While having a personal loan, health or medical insurance can help you in time of medical emergencies. It is not a feasible option for everyone. Medical emergencies can be stressful since they come with a slew of new duties for which you are unprepared. In order to receive the best course of treatment in the event of a medical emergency. You’ll need enough money to cover all of your medical costs. Unfortunately, people do not always have the finances for such charges when they receive the bill. Therefore they may need to take out loans to meet their financial obligations.
In such cases, an instant personal loan can help in managing the finance. Companies like Bajaj Finserv offer an instant personal loan of up to ₹25 lakh in case of such emergencies. With the Bajaj Finserv app, you can easily apply for an instant personal loan without having to visit any branch or hassle of paperwork.
What is a personal loan?
A personal loan is an unsecured loan, an offering by banking and non-banking institutions to cater to a variety of end uses. A personal loan could be used to repay debt, or pay for home upgrades, or organise your dream wedding. Banks, credit unions, NBFCs and online lenders all offer personal loans. You must repay the money you borrow over time, usually with interest. Personal loans may be subject to fees from some lenders.
A Personal Loan for Medical Emergency features a quick online and mobile application, which adds to your convenience. Simply complete a simple application form with information about your income, work, and finances and personal information. The application is authorised in about 5 minutes after it is completed, keeping your immediate demands in mind. Following that, you will be required to submit a number of documents, including evidence of identification, proof of address, bank documents, KYC details and proof of occupancy, etc. You will receive the funds in your account in about 24 hours after these documents have been validated. Because you have immediate access to finances, you won’t have to waste time attending to your family’s medical needs.
There are many personal loan insurance plans available in the market. These plans take care of your loans if you are unable to clear them due to unavoidable contingencies. In case of death, disability, illness or unemployment. The loan insurance plans pay the outstanding liability preventing the burden from falling on your family.
Medical situations necessitate your full attention. Worrying about the loan’s terms is inconvenient at a time when you’re consulting doctors about the next steps and caring for your family. Bajaj Finserv app gives you a personal loan for emergency without any restrictions on use, keeping in mind your unpredictability. You can spend a portion of the funds for diagnostics, a portion for surgery, the remainder for hospitalisation, and even post-operative care. There are no hidden fees, and you can see all of the fees associated with this loan up front.
How to apply for a Personal Loan?
You can easily apply for an instant loan once you meet the eligibility criteria.
The Common Eligibility Criteria Of Personal Loan Includes:
- You must be an Indian resident
- You must be between the age of 25-58 years old
- A steady source of income is a must, as to repay the loan
- A good credit score also helps when it comes to applying your Personal Loan
- Apart from the above mentioned criteria, your pre-approved loan also depends on your city, state and
This emergency instant loan is not only free of collateral, but it also has a long enough term to make repayment easier. As a result, you can repay the loan over a period of 24 to 60 months, depending on your income and convenience. When you take out a Bajaj Finserv Medical Emergency Loan, you can minimise your debt even more by paying lesser EMIs that only cover interest.
Read Also – Things you should know before applying for a personal loan online
You can cut your EMIs by up to 45 percent, manage your current cash flow more easily, and repay the principal at the end of the duration by choosing the Flexi Personal Loan option. This will allow you to take care of other bills while still being able to afford medical treatment. You can also make part-prepayments at no extra cost throughout the tenor to lower your overall interest.
A personal loan for medical emergency might be advantageous because it comes with characteristics that make dealing with urgent healthcare bills easier. Pre-approved options are also available from Bajaj Finserv to help you save time and get funds quickly.
