When you experience a medical emergency within the family, you may know nothing about the illness – or how expensive treating it may be. In India, a simple MRI can cost up to Rs. 25,0001 if you do not have insurance or Mediclaim. As India Today2 reports, “Unplanned bills like these have a domino effect on the overall income of the family. The carefully maintained balance sheets would have gone haywire, the family would have come under immense strain, and compromises/adjustments would have had to be made.”
In these circumstances, while it may seem like the best way to pay for high-quality healthcare on little to no notice is to break a fixed deposit you have been maintaining for a different goal, take a minute to think about the other options available to you instead. A personal loan, for instance, could be the solution you have been searching for. On Finserv MARKETS, you are probably already eligible for a personal loan in the case of a medical emergency. First, let us have a look at why prematurely withdrawing savings from a fixed deposit may not be the most financially wise decision.
1. Bank Penalties
Your bank or financial institution probably has a rule against breaking a fixed deposit prior to maturity. Most likely, you will have to pay large penalties for doing so. With expensive medical bills already in the pipeline, this is probably another expense that you should not have to worry about.
2. Tedious Process
Like most procedures with any bank, premature fixed deposit withdrawals also come with their own set of cumbersome processes. In addition to signing additional forms and submitting even more documents than you originally did when applying for the FD in the first place, you will most likely have to make numerous visits to your bank, meet with several executives, and so on. Surely, this is valuable time you could spend with your loved one as they deal with the medical emergency.
3. Financial Loss
You applied for a fixed deposit because you knew how beneficial it was financially. Therefore, not only will you lose out on interest gains that you would have received if you completed the tenure, you will also inhibit your fixed deposit from growing further. This can be especially heartbreaking if you have just about completed the maturation period.
Surely, there must be a better way. And there is! If you are yet to consider a personal loan for medical emergencies, this may be the time to look into one. The Bajaj Finserv Personal Loan available on Finserv MARKETS are flexible, easy to gain approval for, and gives you up to 25 lakhs in loanable funds. When you and your family are suffering through a medical emergency, how to access expensive but high-quality medical care should not be your first concern – getting well should be. This product will lighten the financial burden so you can be there for your loved one. Here’s how.
1. Unlimited Withdrawals
Have an unexpected additional treatment you need to pay for? Or perhaps new medications that need to be bought? The Bajaj Finserv Personal Loan and the Bajaj Finserv Hybrid Flexi Personal Loan let you make as many withdrawals of any amount so you do not need to fret about these unforeseen expenses.
On Finserv MARKETS, you have total control of your principal amount. Furthermore, unlike other loans, you will not incur any hidden charges even if you wish to make part-payments for your principal amount. This makes the Bajaj Finserv Personal Loan incredibly flexible and tailored to suit your needs during a medical emergency.
3. Interest-Only EMI
You are likely worried about paying off EMIs as the medical bills pile up. To ease the anxiety of this financial stressor, Bajaj Finserv allows you to pay only the interest amount as the EMI during the initial period of your personal loan. This way, you can focus on the medical emergency at hand.
4. One-Time Documentation Processing
While making visits to the hospital, you are probably already confronted with dozens of forms to fill every single day. Don’t add another form to that list. Finserv MARKETS has eliminated the process of filling application forms again and again in order to make withdrawing money from your personal loan limit easy, quick, and smooth. File your documents once, then don’t worry about them ever again.
“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”