Friday, April 12, 2019

How to Get an Emergency Personal Loan for Medical Needs

Medical emergencies come uninvited, and there is time fixed for them to strike anyone. If you are financially sound, you can easily meet an emergency medical situation as you can get treated at a better hospital and get well soon.

However, if you don’t have enough savings or don’t have a mediclaim policy active, you won’t have any option than to borrow from family or sell an asset.

But, times have changed now, and if you have a strong CIBIL Score, employment and repayment history, then you can easily apply for a medical emergency loan.

What is a Medical Emergency Loan?

A medical emergency loan is an extension of a personal loan facility designed to cover your urgent medical needs.

If you are eligible, then you can get an amount as high as up to Rs.25 lakh. The loan is offered at a reasonable interest rate on personal loan which you can repay in smaller EMIs over a longer tenor ranging between 1-5 years. You can also use the personal loan eligibility calculator to determine your eligibility at a lender’s website free of cost.

How soon is the medical emergency loan approved?

You can apply for a medical emergency loan online at a lender’s website and get the approval as fast as 5 minutes. Once approved, the lender disburses the desired loan amount into your bank account within 24 hours. Hence, compared with other credit options, the medical emergency loan works fast to cater to your urgent needs.

What are the benefits of a medical emergency loan?

1)      Loan up to Rs.25 lakh

Rs.25 lakh is what you can grab as the loan amount which could be used to pay for your medical bills including hospital, surgical, medicinal and other expenses. You can also use the remaining amount as per your needs towards other personal expenses.

2)      Flexible Tenor

The medical emergency loan will not become a burden for you and hamper your monthly outlays. It is because all leading lenders offer a flexible tenor ranging between 12 months and 60 months. This way, you can pay in affordable EMIs and manage other monthly expenses effortlessly.

3)      Flexi loan feature

It is up to you withdraw an amount out of your total loan limit and pay only the interest as EMI and nothing else. The rest of the loan amount gets adjusted once the loan tenure ends.

4)      Online loan access

You can access all medical emergency loan details and track its progress via the digital customer portal of your lender 24/7 and right from anywhere.

If you are in the middle of a medical emergency and need some urgent funds, you should check the personal loan eligibility quickly, apply online and fund all needs.

NBFCs presents some pre-approved deals on medical emergency loans, home loans, business loans, and loan against property, credit cards and more. Such deals are to simplify your loan formalities and make it less time-consuming.   

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