When you face a medical emergency, then you are bound to pay a hefty bill as the cost of healthcare is on the rise. If you don’t have health insurance, then you are bound to liquidate your assets and savings to cover your needs.
Not anymore, you can get a medical emergency loan from a leading bank or NBFC and cover your needs.
Let’s know more about the reasons why you should apply for a medical emergency loan in this post!
What is a medical emergency loan?
A medical emergency loan is an extension of an instant personal loan that has been designed to cover your urgent medical needs. If you have a robust credit score, clean repayment and consistent employment record, then you can get instant approval.
Why apply for the medical emergency loan?
- Get up to Rs.25 lakh
You can avail an amount of up to Rs.25 lakh so that you can cover all expenses related to your medical expenses like medicine costs, room rent, diagnostics and more. You can check out the personal loan eligibility calculator to know an amount that you will be able to get finally.
- Instant approval
You can apply for an emergency loan online and get instant approval if you meet the eligibility terms of your lenders. If everything is good, then you can get the loan approval within minutes.
- Money in your bank account within 24 hours
After securing the loan approval, you can expect leading lenders in India to disburse the loan amount into your bank account within 24 hours. This way, you won’t have to wait for ages to get your hands on money to cover your needs.
- Flexible loan tenor
You can also get a flexible loan tenor ranging up to 60 months to repay your loan. If you opt for a longer tenor, then you will pay lower EMIs, but that will also mean managing a higher loan interest rate. Also, the loan burden on your head will be for a long time. On the other hand, if you opt for a shorter tenor, then you may have to pay larger EMIs, but you will end up saving on the interest part. What’s more, you will also enjoy repaying the debt fast, which will make you eligible to apply for another loan.
- Easy to meet eligibility terms
While availing the medical emergency loan, you will only need to meet easy eligibility conditions of the lenders such as:
- You should be aged between 23-55 years
- You need to be a residing citizen of India
- You should be employed with an MNC, Public or a Private Company
- KYC Documents
- Last 2 month’s Salary Slips
- Last 3 months’ Salaried bank account statements
- Employee ID Card
With so many benefits of applying for a medical emergency loan, why won’t you like not to avail it and cover your immediate needs? If you are ready to apply, you don’t need to waste your time and visit a lender.
Instead, it is possible to browse the website of a renowned lender today itself and apply online. If you are unconvinced, then you can seek the advice of a known financial expert to know more about the instant personal loan.
