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Common mistakes to avoid while applying for a loan for medical emergency

  • Highlights

  • Don’t make a snap decision, consider all lender options

  • Look for hidden charges when taking an emergency loan

  • Check eligibility before applying for an emergency loan

  • Don’t fill incorrect details in your loan application

Last-minute treatment, be it a surgery or hospitalisation, can leave you with little to no time to plan your finances. One of the biggest concerns about healthcare is the rising costs in hospitals. If you find yourself in such a situation, you will want to devote all your attention towards securing the best healthcare instead of worrying about money. An easy way to attend to your financial needs is to keep your savings aside, and make use of an emergency loan offered by lenders specifically for medical emergencies.

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A personal loan will help you to access the funds that you need, to take care of medical costs with ease. However, while taking a medical emergency loan to reduce your financial load, it is essential that you avoid some common mistakes for hassle-free, quick disbursal.

Here are 5 mistakes that you should avoid committing when you take a personal loan for medical emergency.

1. Limiting your lender options

When you need a medical emergency loan, you may think of consulting your existing bank first. While you might have a good relationship with your bank, it is essential that you consider other lenders too. Just like any other loan, you need to evaluate the benefits that accompany your medical emergency loan to ensure that in the months that follow, repayment isn’t challenging. Choosing a lender with good customer service will make your borrowing experience even more pleasant.

Additional Read: 5 Things To Know About Loans For Medical Emergency In India

2. Forgetting to check for hidden charges

While the interest rate is a major part of your loan, there are other factors that you need to consider while considering a medical emergency loan. Some lenders offer lower interest rates but have hidden charges that cancel out the advantage. These usually include statement charges, higher processing charges, part-prepayment charges, foreclosure charges, etc. and can add up to a substantial amount through the course of the tenor.

So, choose a lender who is transparent about all fees, such as Bajaj Finserv. For example, Bajaj Finserv doesn’t charge you for loan statements, and tells you about the applicable charges up front.

3. Applying before checking if you qualify for the loan

Remember to check the eligibility criteria of the lender that you wish to apply with. This eliminates any chance of rejection based on eligibility. You can check the eligibility criteria on your chosen lender’s website, or use an eligibility calculator to learn if you’re a good fit in under a minute.

Personal Loan for Medical Emergency

4. Filling inaccurate information in your application

Once you know that you are eligible to avail the loan, just go for instant personal loan and read the terms carefully. Do not be in a hurry to submit your form. Instead, check your loan application form twice or thrice to ensure that you haven’t mentioned any inaccurate information.. If information is incorrect or you haven’t submitted the right documents, your application will be rejected or sent back to you. This will further delay approval and disbursal.

5. Submitting multiple loan applications

Avoid applying to too many lenders at the same time. This has a negative impact on your credit report and lowers your creditworthiness. Keep a gap of at least 6 months before your next loan application.

So, study the options available to you, and proceed cautiously to fulfil your medical needs on time. Bajaj Finserv also gives pre-approved offers that help you save time and simplify the process of availing finance.

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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