Medical emergencies happen all too often,and if they catch you off guard, you can be in a mess, financially. A medical personal loan can act as an emergency personal loan to tide over your financial hardship during any time when you have urgent need of cash. The main purpose of any personal loan is its use. You can take a personal loan from Finserv MARKETS and use it for a medical emergency. This is an instant loan that you can apply for online and get approval for quickly.
What is an Instant Loan?
An instant loan is a personal loan that you get online instantly. Why it is called an ‘instant loan’ is because you get approvals fast, and money is disbursed in your bank account rapidly. Here are features of an instant personal loan:
- You get a maximum loan amount of Rs. 25 lakhs
- You get instant approval after you display a good credit score
- Funds are disbursed in your bank within a day
- You can get a loan with a quick online process
- You can choose a loan tenure that is flexible, from 1-5 years, when you choose a loan at Finserv MARKETS
Emergency Medical Personal Loans
While personal loans are taken to finance any purpose, even a medical emergency, emergency medical loans are taken primarily to pay for medical-related expenses. You may get higher loan amounts, depending on your income and credit score and will have to display proof of income. In some cases, lenders may request your IT Returns. The rate of interest of personal loan that is availed of instantly may be higher than a loan for medical emergencies. This is because loan amounts for medical emergencies are higher with longer loan tenures.
What is the Difference?
While your end goal may be the same if you take either an instant personal loan to fund a medical emergency or an emergency personal loan for medical use, the difference between the two lies in processes and application. Here are some key differences:
- Application – The application process for an instant loan is faster with only your credit score and KYC documents to be verified.
- Approval – You get instant approval, within half an hour, for an instant loan, while a medical personal loan approval may take one to two days for approval.
- Loan Amounts – Loan amounts that you get for instant loans are lower than those for personal loans for medical emergencies. You may get up to 40 lakhs worth of loans, while instant personal loan amounts are smaller.
- Loan Tenure – Loan tenure for instant loans may be shorter than those of loans you take for medical emergencies. Since loan amounts for medical emergency loans are high, you can choose longer tenures to repay your loan.
- Eligibility – For an instant loan approval you can just submit your adequate credit score and KYC documents to be verified. However, for an emergency personal loan for medical use, you may have to submit more supporting documents since loan amounts are higher.
Guarantee Your Healthcare
Since medical emergencies don’t warn you when they come knocking on your door, its best to be prepared with a good credit score and have your KYC documents in order to avail a personal loan for medical emergencies from Finserv MARKETS.