In these uncertain times where COVID-19 coughs up a new variant every few months, a medical emergency can strike at any time. With the ever-rising costs of healthcare, sometimes it becomes exceedingly difficult to pay all the medical expenses. In these situations, patients and their families need instant funds that don’t become a burden on them in the long run. That’s where a personal loan comes into the picture. A personal loan is extremely helpful in these medical emergencies because of various reasons. Let’s look at the top 4 reasons why personal loans are helpful during medical emergencies.
1. Simple Documentation and Eligibility Requirements
Traditional loans require applicants to submit various documents before processing. They look at various aspects to ensure that you qualify for the loan, a requirement that can easily derail your efforts due to the sheer amount and nature of documents involved. An online personal loan doesn’t require you to submit lots of documents and can be easily availed if you are an Indian resident over the age of 21, earning a salary of more than Rs. 10,000. The documentation includes a pan card, address proof (Aadhaar card, voter ID card, passport), salary slips, and a bank statement of your salary account.
2. No Need for Collateral
Conventional loans require applicants to rope in a guarantor or some other form of security like collateral. As personal loans come under the category of unsecured loans, they don’t require any such security. Having no collateral requirement makes the loan application process easier, as you don’t need to worry about arranging for collateral in times of emergency.
3. Easy EMIs
In many cases, acquiring a loan is not the issue, but repaying can surely become one. Banks often ask for exorbitant interest rates 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 provide you with the opportunity to spread your EMI payments over 3 to 15 months. This facility allows borrowers to more easily manage online personal loan installments.
4. Instant Approval & Funds Disbursal
Sometimes the application approval and funds disbursement can cause delays in instances where every second counts. You need instant funds to cover all medical bills during an emergency and ensure that there are no delays in accessing the desired help. Personal loan companies like KreditBee provide you with funds up to ₹2 lakhs within 15 minutes of submitting your application, helping you cater to medical emergencies.
Time is of the essence when it comes to medical emergencies and any delays can be pernicious. Personal loans provide you with an opportunity to avail instant funds without worrying about stringent eligibility criteria. KreditBee is a personal loan provider that can help you take care of medical expenses during emergencies. To discuss your personal loan requirements, call 080-44292200 or email [email protected] You can also check eligibility criteria, submit your personal loan application online or download our app to do so.