Instant Personal Loan For 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.
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Personal Loan Interest Rates For Medical Emergency
|Personal Loan Interest Rates||9.99%* p.a. onwards|
|Loan Amount||₹1 Lakh to ₹30 Lakh|
|Loan Processing Fees||Up to 2% plus applicable taxes|
|Lowest EMI per month||Starting from ₹2,124* per Lakh for 60 months|
|Loan Tenure||12 – 60 months|
|Prepayment/Foreclosure Charges||0%* If paid from own sources|
|Late Payment Charges||2% per month|
|Cheque Bounce Charges||₹500 per bounce plus applicable taxes|
|Stamp Duty||At actuals (as per state)|
|No Other Hidden Charges|
Eligibility Criteria For Medical Emergency Loan
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:
- Age - The applicant should be at least 24 years of age at the time of applying for the loan and a maximum of 57 years of age.
- Citizenship - The applicant must be an Indian citizen.
- Work Experience -The applicant should be in current employment for a minimum of 1 month and is required to have a minimum work experience of 1 year.
- Employer Category - The applicant needs to be an employee of the Central Govt., PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP or companies which are listed.
- Monthly Income - The monthly income of the applicant must be at least ₹30,000.
In addition to this, a good credit score enhances your chances of qualifying for an unsecured loan for medical emergency from us.
Required Documents For Personal Loan For Medical Emergency
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:
Proof of identity
Proof of address
Proof of employment
Proof of income
Please note that the list mentioned above is indicative. We may require some additional documents during loan processing.
Why Opt For A Personal Loan For Medical Emergency?
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:
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.
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.
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.
Features And Benefits Of Personal Loan For Medical Emergency
We aim to deliver a seamless and hassle-free borrowing experience to our customers. Our personal loans are easy to avail of, offer instant approval and a high degree of customisation to cater to your specific requirements.
Below are the striking features and benefits of our personal loans for medical emergencies:
Easy online application
No collateral/security required
Instant approval and quick disbursal
Attractive rate of interest
Flexible repayment tenure
No hidden charges
Apply For Instant Personal Loan For Medical Emergency Within 5 Minutes
Click on Apply Now and fill in the complete application.
Enter your DOB, qualification and residential details
Application will then proceed for verification and assessment
Frequently Asked Questions On Medical Emergency Personal Loans
A personal loan for medical emergency is a type of medical loan that is taken to tackle the unforeseen expenses that may arise during a medical contingency.You can avail of this medical emergency loan and utilise the funds to pay doctor’s fees, nursing charges, medication costs, and hospital bills, among others.
Of course. You cannot let the lack of money come in your way of getting the best medical treatment during a medical emergency. A medical loan allows you to focus solemnly on your health and keep other worries aside. However, you should borrow it for tackling emergencies and not for making unnecessary spending or high-risk investments.
Personal loans for medical emergencies are disbursed as quickly as possible. With Poonawalla Fincorp, you can get an instant approval for your medical emergency loan application and receive the finances in your bank account. Just make sure that you fill every detail in the application form correctly and submit all required documents.
The applicable charges and interest rates for personal loans for medical emergencies vary across lenders. At Poonawalla Fincorp, we provide personal loans at the most competitive interest rate, starting from just 9.99% per annum. Additionally, a nominal processing fee of 0 to 2% of the loan amount might be applicable.
You can follow the steps mentioned below to apply for a personal loan for medical emergency:
- Step 1 – Click on “Apply Now” on our website
- Step 2 – Enter your basic details and upload the KYC documents
- Step 3 – Await application assessment
- Step 4 – Receive confirmation of your loan approval
- Step 5 – Get the loan amount in your bank account
*Terms & Conditions Apply