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5 Things to know about loans for medical emergency in India

  • Highlights

  • You can apply for a medical emergency loan online

  • You can get funds without worrying about any collateral

  • You can access funds as per your needs with a Flexi Loan

  • You can avail convenient repayment terms

Medical care at the right moment is imperative for proper treatment. For example, nearly 27% of deaths in India happen due to lack of medical attention at the time of injury, according to data released in 2013 by the Census directorate. So, rather than delaying healthcare or compromising on where you or your family members get treated, tackle such emergencies by being financially prepared.

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A personal loan for medical emergency is designed to help you meet urgent monetary requirements during any health scare. Being aware of certain facts associated with these loans will help you raise funds quickly and maximise your chances of approval.

Here are 5 things to know about medical emergency loans in India.

1. They have a simple application procedure

Faced with a medical emergency, you will have to think on your feet, taking many decisions regarding hospitalisation and treatment. At such a juncture, worrying about finances would be an added responsibility. To help you minimise your time and effort, you can apply online for a personal loan for emergency in just a few minutes. for emergency in just a few minutes. For example, you can fill in a simple application form online with lenders like Bajaj Finserv, who offer funds up to Rs.25 lakh at nominal interest rates.

2. They offer you maximum flexibility

Medical costs can be erratic and the actual expenses for surgery, medicines, tests and other details cannot be predicted in advance. This means that you will need funds at ready disposal. So, lenders like Bajaj Finserv offer a personal loan for medical emergency with a flexi loan facility. By opting for this facility, you can withdraw money when you need from your sanctioned amount, and pay interest only on the amount you use. You can further choose to repay with interest-only EMIs to manage your cash flow better, and repay the principal at the end of the tenor.

Additional Read: Apply for a Personal Loan for Medical Emergency in 3 Easy Steps

3. They don’t require collateral and offer money fast

The unsecured nature of a personal loan for emergency speeds up the process of raising funds. To get a sanction for this loan you do not have to pledge any collateral. This exemption helps you save a lot of time and ensures your needs are met as fast as possible. Thus, you can get the funds via a medical emergency loan in your bank account in just 24 hours.

4. They feature convenient repayment terms

Giving you enough room to manage your emergency smoothly, personal loans for medical emergency come with a comfortable repayment window going up to 60 months. You can choose a tenor of your preference as per your finances. To add more convenience to repayment, you can make part-prepayments on the loan at no extra charge.

Personal Loan for Medical Emergency | Instant Loans | Bajaj Finserv

5. They require a good credit score

An emergency loan is an unsecured personal loan, and it is easier to qualify for it if you have a good credit score. A CIBIL score of 750 and above will ensure that you get the loan on affordable terms. So, pay special attention to your existing loan repayment schedules and maintain discipline in your repayment behaviour to maintain a high credit score. Although you can get this loan with a lower score as well, you may need to pay a higher interest or be willing to avail a smaller amount.

Additional Read: Know How CIBIL Score Is Important for Personal Lending

Before applying for an emergency loan, be sure to compare the various loans on offer, so that you can choose the one that meets your requirements. This will help you get funds for your medical needs on affordable terms. Bajaj Finserv gives personal loan pre-approved offers to its customers, so that you get instant financing for your needs.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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