4 Reasons to opt for Low-Cost Personal Loans During Medical Emergencies

If there’s a universal truth about all medical emergencies, it is this – every single time, it comes without a warning. A medical emergency can occur at any time, and in case you don’t have enough money saved up, you might struggle to raise funds at such short notice. Even if you have health insurance, sometimes, even that might not help. Your insurance provider may not cover all the costs involved, or worse, your procedure may not fall under the list of ailments covered by the company. When such a situation arises, it’s better to opt for a loan for medical emergencies. This is nothing but a low-cost personal loan. Such a loan can give you the much-needed infusion of cash to meet the emergency at hand. A low-cost personal loan is perfect for unexpected emergencies, be it a surgery or any other kind of treatment. Here are four reasons to take such a loan:

1. No Need for Collateral

A low-cost personal loan doesn’t require any collateral, and in that sense, it is an ‘unsecured loan’. This means that you needn’t worry about providing any security to your lender in the form of cash, property, or any other assets. This is a big advantage because for most borrowers, arranging for collateral would be the last thing on their mind, and in fact, an added burden. As long as you have all the required documents handy, you can directly apply for a low-cost personal loan.

2. Flexible Repayment Options

Whoever takes out a low-cost personal loan does so to eliminate the financial emergency at hand. In this case, it is a medical emergency. While all borrowers look for ease of access to cash within the shortest time, a flexible repayment process is equally important. Thee is no point in taking out a low-cost personal loan if the repayment process is rigid. Every borrower should have the facility to repay the loan on their terms, based on their repayment capacity.

3. Quick Approval

When you apply for a low-cost personal loan online, you don’t have to worry about waiting too long for your application to get approved. Personal loan providers understand that in an emergency, time is of the essence. That is why these loans come with instant approval. As the borrower, you just need to ensure that all the required documentation is in place and that all the information entered is accurate. The slightest mismatch between the information entered and what is shown on the documents can lead to your approval getting delayed.

4. Minimal Documentation Required

The process of taking out a low-cost personal loan is pretty easy because the documentation involved is less. This is not your traditional bank loan, which involves extensive documentation. All you need (for most lenders) is an Identity Proof, Proof of Address, your Aadhaar, and salary slips. If you have these documents at hand, you just need to upload them properly and you’re good to go.

Wrap Up 

A medical emergency can hit you or your family members at any time. There is nothing ‘planned’ or ‘expected’ about such events. Ideally, all of us must have a special emergency fund tucked away in our savings account to meet such emergencies. But most of us, for some reason or the other, don’t have the full amount required. In such cases, you can always depend upon low-cost personal loans to help you out.
 


Popular posts from this blog

All You Need to Know About Unsecured Business Loans

Business loans are sanctioned to existing business owners or budding entrepreneurs looking to start their own business. The business loan amount helps them get their idea off the ground. Existing business owners can use the funds to take care business expenses. The loan amount includes the principal amount which is paid with interest in monthly installments. How affordable/reliable is a business loan? Can you, as a business owner honour your installments on time? Other than loans from banks and NBFCs, you can get personal loans for business from FinTech lenders as well. In this article, we discuss business loans in detail. Business loans are broadly categorized into two types - secured business loans and unsecured business loans. What is an Unsecured Business Loan? The main difference between secured and unsecured business loans is that the latter requires the you to offer collateral while an unsecured loan does not require you to pledge any security. For a lender, secured business lo...
Read more

3 Advantages of Consolidating Debt Using a Personal Loan

Whenever you’re faced with a financial emergency, taking out an instant personal loan is sure to be among the top choices that you would usually consider, in terms of coming up with the required funds. This is primarily due to the convenience they offer, from the reduced TAT and loan disbursal time, to the minimal documentation required. Today, it is very easy to get an instant personal loan, owing to the vast number of banks, NBFCs, and FinTech companies that provide them. Whether you need a personal loan in Bangalore, or a personal loan in Chennai, you can get one in a matter of minutes.  While it is always a good idea to borrow only how much you require, it may so happen that you end up taking a number of such personal loans in quick succession. In such cases, your financial goals are sure to take a hit, because a lot of debt accumulation has now taken place. While keeping track of numerous EMI payments can be tough, there is an option that can make your life easier – con...
Read more

Tips to Get a Personal Loan with Low Credit

If you’ve ever borrowed a personal loan before, you’ll know exactly how important your credit score is for your personal loan’s approval. Your credit score is the gold standard against which all lenders across the country evaluate your loan approval. They use this to decide how risky it would be to sanction your loan. If you have a high credit score, you’d be a low-risk applicant for your lender. If your credit score is low, you’d most probably represent a high-risk proposition for your lender. Your credit score is a three-digit number that illustrates how financially responsible you are. It summarises how much credit you’ve availed of until now, your repayment behaviour, and your credit history. By now, you must be thinking that applicants with a low credit score cannot get a personal loan . But that’s not true. Here are four tips you can try to get a personal loan despite a low credit score: 1.Prove That You Have Good Repayment Capacity When it comes to getting a low credit personal ...
Read more