Personal Loan for a Medical Emergency

Medical emergencies are something that no one wants to go through. However, the nature of life is such that we have to go through these tough times at some point in life. With the ever-increasing healthcare costs and medical bills, having medical insurance does not guarantee quality treatment in current times.

A Personal Loan for medical emergency can be useful that can help you in these tough times and help you in saving the life of your loved one or yourself and save you from the guilt that you will have to go through if something bad happens.

We understand the need for quick financing during an emergency, and that is why our medical emergency loan comes with very basic eligibility requirements.

Below are the factors that determine our eligibility criteria for personal loans for medical emergencies:

Your age

Citizenship

Work experience

Employer Category

Monthly income

In addition to this, a good credit score enhances your chances of qualifying for an unsecured loan for medical emergency from us.

We ask for minimal paperwork so that you can get access to finances as quickly as possible. Below are the required documents for our personal loan for medical emergency:

Please note that the list mentioned above is indicative. We may require some additional documents during loan processing.

There are several reasons why you should opt for a Personal Loan for a medical emergency. In fact, rather than spending your savings, it is better to opt for a loan for medical treatment as that gives you some headroom to focus on the issue at hand i.e. the medical emergency.

Here are the top factors how a Personal Loan for a medical emergency can keep you stress-free during tough times:

Quality healthcare

This is the biggest benefit of a Personal Loan for a medical emergency. A loan for medical treatment allows you to have access to quality healthcare facilities including the hospital and treatment of your choice. With rising healthcare costs, it is difficult to manage treatment at good hospitals with adequate medical insurance coverage. As a result, a Personal Loan for a medical emergency helps in providing additional funds that give you access to hospitals that have advanced healthcare infrastructure. As they say, quality comes at a cost. To make these quality treatments available for your family and your loved ones, a Personal Loan for a medical emergency can help in solving the monetary challenge.

Quick approval and disbursal

Loans for medical treatment are known for quick approvals and loan disbursal. In case of medical emergencies, you may require funds at a short notice. In such a scenario, it is best to have a Personal Loan for a medical emergency by your side that can help you with additional funds in times of need. Lenders like Poonawalla Fincorp do not take much time in processing the application and providing approvals on the loan application.

No collateral

One of the primary features of a Personal Loan for a medical emergency is that you do not need any collateral for getting additional funds. In such times of need where you are looking for funds, a loan for medical treatment becomes the default choice as you do not require any collateral to be submitted or pledged with the application.A medical loan is given based on your income and repayment capability. As a result, it is a better option as you are looking for additional funds in times of medical emergency.

Minimal documentation

You do not need to submit too many documents for the approval of a loan for medical treatment. You would require basic identity and income proofs along with your business/job details to be submitted to the lender. Lenders like Poonawalla Fincorp allow for a completely online process that does not require you to visit any branch or office for the processing of the loan application. Documentation maintenance and the stress of keeping it can be very tiresome and it can lead to a huge mental burden on an individual.The minimal documentation helps in keeping your focus on the medical emergency while securing additional funds via a medical loan.

Save your savings

A person works very hard to keep some savings in their lives so that they can enjoy their desires and dreams. Savings when invested in medical emergencies can cause mental stress. A medical emergency by nature is such that it is important to keep additional funds at your disposal. Medical emergencies are known for eating away more than what you budget for. As a result, it is a wise option to keep your savings with you so that you have some additional funds in case they are required. It is always better to repay the Personal Loan for medical emergency via monthly EMIs rather than exhausting all your life's savings in times of medical emergency.

No disturbance to financial planning

Many professionals and businessmen do financial planning, and a medical emergency has the potential to erode all that planning in a flash. However, in case you opt for a loan for medical treatment, you can always adjust the monthly EMI from your income and not disturb your financial planning. In fact, for people who have set financial goals for themselves, a medical emergency can be a small bump in the journey, if handled properly.

The above mentioned are the key factors in how a Personal Loan for medical emergency can keep you stress-free during difficult times. Poonawalla Fincorp offers Personal Loans at competitive rates and offers end-to-end doorstep service which helps you stay focused on the treatment in such times. Apply today for Poonawalla Fincorp Personal Loan for medical emergency.