Personal Loan Medical Emergencies

Should You Pay through a Personal Loan for your Medical Bills?

04 Jan 2020
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Medical emergencies can be frightening as it brings with them a lot of responsibilities that you are unprepared for. To get the best course of treatment in case of a medical emergency, you would require adequate funds to take care of all your medical expenses. Unfortunately, people don’t always have the funds for such expenses when they get the bill, so they may turn to loans to fulfill their financial requirements. You can always apply for a loan to pay off your medical bills. Getting a loan will not only make you financially secure but it will also take care of your medical emergencies.

Why get a personal loan for your medical expenses?

Personal loans are usually an unsecured type of loan, this makes things easier for the borrower. In an unsecured loan, the lender can’t repossess your car or property if you used those assets as collateral. You can apply for a loan for all your medical expenses that are generally not covered by medical insurance policies.

With a good credit history, you can easily avail of a loan to finance your medical expenses without having to offer any assets as collateral. Personal loans are considered a quick and easy way to avail funds as they do not involve time-consuming paperwork and process. You can avail a loan with minimal formalities. When applying for a personal loan for medical expenses, you don’t need to seek financial assistance from your friends and families. Getting a loan makes it financially easier to move ahead with all kinds of medical treatments.

Where to get a personal loan? 

  • There are numerous lenders that offer loans. But first, you need to find the loan that best fits your situation. If you choose to go for a local bank or credit union, you need to start comparing all other options. Once you have an idea of what is offered locally, check out other lenders online. Both traditional online lenders and peer-to-peer lending websites offer a variety of loan products that may fit your loan requirements. After you have explored your options, compare loan offerings to find the one that works in favor of your situation.

  • You can consider availing a personal loan at Finserv MARKETS to get the much-needed funds in case of a medical emergency. Finserv MARKETS is an online financial supermarket where can you find personal loans and exclusive pre-approved offers for you. Simple eligibility criteria, instant loan approval, and quick disbursal are some of the major advantages of availing a personal loan at Finserv MARKETS.

Benefits of Availing a Personal Loan

  • No Collateral

A personal loan is classified as an unsecured loan, which means you do not require guarantors or need to pledge collaterals. Individuals with a good credit history are eligible for a loan to finance their medical expenses without having to offer any assets as collateral. Such flexibility in availing of a loan is a strong reason to opt for loans for your medical expenses. Moreover, your credit rating and worthiness determine your eligibility for a loan without collateral. It helps if you have a good relationship with the bank and have a disciplined repayment history and high creditworthiness. All of this will most likely help you in availing a loan on favorable terms.

  • Quick Application Process

Availing a personal loan from Finserv MARKETS involves a completely online application process that is hassle-free and requires minimal documentation. The applicant does not require to visit the branch office in person. You also get access to personalized pre-approved offers, instant approvals, the quick disbursal and flexible tenues of up to 12 to 60 months. Having a proper set of documents and fulfilling the eligibility criteria pre-determined by the lender will help in speeding up your loan application process. It is quite essential for you to check with your loan eligibility criteria as well as the terms and conditions relating to it in order to avoid any reason for rejection.

  • Smooth Repayment Process

When looking for a loan, you go for options that provide you easy repayment processes. Flexible repayment tenures lower the stress of repaying the loan amount. With complete flexibility and control of your principal amount, you also have the option to make part-payments. The amount that is to be paid each month will depend on the loan amount and the tenure of the loan. If you need more time, you can opt for a longer loan tenure of up to five years. In the case of large loan amounts with long tenures, the interest component will be the greater portion of the EMI, which will eventually reduce leading up to the end of the loan tenure.

  • Covers a wide range of treatment

Once you receive the loan amount you can use the funds to pay off your medical bills. You can also use the amount to cover an entire treatment procedure. This is beneficial if you have to fund expensive treatments. With the rising medical expenses, it can get difficult for you to manage funds for the cost of treatment that you or your loved one has to undergo. In case of a serious illness, even a medical insurance policy does not suffice the cost of such treatments. During such times, availing a loan for medical expense is the best solution you can opt for. A personal loan can cover all your medical expenses. These loans will cover surgery, hospitalization, chemotherapy and other such expensive treatments.

You can easily apply for Bajaj Finserv Personal loan online. Once your documents are verified, you loan application will be approved within 3 minutes and the amount will get credited to your bank account within 24 hours. Finserv MARKETS offer a variety of digital lending products such as personal loan, business loan, home loan, etc. Due to this, it has become a preferred destination for all kind of customers. The hassle-free online application process with minimal documentation makes Finserv MARKETS an ideal choice for getting a loan.

You get flexible loan repayment tenure of up to 12 to 60 months, customers can enjoy the freedom of choosing their own tenure. They also provide you with an EMI calculator that gives you the exact monthly outflow of your EMI amount, this makes your loan repayment much easier. Personalized pre-approved offers, instant approvals, quick disbursal of loan, and attractive interest rates are major benefits of availing a loan at Finserv MARKETS.

 

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.”