It is a fact of life that you almost always need emergency funds to take care of some unexpected expenses that you may have to incur. These could be anything from an income-tax payment to a child’s educational tour to gifts for a close relative or a medical emergency. You, like so many others, typically keep some emergency funds in the bank or even cash to help you during these emergencies. Sometimes this can be enough. However, many times, you may need more. The only options you have may be to break open your investments or borrow funds from a relative or a friend.
Have you considered other options for borrowing emergency funds? Well, you have many other options but the most convenient option is the medical loan that you can avail from your bank or NBFC such as Tata Capital.
Most lenders include a medical loan under their personal loan umbrella. As you are aware, personal loans are easy to avail because they are unsecured loans which mean that you don’t have to provide any security or collateral for availing the loan.
Features of medical loan
If you need funds for attending to a medical emergency then you should go to a financial institution like Tata Capital and avail a medical loan. A Medical Loan is nothing but a form of Personal Loan used for medical issues. The medical loan has features that are beneficial to you and they are the same as for a personal loan and they include:
- Substantial loan amount
- Competitive interest rate – will depend on your income sources, the city where you reside, credit score, amount of loan required
- Liberal tenure and repayment terms
- Quick processing – within 24 to 72 hours
Loan amount: You can avail loan amount anywhere from Rs 2 lakh to Rs 15 lakh. This can be used for treatment, surgeries or even buying your medicines and conducting tests. When you avail a personal loan for a medical emergency, you do not need to explain as to where you will be using those funds.
Competitive interest rate:
The interest rate is competitive and affordable. It can vary from 11.49% to 19% depending on various factors such as your earning capacity, your employment status and credit score.
Eligibility conditions: You are eligible to apply for a medical loan if you are either a salaried employee or a self-employed businessperson or professional in the age group of 23-58 years and earning an income of not less than Rs 20,000 per month with a service record of at least 2 years and residence of at least 1 year in your current address.
Tenure and repayment options:
You can avail the medical loan for a minimum period of 12 months and for a maximum period of 72 months. You can decide on the EMI based on your ability to pay within the parameters approved by the lender. You can iterate using the personal loan EMI calculator and arrive at the optimal EMI for your loan terms.
Easy processing: Typically, your lender processes your personal loan within 24 hours and does the disbursement also quickly if you have submitted all the relevant updated documents which include your KYC requirements. If you already have a relationship with the lender, then you can hope to avail the loan within the day itself.
Personal loan EMI calculator: Repaying your medical loan is the most important aspect of availing a loan. Since there is going to be an additional flow of funds, you should be prepared for it. You can use the personal loan EMI calculator to calculate the EMI for the loan you take by inputting the loan parameters into the calculator. All you have to input is the loan amount in Rupees, tenure in months and interest rate in percent and the calculator will tell you the EMI. You can change any of the three parameters and you can see what effect it has on your EMI. You can then arrive at the optimal EMI for you.
You will agree that after reading the above, availing a medical loan is quite effortless and quick. You can prepare yourself by keeping all the necessary documentation ready and decide on the loan amount, tenure and the interest rate. We urge you to use the personal loan EMI calculator to decide on the EMI and become aware of the EMI you have to pay. With all the preparation, you are in a position to quickly avail a personal loan for a medical emergency if at all you are unfortunate to face such an unwanted emergency.