When you’re tackling an emergency, especially a medical one, time is of the essence. Receiving the right treatment on time is the key to quick, complete recovery. However, to ensure that you’re able to get the necessary medical attention without even the slightest delay, having quick access to ample finance is imperative. As medical contingencies often require a large sum of money, a personal loan for medical emergency is a good alternative.
However, this loan is only effective when you can access funds via it quickly. This, in turn, depends on a few factors, some of which are in your control and some that aren’t. Take a look at what these factors are and how they determine whether or not you can access a personal loan for medical treatment speedily.
Factors Pertaining To The Lender
Nature of the loan
If a personal loan for medical emergency requires you to pledge collateral, you can be relatively sure that it is going to take the financial institution some time to disburse funds to you, as it has to evaluate the collateral and its documents. Therefore, a good workaround is to pick a personal loan for medical emergency that doesn’t require collateral, such as one from Bajaj Finserv. In fact, this unsecured personal loan offers instant approval within 5 minutes and disbursal within 24 hours, making it ideal for your needs.
Ease of application
When you’re required to fill several forms and go through a number of application procedures, it’s a sign that it’s going to take a while before you get the sanction to tackle your medical emergency. Therefore, your goal should be to pick a loan where you can apply online. Bajaj Finserv Personal Loan for Medical Emergency, for instance, allows you to apply online in just a few steps. You can do so while you’re on to go and use your energy and time fruitfully to manage the medical emergency in hand. If you don’t wish to use the website, you can also apply via the handy Bajaj Finserv Loan App.
Additional facilities offered
Many a times you can use the special features offered by a lender to get finance instantly. For instance, Bajaj Finserv Flexi Personal Loan is a good example of this. Once you take a loan, you can borrow in parts as and when you need to. You pay interest only on what you use and to ease cashflow management during a difficult time, you can choose to pay interest-only EMIs as well. Thereafter, you can repay the principal at the end of the tenor. However, what makes this a one-of-a-kind solution is that you get access to finance instantly. Once your application is approved, you can request funds as and when you need to, without filing a fresh application each time.
Factors Pertaining To You
Matching the eligibility criteria
Each lender has a list of requirements that you must adhere to, in order to qualify for the loan. Known as personal loan eligibility criteria, these conditions are usually minimal. They pertain to your credit score, monthly income, age and nationality. You can use a personal loan eligibility calculator to determine whether you’re a good fit for the loan in a minute or two. This is important because if you apply without checking, your application may be rejected at a later stage. Not only does this harm your credit score, it will further decelerate the process of procuring funds.
Submitting the right documents
Lenders like Bajaj Finserv offer disbursal to your account within 24 hours. However, for this to take place, it’s important that you submit the necessary documents on time. To prove your eligibility, you usually have to provide the following documents:
- Salary slips of the past 2 months
- Bank statements of your salary account for the past 3 months
- Employee ID card
- KYC documents
By furnishing the right documents on time, you can ensure that there are no delays from your side.
In a nutshell, your eligibility, combined with the processes followed by the issuer, determine how quickly you can access funds via a personal loan for medical emergency. With a short list of eligibility criteria, minimal documentation, low personal loan interest rates and a sanction of up to Rs.25 lakh, Bajaj Finserv Personal Loan is an ideal pick. Additionally, to hasten access to finance further, you can check your pre-approved offer in just a few seconds and apply for it.