With medical emergencies being the most unpredictable event in nature, one cannot be fully prepared in terms of handling the financial expenses associated with it. Additionally, one may not be covered at all times with a health insurance plan. Therefore, at such times, availing an instant personal loan to take care of the medical expenses is the most suitable option one can resort to. Read below to understand why availing an instant personal loan in an urgent medical situation is the best choice you can make.
Reasons to avail an instant personal loan for a medical emergency:
Simple and hassle-free online application: At the time of a medical emergency, you certainly would not get time to visit a bank and apply for a loan. At such times, you can simply visit an online lender’s website or download the app that allows you to avail an instant loan in few clicks. Nowadays, lenders let you apply for an instant loan in a pretty straight-forward process requiring you to submit basic details, complete KYC and upload bank statements online. For instance, online lenders let you apply for an instant loan easily without having to physically submit any documents. With them, you can get instant approval and disbursal. When applying for an instant loan online, you must check on your credit score as well as the eligibility requirements mentioned on the lender’s website.
You get the funds instantly: As the name suggests, an instant loan is an unsecured loan that is provided to you in just a few minutes. Few banks and NBFCs in India offer you loans in just 10 seconds.
No collateral required: To avail an instant loan, you don’t have to keep any collateral or guarantor as it is an unsecured type of loan. This thus saves your time by providing you quick access to money to cater to your medical requirements.
Easy repayment option: You can repay the loan in EMIs and can choose the repayment tenure depending on your income. Generally, this type of loan is provided for a tenure of 6 months-60 months. Thus, there is no pressure to pay immediately and you can repay the loan as per your convenience. Additionally, lenders also allow you to make part prepayments as and when you desire.
Utilize the amount for any type of treatment: Whether it’s a surgery or getting medical treatment for a disease, you can utilize the amount for treatment of any type of ailment. Additionally, you can choose to receive the treatment at any hospital of your choice, unlike a medical insurance plan that restricts you to do so for receiving cashless treatment.
Before applying for a personal loan for a medical emergency don’t forget to do a bit of research online and compare the interest rates offered by various lenders in India. Check on the features and benefits of the loan to ensure you get a quick disbursal to cater to your medical emergency. Also, to get finance in an easy way, apply with Credit Fair for a medical loan to get funds upto Rs. 10 lakhs at easy EMIs and minimal processing fee.