While holding medical life insurance is crucial for every individual, many often ignore this. Those with inadequate health insurance may require additional funds in case of medical emergencies. As medical contingencies may strike any time, the arrangement of funds should be instant. Many often get drained financially and emotionally as they must break their savings and borrow money to cover such unexpected expenditures. A personal loan may help you in neglecting such paths by endowing you with instant financial access.
Availing a personal loan today is not as grilling or exhausting as before. With the technological transformation of economies, availing of personal loans has become simpler. Now, besides banks, various other financial intermediaries such as EarlySalary, one of the prudent loan apps, allow you to avail personal loan through your phone or laptop. Such loan apps do not give much importance to the credit score; they generally approve the loan proceeds instantly. However, as such loan apps endow less importance to credit score, the interest rate on such loans are on the higher end.
Eligibility criteria for availing medical loans through EarlySalary:
For taking a personal loan, general eligibility criteria involve:
∙ The loan is available to any self-employed or salaried individual.
∙ Their age bracket must fall between 21 and 58 years.
∙ The seeker must have at least 1 year of work experience and must be currently employed for nearly 6 months.
∙ Minimum salary requirement is Rs 20,000. The figure may be high in metropolitan cities.
∙ You should be an Indian citizen.
Documents needed for acquiring a personal loan for healthcare:
Documents that you must carry before submitting the medical loan are as listed:
∙ Identity proof
∙ Address proof
∙ Current salary pay-slips
∙ Passport size photos
∙ Employer offer letter
∙ Form 16
∙ Employment certification
∙ Income documentation
∙ Bank statements
Financial institutions like EarlySalary provide paperless & simplified processes. If you mitigate eligibility criteria, then this is it. The high acceptance rate of the platform, along with the confidence that money will be credited in just a flash with zero paperwork, leads to loan experience, which rivals those of a few materialistic purchases. Contrary to traditional loans, the next distinguishing aspect of instant personal loans obtained from the EarlySalary or various other financial businesses is flexibility in relation to loan utilization. With EarlySalary, the loan amount can be used for anything linked with medical emergencies, which also include medical expenditures like medical bills, surgeries and so on. There are zero additional limits, which are linked with insurance claims, like the upper limit on healthcare expenditure and room type and others. Simply said, you can take the money, use it, and repay the same in suitable terms – there are zero prepayment charges.
Health emergencies come with zero warning. To pay for such emergencies, you might have to dip into your savings account or borrow money. A personal loan can assist you to avoid such routes by endowing you instant fund access.
Read on to understand the 5 top reasons why you must turn towards instant personal loans during medical emergencies.
Safeguard your life goals
Savings are basically meant for realizing life goals. But when you require funds instantly during a medical emergency, you might turn to savings. Going to avail of a personal loan to pay for the hospital emergency can assist protect your insurance goals in the long term.
Medical exigencies might be time-sensitive. As an outcome, you might require to arrange the funds as instantly as possible. A personal loan is quickly disbursed. After you make the application for a personal loan, your personal loan eligibility criteria are evaluated. If you mitigate the personal loan criteria, your documents are instantly verified, and the amount gets disbursed to the bank account. It might take less than even a day or up to seventy-two hours for the money to get disbursed.
A personal loan is an unsecured loan option. You do not require to provide any collateral/security for securing a loan. It makes them an easy choice, particularly during emergencies.
You can select the repayment tenure as per repayment capacity. Repayment tenure generally ranges between 12 and 60 months. You can review your requirement and then factor in your income to decide the time you would require repaying the loan. Online EMI calculators further can assist you in calculating the loan EMIs.
The need for a personal loan is minimal. There is simply a specific age and an income criterion that you should meet. Also, the bank evaluates your credit history before loan approval. You can effortlessly apply for the personal loan online with restricted documentation. Few banks even provide a pre-approved loan for existing customers.
Healthcare emergencies can become a testing time, not only for you but even for your dependents. With a thorough digital procedure, low-interest rate loan and instant disbursal, instant loan apps like earlysalary can be a saviour in times of requirement.
Money crunch should never hinder the greatest healthcare facilities as well as services for you as well as your family.
Ways to avail instant healthcare loans from EarlySalary?
EarlySalary has made the procedure of availing healthcare loans simple. It is like ordering your groceries or shopping online.
∙ Visit the EarlySalary site or download the application for EarlySalary.
∙ Fill up all the relevant info by clicking on the ‘Start Application’ button.
∙ Once your application is approved, just upload the needed documents like passport size photo and ID proof in pdf form to their portal along with self-attestation.
Thus, you need to sit back and take advantage of the loan amount. This will instantly be deposited in your bank account. As health linked emergencies are always situations around life and death, it is important to be aware of the sham sites providing loans at a low rate. Always try to search for the perfect loan plan and trust secure and safe platforms like EarlySalary. Alongside the perks mentioned above, EarlySalary even provides other crucial services like no additional expense for prepayment, healthcare loans to study the medicine, zero additional annual or renewal charge and the liberty to select the payback term. As an outcome, you might pick the EarlySalary and not let the money stand in the way of your family’s health.