Using a Personal Loan for a medical emergency to manage post-hospitalisation costs

Although medical progress has improved healthcare, it has also led to increased medical costs. Many individuals are not financially prepared for such expensive medical bills and may end up facing a financial crisis. While Health Insurance can provide some relief, it may not cover all expenses, especially when you need funds in a short amount of time. Access to timely medical funding is pivotal for medical emergencies.

Lender’s like SMFG India Credit’s Personal Loan for medical emergency, offers a quick online application process, ensuring quick access to funds when needed most. Moreover, the attractive interest rates make borrowing more affordable, while the flexible tenure options help you opt for a repayment schedule that suits your financial situation.

This combination of convenience, affordability, and flexibility makes Personal Loan options an excellent choice for individuals seeking financial assistance during medical emergencies.

Features and benefits

One of the most significant features of a Medical Loan is its instant online approval. You can check your eligibility, fill out a form online, upload the requested documents, and get instant approval. The money is disbursed to your Bank Account within a short time after approval and document verification. The interest rates are as low as 13% per annum*.

You can get Instant Loans of up to Rs. 30 lakh* to fulfil your commitments and access your funds without needing to pledge assets as collateral.

What does it cover?

Personal Loans can be disbursed relatively quickly, which is crucial when facing immediate medical expenses. You can use the Loan for various post-hospitalisation needs, including doctor visits, medications, therapy, and other related expenses. Lenders like SMFG India Credit offer flexible repayment tenures, helping you select a plan that fits your budget. Understand their eligibility requirements and ensure you meet them before submitting your application.

Things to consider

When you apply for a Medical Emergency Loan, you need to keep a few key considerations in mind:

• Disbursal time: Opt for a lender with a quick disbursal time, such as SMFG India Credit, to ensure funds are disbursed at the right time, and it can effectively address urgent medical needs.
• Interest rate: Research and compare interest rates among lenders to secure a Personal Loan with the most favourable terms.
• Processing fees: Before applying, inquire about the Loan’s processing fees to make an informed decision.
• Customisable EMIs: Look for lenders that offer flexibility in customising your Equated Monthly Instalments, enabling better financial management.
• Credit scores: Assess your credit score beforehand. Applying for a Personal Loan with a low credit score may further adversely affect it. Take steps to improve your score if needed before proceeding with the application.

Conclusion

When applying for an Emergency Medical Loan, choose a lender for quick disbursal of approved funds. Compare interest rates, check processing fees, and look for flexible EMIs. Make sure you have a credit score of at least 750, have the necessary documents ready, and research the lender’s reputation through reviews to ensure reliability.