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Personal Loan for Medical Emergencies

The only thing we know about life for sure is uncertainty. You never know what will happen in the next moment. Life can catch you off-guard if you are not well prepared for the roller-coaster. A medical emergency can lead to financial hardships. Such emergency situations force you to seek help from your family and friends for financial assistance. To deal with any such kind of emergency, you can avail a Bajaj Finserv personal loan. The loan ensures that you get funds just when you need them. You do not have to think much about expensive medical treatments and focus solely on yourself or your loved ones health.

The best thing about a personal loan is its end-use. You can use the funds for any purpose, be it renovation, medical emergency, or wedding expenditure. The loan will help meet all your financial needs and will allow you to sail through the testing times without any stress. You can simply apply online, and get an unsecured personal loan for medical emergency. The process of personal loan for medical emergency is simple and fast, and the funds will get disburse once your loan gets approved.

Features of a medical loan

The Bajaj Finserv personal loan is designed to help meet your medical emergencies. The features of the loan are stated below.

1. High loan amount

You can apply for an online personal loan for medical emergencies up to an amount of INR 25 lakh. This amount will help provide for the medication, treatment, and hospitalization in case of an accident or illness.

2. Flexible repayment tenure

The instant personal loan for medical emergencies has a flexible repayment tenure ranging from two to five years. The loan amount can be repaid conveniently over the long tenure. So, you do not have to stress on the repayment of the loan and focus on your loved one's health.

3. Quick approval

In case of a medical emergency, you have no time to wait for the processing and approval of the loan. This is where the medical loan works best for you. When you apply for personal loan, you need to submit the documents and the loan will be approved at the earliest.

4. Immediate disbursal

When you submit all the required documents for a personal loan, these documents are then go through a verification process. Once your documents are thoroughly checked and good to move ahead, the loan gets disbursed within 24 hours and you will have the funds in your account.

5. Flexibility

Personal loan EMI will be convenient and easily manageable for you. You can repay the loan in EMIs over the tenure. The EMI will not be a burden on you, as you will have to pay affordable personal loan interest rates for a long tenure. You also have the facility to do a part prepayment.

Medical loan is the best way to cover an emergency that could change your life. Do not worry about the interest rate on personal loan and apply for the loan when in need. The loan has basic eligibility criteria and a quick application procedure. Your loan will be approved in no time and you will get immediate access to funds. With Bajaj Markets you can apply for an instant personal loan when in an emergency. 

You can also avail a top up loan on your existing personal loan easily with Bajaj Markets

Eligibility Criteria For Medical Loan

During medical emergencies you require ample amount of money to manage all the expenses that comes along with it. By taking a medical loan you can save up your personal savings. The loan application process of personal loan is simple and fast, and the loan gets disbursed once the proper approval is in place. Such financial support makes it financially easier to move ahead with your medical treatments.

So, let’s have a look at the eligibility criteria that needs to be fulfilled to easily apply for a personal loan for medical emergencies

Eligibility Criteria:

  • To apply for a medical emergency loan the applicant should be aged between 23 and 55 years

  • If you are an Indian resident you are eligible to apply for a personal loan

  • You should be an employee at MNC, private or a public limited company

  • The applicants KYC documents

  • You need to possess an Employee ID card

  • Salary slip of the last 2 months

  • You need to submit the salaried bank account statement of the last 3 months

To know the loan amount you can avail from a personal loan for medical emergencies, you can take the help of a personal loan eligibility calculator. The calculator will provide you with the final amount that you can apply for, this way you can avoid rejection of your personal loan application.

Interest Rates & Other Charges for Medical Emergency Loan

When applying for a personal loan for medical emergencies one always looks for the interest rates & charges on the loan. The interest rate on personal loans ranges up to 12.99%p.a to 15.50%p.a. The processing fee for a medical personal loan is up to Rs. 2,000. The current offer for processing fee on loan starts from 1.50%, up to 3%.

The following factors determine the personal loan rate of interest you can expect at Bajaj Markets:

  • Loan Amount – The amount borrowed by a borrower from the bank is the loan amount. Generally, banks offer lower interest rates for a higher loan amount.

  • Salary – Your monthly income plays a key role in determining your capacity to repay the loan. Individuals with a higher salary bracket are offered loans at lower interest rates.

  • Employer Category - Bajaj Finserv Personal Loan has an internal list of companies falling into categories that are ranked from high to low company categories based on the company’s size, reputation and existing relationship with the bank.

  • Relationship with the Bank - Bank offers special interest rates, offers, and charges to the existing account holders of the bank.

  • Loan Tenure - Personal loans are of shorter tenure ranging from 12 months to 60 months as they are taken to meet their immediate requirements.

  • Repayment Capacity - Before giving a loan to the borrower, the lenders run a check on your credit history to confirm your capability repayment of loan repayment.

Documents Required For Medical Loan

To avail a personal loan for medical emergencies, you have to fulfill a certain set of requirements. Only after the fulfillment of these requirements you’ll be considered eligible for a personal loan. Hence, while applying for a personal loan for medical emergency you have to submit certain documents and that will attest to your overall creditworthiness as an individual applying for a medical emergency loan.

The following are the documents required for a medical loan:

  • The applicant’s proof of identity, like Passport, PAN card, Aadhar card, Voter’s ID card, and driving license.

  • Personal loan documents that are considered residential proof like- the Electricity bill, Gas bill, Passport, or Leave and License Agreement.

  • The applicant's bank statement for the last 3 months with income details. These documents will be used to calculate your CIBIL Score, your number of unpaid loans, credit history, and your overall creditworthiness will be assessed.

  • Submission of salary slips for the last 3 months.

  • Passport size photographs.

After the submission of the above necessary documents the complete paperwork goes under a verification process. Once approved the process of a medical emergency loan gets quite simple and fast. Bajaj Finserv Personal loan for medical emergency ensures that you receive your money in a satisfactory and hassle-free manner.

How To apply personal loan for medical emergencies 

Personal Loan Application Procedure:

Medical emergency situations force you to seek help from your family and friends but with our personal loan for Medical emergency you don’t need to do that. With Bajaj Finserv personal loan for medical emergencies you can get the financial help you need. Such emergencies require quick processing of loan application and loan disbursal. The most important step in the personal loan application process is to figure out your exact loan requirement and the loan amount you require for it. This will enable you to borrow the exact amount required.

To apply for a Bajaj Finserv Personal Loan for medical emergency you can follow the step-by-step application process:

Step 1: Start by filling in your personal, financial, and employment details.

Step 2: Select the loan amount and tenor of the loan, to get instant online approval.

Step 3: You can submit the required documents with our representative, who will get in touch with you.

Step 4: Once the loan gets approved you will then be able to receive the money in your bank account within 24 hours.

Your CIBIL score displays your creditworthiness and capability of timely loan repayment. Having a good CIBIL Score can get your quick loan approval at a lower interest rate.

Know all about different types of personal loan.