to physically submit any documents. With them, you can get instant approval and disbursal. When applying for an instant loan online, you must check on your credit score as well as the eligibility requirements mentioned on the lender’s website.

You get the funds instantly: As the name suggests, an instant loan is an unsecured loan that is provided to you in just a few minutes. Few banks and NBFCs in India offer you loans in just 10 seconds. Unlike health insurance, availing a personal loan is not a time-consuming affair. You don’t have to do any paperwork or have to visit the lender’s office to make an application. Simply making the application online and submitting the documents is enough to get your loan disbursed.

No collateral required: To avail an instant loan, you don’t have to keep any collateral or guarantor as it is an unsecured type of loan. This thus saves your time by providing you quick access to money to cater to your medical requirements.

Easy repayment option: You can repay the loan in EMIs and can choose the repayment tenure depending on your income. Generally, this type of loan is provided for a tenure of 12 months-60 months. Thus, there is no pressure to pay immediately and you can repay the loan as per your convenience. Additionally, lenders also allow you to make part prepayments as and when you desire.

Utilize the amount for any type of treatment: Whether it’s a surgery or getting medical treatment for a disease, you can utilize the amount for treatment of any type of ailment. Additionally, you can choose to receive the treatment at any hospital of your choice, unlike a medical insurance plan that restricts you to do so for receiving cashless treatment.

High loan amount: This type of personal loan for a medical emergency comes with a high loan amount with some online lenders offering loans upto Rs. 2 lakh. This allows you to utilize the money for post-hospitalization treatment costs.

Minimum documentation: To avail a personal loan for a medical emergency, you don’t have to go through any paperwork as online lenders allow you to upload documents online. You have to submit your PAN card, address proof, photograph, salary slips and bank statement. On successful submission of the above documents, lenders assess your credit eligibility and offer you instant approval. This is one of the primary benefits of availing a personal loan as at the time of the emergency, you are not required to run from pillar to post to avail the loan amount. Few

Competitive interest rates: Instant loan offered by online lenders is offered at attractive interest rates that ensure you don't have to pay a heavy interest rate towards the principal amount you borrow. The interest rate charged by online lenders is usually between 9%-20% depending on your eligibility. Since a personal loan is an unsecured loan, you don't have to keep any guarantor. Another popular type of unsecured loan is a credit card. However, using a credit card to meet any emergency medical requirement would generally attract a heavy interest rate. Hence, personal loan offered by online lenders is the best choice to cater to a medical emergency.

Build credit score: Availing a personal loan for a medical emergency helps you build your credit score as your loan repayment does have an impact on the same. If you pay the EMIs on time, then chances of your credit score increasing are higher. Additionally, you will also be able to secure more loans in the future.

Conclusion

Before applying for an instant personal loan for medical emergency don’t forget to do a bit of research online and compare the interest rates offered by various lenders in India. Check on the features and benefits of the loan to ensure you get a quick disbursal to cater to your medical emergency.
9 Reasons Why You should Avail Instant Personal Loan in an Urgent Medical Situation 9 Reasons Why You should Avail Instant Personal Loan in an Urgent Medical Situation Reviewed by Pravesh Kumar Maurya on August 28, 2019 Rating: 5

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