Managing a chronic illness is never easy. Chronic conditions require long-term treatments, repeated doctor visits, ongoing medication, and at times, sudden hospitalisation. These recurring costs can create a significant burden on personal finances. A Personal Loan for a medical emergency can provide much-needed relief.
These Loans help individuals manage healthcare expenses efficiently. Let us explore how such Loans can support families dealing with chronic illnesses:
Swift access
Chronic illnesses often bring unexpected emergencies, be it sudden hospitalisation, surgery, or an urgent need for specialised treatment. In such moments, arranging funds at short notice can be stressful. Personal Loans for Medical Emergencies offered by lenders are approved within a short time frame. You need to fill out an online form and receive swift approval.
High Loan amounts
Chronic illnesses are rarely one-time expenses. From routine check-ups to lifelong medication and diagnostic tests, the bills keep adding up. A small financial buffer may not be enough in the long run. Lending firms offer Loan amounts up to Rs. 30 lakh, providing the flexibility to cover both immediate medical emergencies and recurring expenses.
Quick amount disbursal
Most lending institutions allow quick disbursal of a Loan amount. Once the documents are verified and approved, the Loan amount will be disbursed directly into your Bank Account. Since it is a Medical Emergency Loan, lending firms are quick to disburse the Loan amount.
Online account access
Lending firms provide customised Loan portals. You get complete access to your Loan details from your phone. You are not required to wait in long queues; you can pay EMIs, check your Loan balance and track interest rates on your phone.
Lower interest rates
Medical Loans also offer lower interest rates. Lending firms focus on making it easier for people facing a medical emergency. Interest rates on Medical Emergency Loans start at 13%*.
Eligibility Criteria for Medical Loan
- Applicants must be residents of India
- The minimum age required to apply for the Loan is 22 years. Moreover, your age should not be more than 65 years at the end of the Loan tenure.
- If you are a salaried employee, you should have an employment history of 1 year. Moreover, if you reside in Mumbai or Delhi, you should have a minimum income of Rs. 25,000. If you live in a different city, your minimum income should be Rs. 20,000 per month.
- If you are a salaried employee, you must have a business that has been in existence for at least 3 years.
- Applicants are also required to have a good credit score of 750 and above.
Conclusion
Chronic illnesses require patience, care, and consistent financial support. A Medical Emergency Loan can cover recurring medical expenses without draining your savings. It offers families the stability they need during uncertain times. Instead of worrying about hospital bills or delaying treatment due to a lack of funds, you can rely on a Medical Loan to manage costs smoothly.
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