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.
