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Finance

How Do Instant Loans Differ From Emergency Medical Personal Loans?

Medical emergencies happen all too often, and if they catch you off guard, you can be in a mess financially. A personal medical 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 primary 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.

Emergency Medical Personal Loans

What is an Instant Loan?

An instant loan is a personal loan that you get online instantly. It is called an ‘instant loan’ because you get approvals fast, and money is rapidly disbursed in your bank account. 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 flexible loan tenure, 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. Depending on your income and credit score, you may get higher loan amounts and will have to display proof of payment. In some cases, lenders may request your IT Returns. The interest rate of a personal loan that is availed 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 an instant approval for an instant loan within half an hour, while a medical personal loan approval may take one to two days for support.
  • 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 more minor.
  • 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 – You can submit your adequate credit score and KYC documents to be verified for instant loan approval. However, you may have to offer more supporting documents for an emergency personal loan for medical use since loan amounts are higher.

Guarantee Your Healthcare

Since medical emergencies don’t warn you when they come knocking on your door, it’s best to be prepared with a good credit score and have your KYC documents to avail yourself of a personal loan for medical emergencies from Finserv MARKETS.

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