Last updated on February 23rd, 2019 at 02:52 pm
One of the scariest emergencies that one can come across in their lives is a medical emergency. Apart from the burning scare for one’s life, what really eats people inside are the associated medical expenses. Medical treatments can be very expensive across the world, but this is an expense that we all need to bear.
So, what can you do when you are struck with a medical emergency and you do need some good amount of money for that? You can run into a serious problem if there is no Mediclaim or medical cover or health insurance in place. In times like this, you can absolutely avail an instant Personal Loan.
What is an Instant Personal Loan?
An instant personal loan is exactly what the name tells you. It is a loan that gets approved instantly and the money can be transferred to your bank account in just a couple of days. These are actually given out during emergency situations, but of course maintaining certain factors and conditions. Since instant personal loans are processed almost immediately, the interest rate on these loans are higher than other type of loans available in the market. However they do come a lot in handy when faced with a medical emergency and hence one would be able to effectively manage a medical emergency with the help of such kind of loans.
Who is Eligible for an Instant Personal Loan?
While it sounds like instant personal loans are available with just the flick of your eye, in reality, it is not. There are certain criteria that one needs to meet in order to avail a personal loan. For example, you need to keep a good credit score which shows that whenever you have taken a loan, you have paid off and you also have the means to pay it off. Personal loans are not handed out without a good credit score. A low credit score does not mean that you cannot be granted a personal loan however, having a good or excellent score can absolutely increase your chances of quick approval.
Also Read: Top 10 Reasons to Apply for a Personal Loan
When it comes to giving personal loans especially concerning medical emergencies,your age and nature of illness will always be taken into account. Not every disease qualifies for a medical emergency personal loan. Some diseases are covered only by mediclaims or health insurance covers. Hence,take the cover that best suits your needs and requirements.
A loan cannot be taken from anybody and everybody. You will have to look into the features of the lender as well – whether it is a trusted source or not. Make a careful survey of the lender and if you do not have time for that, you should always go for big trusted names.
Another thing that you have to take note of and that too very carefully is what the repayment options are. How can you repay your loan – what is the time period, how much do you have to pay monthly, how much will the total cost be with the interest taken into account. So, these things need to be judged very carefully before one opts for a loan. Think very carefully and then only opt for the loan that suits you the best.
Whenever applying for a personal loan, for instant approval and sanction, it is best to always keep your documents handy. Personal medical loans when processed instantly can be literally a life saver!