A medical emergency calls for a Personal Loan

Personal Loans for Medical Emergencies

Personal loans have got many applications for which the borrower can utilize the funds for personal uses. The borrower is free to decide on their own whether where to spend the money for the personal loans being availed. Personal loans can be taken at interest rates of 11-15% per annum. One of the major applications for personal loans is medical expenses. Medical expenses can be covered easily in personal loans. Even if the person is having a mediclaim policy still it has got some limitations for the coverage. Sometimes some medical treatments are very costly and thus the poor or the average middle-class people cannot afford the medical treatment, thus they are forced to take personal loans for the same. Personal loans have helped many needy people avail of loans and pay for emergency expenses. The personal loans can be taken for the amount up to Rs.25 lakh. This amount can help cover most of the treatment costs. Also for more costly treatments part of the medical expense can be covered. During the coronavirus pandemic, many people have been forced to take personal loans for medical treatment.

There are many instances wherein there is an emergency-like situation wherein the epidemic spreads and many people fall ill. There were two waves of the pandemic along with that in recent times there has been a sudden epidemic of dengue cases in some parts of the country. Also on a regular basis, old age people are commonly being hospitalized as the chances of senior citizens falling ill to dangerous diseases is high. Also, newborn infants are more likely to fall ill as the infants are also amongst the category of the population who can fall sick early. All these treatments, illnesses & disorders treatment can be taken with the help of personal loans. Opting for personal loans is a better option than borrowing funds from friends, relatives & friends. The borrowers can repay the installments for the tenure of 5 years in the form of equated monthly installments. The loans can be taken from any of the banks as per the choice of the borrower. There are also online methods to avail of instant personal loans. Personal loans are like an emergency money bank which the borrower can avail while in need of emergency funding.

Procedure for personal loans during a medical emergency

Process for application

  • Submit the necessary documents with the bank for the loan application.
  • Fill up the application form for personal loans.
  • Attach the documents to the form. Read all the terms & conditions before submitting the form.
  • Insist the bank for faster clearance of loans for approval as the funds are going to be utilized for medical purposes.
  • After completing the procedure the amount would be credited within 48 hours in the bank account of the applicant.

For Online process:

  • Do the E-KYC by the self by uploading the scanned copies of the documents required by the bank or an NBFC.
  • Fill in the details required in the application form.
  • Click on submit.
  • Sometimes the loan amount is processed within the time of 2 hours in the bank account of the applicant.

Documents required for the personal loans in case of medical emergency:

  • Application form to be filled and duly signed by the applicant.
  • Passport size photographs.
  • Identity proof like pan card, Aadhar card, driving license, passport. etc. Any 2 of the documents.
  • Address proof: Govt. recognized identity proof/ electricity bill/ employment identity card/ property documents Xerox copy.
  • Employment proof like identity card Xerox copy, offer letter. etc.
  • In case of self-employed business registration proof, shop act license, bank statement of the current account of the bank.
  • Income proof like bank statement of the salary credit, salary slip. Etc.
  • Xerox copy of the medical report being provided by the hospital for emergency disbursal of loans.

Availing of personal loans is the best option during the medical emergency as the disbursement of the loan is immediate and the loans can be taken at attractive interest rates. Personal loans can be repaid up to the tenure of 5 years