Medical emergencies often come unannounced. No matter how good you are with planning your finances, such crises in the family could severely impact your financial health. With the cost of healthcare rising consistently, the smallest of medical procedures can cost a considerable sum of money, which many might not readily possess. A Personal Loan can be an excellent option for such emergencies when you need quick access to funds. Here are five reasons why you should take this loan for a medical emergency:
1. Quick Access to Funds
Medical emergencies are often time-sensitive. This means that you’d require to arrange the funds as quickly as possible to ensure that your loved one receives timely medical care. Many of the top banks, today, allow you to apply for Personal Loans online. Moreover, the loan is processed and disbursed within a single day to make sure that you receive the funds when you need them the most.
2. Zero Collateral
As Personal Loans are unsecured, you are not required to provide any collateral or security for the loan. This further enhances the convenience of taking this loan as it eliminates the need for you to arrange the collateral and its related documents. Even the Personal Loan interest rates are fixed and do not change throughout the loan tenure. This adds a certain sense of transparency to the repayments and enables you to manage your finances better.
3. Flexible Tenure
Personal Loans are now available for 12 months to 60 months. Many banks now also have online EMI calculators to make it easier for the borrowers to know the approximate Equated Monthly Instalment (EMI) even before applying for the loan. This enables them to apply for the loan with more confidence.
4. Minimum Eligibility Requirements
Even the Personal Loan eligibility requirements are minimum. If you have a stable income and decent credit score, it shouldn’t be difficult for you to get a Personal Loan. Moreover, some of the banks also offer pre-approved loans to their existing customers. The documentation and eligibility for such loans are lower than standard Personal Loans to make them more accessible to the borrowers during a medical emergency.
5. Keep Your Relationships Intact
For many, relatives and friends are go-to options when a sudden need for money arises. Most of us might already know how such transactions often end up spoiling relationships. Why risk your relationships when you can conveniently take a Personal Loan for medical emergencies? Borrow confidently from a top lender and then repay in EMIs.
A medical emergency can be very stressful for the entire family. In the process of arranging the funds, many are unable to provide emotional support to their loved ones to navigate through such difficult times. With instant approval and quick disbursement, a Personal Loan can ensure that you are always there for your family and can provide all the love and support when they need it the most.