How to get an instant personal loan to meet your emergency medical needs
When faced with a medical emergency, having access to sufficient funding is often one of the first things that come to your mind. Proper finance is the key to getting the right treatment in a timely manner and from reputed doctors and clinics.
In fact, it isn’t uncommon for healthcare institutions to hold off on administering treatment until the funds are in order and in such situations, you may not have much time to get the funds ready. This where a medical emergency loan, which is a personal loan that is customised for such requirements, can come in handy.
While opting for a tradition personal loan may be a lengthy process, lenders today offer instant personal loans that can be availed online – in some cases as little as 20 minutes. So, how do you go about availing a personal loan to manage a medical emergency? Read on to know more:
1. Meet the lender-specific eligibility criteria
The first step in availing a personal loan is to check if you meet the lender’s eligibility criteria. While this varies from lender to lender, the criteria usually include your age, employment status, city of residence and annual income. To save on time, it makes sense to choose a lender that asks you to meet simpler eligibility criteria.
2. Submit the required documentation
Again, depending on your lender, this may be a tedious step that comes with regular personal loans as lenders usually demand quite a few documents before processing your application. To give you an idea of what you’d need to have on hand to successfully apply for most offerings, take a look at the following list.
- Identify proof: Voter ID, Passport, Driver’s License, PAN Card or Aadhaar Card
- Proof of residence: Ration Card, Utility bills or Passport
- Proof of income: Salary slips from last 2 to 3 months and a bank statement of last 3 months
- Employment proof: A photo-ID that proves your employment
3. Check and maintain the required CIBIL score
This is another eligibility factor that becomes critical when you are applying for a personal loan to deal with a medical emergency. A high CIBIL score, of 750 or above, is required by most lenders for a fast personal loan sanction and helps you get affordable terms including a nominal interest rate. However, you can check your CIBIL score easily online. For instance, you can check free CIBIL score through Bajaj Finserv.
The problem is that when your CIBIL score is not very high, your application may be rejected. While you can get a personal loan with a low CIBIL score from some lenders, you may pay a higher interest rate or get a lower loan amount than what you require. In such cases, you usually need to work at improving your CIBIL score, which can take between 6 months to a year. This may not be possible for you to do if you have an urgent healthcare need to attend to.
4. Calculate your FOIR
Your FOIR or Fixed Obligation to Income Ratio is another criterion by which lenders determine whether or not to approve your application for a medical emergency loan. FOIR is a ratio of your income against your fixed obligations and the acceptable FOIR margin is 50% or less. This is something you’ll have to do beforehand to determine your chances of approval for the personal loan. Unfortunately, this is also quite a tedious process and is something you might also have to go through with the lender.
All of the above-mentioned steps are time-consuming and can demand more time and attention than you may be able to devote during a medical emergency. However, the Bajaj Finserv Instant Personal Loan allows eligible customers to skip all these lengthy procedures and get the funding you need in an instant. This is a great feature that makes it a viable medical emergency loan in time of need.
Why the Bajaj Finserv Instant Personal Loan is ideal for medical emergencies
Offers funding in under 20 minutes
As an existing Bajaj Finserv customer, all you have to do is review your pre-approved loan offer and avail the loan instantly, from the comfort of your home. There are no documents to submit or eligibility criteria to meet! What’s more, the loan is kept ready for you and you can get it now in your bank account in just 20 minutes.
Grants a high loan amount for all planned and unplanned expenses
The sanctioned amount is based on your profile and is more than capable of handling treatment as well as any other post-treatment expenses.
Promises speedy disbursals owing to its 100% digital provisions
There is no need for you to leave your home or visit a branch, as the loan is processed 100% online.
Reduces the risk of borrowing owing to its collateral-free nature
You don’t need to worry about putting up as asset as security to avail the loan, which makes the entire process easier and faster.
Aids repayment owing to a flexible tenor of up to 60 months
With a long repayment tenor of up to 5 years, you can repay the loan in affordable EMIs and focus on your medical needs.
This features are what makes the Bajaj Finserv Instant Personal Loan the ideal medical emergency loan. To get started, all you have to do is check your pre- pproved offer today and avail instant funds to tackle healthcare expenses.