Need Medical Emergency Loan? Apply For Personal Loan

A medical emergency can strike anytime and without notice. With inflation rising, the cost of medical treatment, especially for serious or life-threatening illnesses that may require hospitalisation, can be exorbitantly high for people who may be among the middle classes and who may have no access to free healthcare.

Unfortunately, in India, people mostly do not have medical insurance. In such situations, people often find themselves unable to cough up money to pay off medical bills.

And this is when a personal loan can come in very handy.

A personal loan is basically uncollateralized credit which can be availed easily and without much paperwork, to meet any financial need including a medical emergency.

A personal loan can be applied for online. All necessary documents can also be submitted online for verification. Once the documentation and other details have been verified, the loan can be disbursed in the borrower’s bank account. And then, the borrower can begin repaying the loan slowly, in monthly instalments that can be tailored to suit his or her cash flow.

Why Personal Loan For Medical Emergences

The personal loan money can be used flexibly, to pay doctor’s fees, hospitalisation bills, cost of medicines as well as for any post-hospitalisation care that the patient may need.

Here are some key reasons why one should opt for a personal loan to meet a medical emergency:

Easy Approval and Quick Disbursal:

Once the paperwork is in order, a personal loan can be approved quickly and disbursed easily and in a hassle-free manner. Good lenders will clear a personal loan for a medical emergency as quickly as possible so that the person in need can get the best medical help as soon as possible.

Get The Best Healthcare:

The money from a personal loan can help one avail the best healthcare possible for themselves or a family member who may need medical care. A personal loan can help one access costly medical treatment and procure expensive medicines, so that they or their loved ones can get treated and recover as quickly as possible.

No Collateral:

As a personal loan is offered without any collateral, it can be the best option for someone who may not have many assets to fall back on. Moreover, for someone who may be busy tending to a sick family member in a hospital, arranging for collateral and pledging the same can become a cumbersome process.

The personal loan for a medical emergency is given based on the borrower’s credit history and their CIBIL score, which indicates to a lender how financially prudent they have been with their past debts.

Minimum Documentation:

When one is busy tending to a loved one who is unwell, the last thing he or she needs to be hassled with is lengthy documentation. This is where a personal loan scores a march over other types of borrowing as the documentation needed for a personal loan is bare minimum.

All one needs to submit are one’s know-your-customer (KYC) documents like Aadhaar or PAN cards, proof of address, bank account details, proof of salary or business income as well as their CIBIL score. Moreover, all these documents can be submitted completely online and the borrower does not even need to visit the lender’s branch.

Helps Protect Savings:

For most middle-class people in India, their small pot of savings is the only money they often have to secure their future. These savings can get depleted quickly when one is laden with steep medical bills. A personal loan can help one preserve their savings as the loan can be repaid in easy monthly instalments from the cash flows that may be generated from their earnings for the month. Moreover, the borrower can keep some additional money even beyond the loan amount, to meet any additional medical expenses.

Keep Financial Planning On Track:

A hefty medical expense can easily take one’s financial planning off track as the person paying the bills may have to take some away from their monthly investments like systematic investment plans, insurance premiums and other forms of saving and investment. By taking out a personal loan, they can easily keep their investment goals on target.

Flexible Repayment Plans:

Those borrowers facing cash-flow constraints can adjust their repayment plans in such a way that their monthly repayment does not stress out their finances. Such people can either choose a longer repayment tenor or choose to pay the interest first and then the principal in one go in order to manage their cash flows better.

Conclusion

A personal loan can come in handy when it comes to paying for a medical emergency. During such times, it is important to approach reputed lenders like IIFL Finance to ensure the loan is approved quickly and conveniently.

IIFL Finance offers some of the most competitive interest rates in the market and a smooth online experience to its clients looking to get a personal loan for medical purposes.

In fact, since people often need money in double quick time to meet a medical expense, IIFL ensures that such loans are processed as fast as possible and with the least inconvenience to the borrower who may anyway be concerned about the health of a loved one going through a medical emergency.