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Why Personal Loan is a better option during medical emergency?

Medical emergency always come uninformed, leaving one disturbed and tensed to arrange for the funds. It is extremely difficult for the individual and for the whole family. The escalating health costs adds in making a terrible situation for the person. Such situation calls for financial assistance which would help deal with the matter. 

Personal loan for medical emergency can be a good choice while managing hospital expenses. It is simple to avail and helps settle hospital bills and financial necessities. Let us look at what are the features and benefits of availing personal loan during medical emergency:

Helps in avoiding digging up of lifetime savings: During times of emergency one often look for savings, which practically will get one into left with very saved money. Putting all saved money is not at all a wise decision as it will leave a vacuum in one’s life. There will be empty pockets for future. 

Collateral free loan: One does not need to put up any collateral as security for availing personal loan. Without placing any of the assets at risk, personal loan can be availed. It is available by considering the income, repayment capability, age, employment stability of the borrower etc. One can be at peace of mind to not have to risk the asst for borrowing funds at times of critical needs. 

Treatment available at hospital of own choice: Lenders do not put any restriction of getting treatment at any specified hospitals. The choice totally lies with the borrower to look for preferred hospital. It is an individual’s choice to choose the best for their family, so getting treatment at preferred hospital will get them the chance to avail best treatment. Personal loan helps people in making the treatment possible by lending funds at required time. It is best to look for personal loan during time of medical needs.

Stay undisturbed with regular financial obligations: The affordable interest rates do not add up to the regular financial obligations. It allows to let your regular dealings the same way as it used to be earlier. One is not required to disturb that at all. It is a less burdening process and does not disturb your regular life schedule. 

Minimal documentation for processing: Availing personal loan for medical reasons is way much easier than one thinks. Documents required are minimal, which are basic few of Identity proof, Residence Proof and Income Proof. A borrower is just required to upload the documents online and is saved from doing rounds of bank. 

Online processing- The complete process of loan application till loan disbursal takes place online, eliminating the need to doing physical rounds of bank. Borrower can simply visit the website of the lender and apply the loan from the comfort of home or office. It saves a lot of time making it a streamlined process. Individual can attend to the emergency situation without feeling stresses out for this task. Everything proceeds seamlessly.

Instant Approval - The use of technology into the financial domain has helped achieve wonders in making life smoother for borrowers. On filing loan application with the lender, it is accessed faster and on passing the eligibility test, the loan is disbursed to the borrowers account really faster in a matter of few hours. The need of funds at the time of critical problem is resolved really fast and helps one deal with it without having the need to move out of the house.  

Affordable Interest Rates: Personal loan for medical emergencies are available at affordable interest rates which is easy on pockets. A borrower will not feel the burden of EMI repayment while availing personal loan. A borrower can even check his/her eligibility before availing personal loan and calculate monthly cash outflow and then take the decision of availing personal loan. EMI calculator is a very useful tool in deciding the upcoming instalment amount for personal loan. It helps to decide for what tenure they should go ahead with after calculating the eligibility. 

Flexible tenure – There is no rigidity by the lender to repay the loan amount by a fixed pre-decided time. The repayment of the loan is done very smoothly by the borrower for a tenure as per their convenience. Loan availed for a longer tenure will make the EMI amount smaller, thereby reducing the burden. For borrowers who wish to close the loan faster, opting for shorter tenure will work best.

In times of dire financial need of medical emergency, HDFC bank personal loan comes really beneficial. Personal loan does not require any collateral to be put up as collateral as security. HDFC offers personal loan to customers at affordable interest rate. But before availing a personal loan, one must look for few points to get the best deal. 

  • The interest rate and processing fee are most important factors before finalizing the loan agreement. Look for the ones offering competitive interest rates and low processing fees with easy to pay EMIs. 

  • For times which require urgent need of funds, choosing for the one which will do the disbursement quickly will be of great advantage. Specially for times of medical emergency, requirement of funds urgently is a must. 

  • Go for the amount one is actually in need of and not for the amount of eligibility. Higher loan amount will eventually call for higher EMIs and interest payment. 

  • Requirement of minimal documentation for loan processing. Usually for pre-approved customers lenders ask for minimum documentation. Also the time require for disbursement of loan is faster and of higher amount.

HDFC Bank offers personal loan of up to Rs 40 lakhs for a tenure of 12 – 60 months. The interest rate offered by HDFC Bank for personal loan starts at 10.75% p.a. The bank offers quick processing of loan with a higher loan amount eligibility. Post applying for the loan one can check the status of loan application, either by visiting the bank branch or by visiting the website. 

Eligibility Criteria for Personal loan at HDFC Bank

  • Must be a citizen of India

  • Must be of minimum 21 years of age and maximum 60 years of age

  • Must be employed in a private sector, public sector, or with a state, central or local government body

  • Must be having at least 2 years of working experience 

  • Must be having a minimum salary of Rs 20,000 p.m in cities of Mumbai, Bengaluru, Delhi, Hyderabad, Chennai, Ahmedabad, Kolkata, Pune, and Cochin and Rs 15,000 for other cities per month. 

Documents required for Personal Loan availability at HDFC Bank

  • Identity Proof - Aadhaar Card, Driving License, Passport, or Voter ID card

  • Address Proof – Driving License, Passport, Aadhaar Card, Voter ID

  • Last 3 months bank passbook

  • Form 16

  • Photograph

Medical situations are always a testing period for anyone who is faced with it. The mental stress one goes through it and the financial tension combined can make one deeply impacted. In such situations, comes the role of personal loan to minimize the stress levels by providing financial assistance. Online application has helped many to avail funds by simply applying from the online mode, without spending time doing rounds of bank. To curb the financial stress in such cases, personal loan can come to rescue. 

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Joined: January 19th, 2020
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