Even though the credit growth in India is slow, a significant number of individuals are still drawn towards personal loans to meet their financial requirements. Being an unsecured credit option that comes with zero restrictions on end usage, it can be used to meet multiple necessities.
In fact, the credit option is considered to be most effective in meeting expenses arising out of a medical emergency. Such use can be accredited to the user-intrinsic features and benefits which accompany a personal loan for a medical emergency.
Benefits of personal loan for a medical emergency
These pointers highlight the fundamental features and benefits of availing a personal loan for a medical emergency.
Simple eligibility criteria
Usually, personal credit for a medical emergency comes with an easy to fulfill criteria to extend required financial assistance at the need of the hour. For instance, salaried applicants between the age of 23 and 55 years residing in India are considered eligible by most lenders.
Also, the stability of income and a good credit score are among the other personal loan eligibility criteria for applicants to fulfill.
Easy application process
Most financial institutions follow a simple application process online when it comes to a personal loan for a medical emergency. Intending borrowers can apply for it by simply visiting the website of a leading financial institution and proving all the required information and details pertaining to the credit option. To streamline the process more effectively, individuals can find out how personal loan applications are processed by lenders.
Minimum documentation process
Typically, to initiate the documentation process, applicants need to submit documents like KYC documents, proof of income, and proof of employment and bank account statements, among others.
Financial institutions like Bajaj Finserv follow a simple documentation process that helps to initiate the verification and approval process at the earliest.
They also provide pre-approved offers to customers to make the process of applying for a loan hassle-free. Mostly such offers are provided on financial products such as personal loans and business loans. Check your pre-approved offer in just a few steps by entering your name and contact number.
Quick approval and disbursal process
The major benefit of a personal loan for a medical emergency usually comes with a quick approval and disbursal process. With the prompt submission of the required documents, the verification process is initiated. Once it is completed, applicants can expect approval within a few minutes.
High loan value
A medical emergency requires a substantial amount of money to deal with the resulting financial obligations effectively. The fact that a personal loan for a medical emergency extends a high loan value to eligible applicants enables them to cope with the situation with ease.
Furthermore, with no restrictions on the end-use, borrowers can utilize the loan amount availed as and how they deem fit to deal with the emergency.
Since a personal loan is an unsecured credit, applicants can avail of the required loan amount without mortgaging any collateral as security. This, in turn, alleviates the risk from the perspective of borrowers and allows them to avail of the required financial assistance without being too cautious.
Nevertheless, applicants can use an online personal loan calculator to figure out the EMIs. Based on the outcome, they can tweak their loan requirement accordingly.
In brief, the most significant benefits of a personal loan for a medical emergency are the simple eligibility criteria, smooth application and approval process, and quick disbursal of the loan amount. Other than that, restriction-free high loan value zero requirements to mortgage collateral as security among others are noteworthy benefits of the credit option.