Accidents happen when you least expect them. That’s something that no one can predict. But that doesn’t mean that you can’t be prepared to handle them, especially if it has a large medical bill that you can’t fund them out of your own pocket. That’s where medical loans come in, if your insurance fails you.
Sudden surgeries, admittance to hospitals as well as specialised care need a lot of money. There are many financial institutions in India that can give you with the needed money in a short span of time.
A medical emergency loan is a type of personal loan that you can apply for a short notice. Since a personal loan can be used for a lot of purposes, a medical emergency is no exception.
You can plan your medical expenses and take loan for a small amount or go for a large amount that you can repay later.
You can also apply for personal loan online. This way, you can ensure that you get financial support immediately. There are certain ways in which taking a personal loan for meeting medical emergencies can be helpful.
How do I apply for a personal loan for medical emergency?
The procedure for applying a personal loan to pay medical bills is standard. You can even apply for personal loan online without even having to visit the bank.
The average time for sanction of a loan is 24 hours. But there are few important requirements that you would need to adhere to. Some of them are:
Maintain your creditworthiness
Banks take your CIBIL into consideration. This requires you to maintain a score of 750+. A score of 750 or higher can make you eligible to take out a personal loan and pay medical bills. Once you have established your ability to repay the loan, you can take necessary amount.
It requires some planning on your part though. You’ll also want to maintain your score way before an emergency situation arrives. You need to be consistent with your creditworthiness so that banks trust you with further loans as you need them.
Keep your documents organised
Applying for medical emergency loan is usually an urgent process. That means you need all your documents like ID proof, medical prescription, salary receipts etc. in place.
You can also claim benefits from the bank by showing that you have a steady stream of income. You can also get help of your employer to organise your documents. But if your medical emergency leads you to quit your job, your loan application can be rejected. So, ensure that you have at least one avenue available to pay off the loan.
So, you need to keep your documents in place to apply for a medical emergency loan.
If you need to take a medical emergency loan to meet an urgent situation, you need to keep the above two points in mind. There are also other aspects of applying for a personal loan.
Getting a personal loan for medical emergency is an easier and better option than a medical insurance. It doesn’t take as much time and can be processed by on the basis of your creditworthiness. It also takes into factor your existing bank loan record and your repayment ability.
Once you adhere to the norms of applying for a medical emergency loan, you can avoid unfortunate situations. You can also pay for the loan on time without having to default and lose your credit rating.