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In these uncertain times, with COVID-19 spewing out a new variant every few months, a medical emergency can arise at any time. With the ever-increasing cost of healthcare, it sometimes becomes extremely difficult to pay for all medical expenses. In these situations, patients and their families need immediate financial resources that will not burden them in the long run. This is where a personal loan comes into play. A personal loan is extremely helpful in these medical emergencies for a variety of reasons. Let’s look at the top 4 reasons why personal loans are helpful in medical emergencies.
1. Simple documentation and approval requirements
Traditional loans require applicants to submit various documents before processing. They check various aspects to ensure you qualify for the loan, a requirement that can easily undo your efforts due to the sheer volume and type of documents involved. Online Personal Loan does not require you to submit many documents and is easily availed if you are over 21 years old in India and earning a salary of more than Rs. 10,000 Documents include a cash register card, proof of address (Aadhaar card, voter card, passport), payslips and a bank statement of your payroll account.
2. No need for collateral
Traditional loans require applicants to post a guarantor or some other form of security such as collateral. Since personal loans fall into the category of unsecured loans, they do not require such collateral. The lack of collateral simplifies the loan application process as you don’t have to worry about obtaining collateral in an emergency.
3. Simple EMIs
In many cases it is not about taking out a loan, but the repayment can definitely become one. Banks often charge exorbitant interest and ask borrowers to pay the amount in a small window. Leading personal loan companies like KreditBee charge nominal interest rates starting at 1.02% per month and give you the option to spread your EMI payments over 3 to 15 months. This feature allows borrowers to more easily manage personal loan installments online.
4. Immediate Approval and Disbursement of Funds
Sometimes there can be delays in application approval and funds disbursement when every second counts. You need instant cash to cover all medical bills during an emergency and ensure there are no delays in accessing the help you need. Personal loan companies like KreditBee will provide you with funds of up to 2 lakhs within 15 minutes of submitting your application to assist you with medical emergencies.
In medical emergencies, time is of the essence and any delay can be damaging. Personal loans offer you the opportunity to avail instant funds without having to worry about strict eligibility criteria. KreditBee is a personal loan provider that can help you cover emergency medical expenses. To discuss your personal loan requirements, call 080-44292200 or email [email protected] You can also check the eligibility criteria, submit your personal loan application online or download our app.