How personal loan helps you in a medical emergency: All you need to know

A medical emergency could happen at any time and any place. People belonging to middle-class families may not be able to get treatment if they don’t have access to free healthcare, especially for serious or life-threatening illnesses that require hospitalization. This is especially true for diseases like cancer and heart disease. This is where personal loans play an important role.

Nearly 30% of Indians do not have health insurance. During a medical crisis, people often find that they do not have enough money to pay their medical bills. In this situation, a personal loan could be very helpful.

A personal loan, which is unsecured credit and can be given immediately without any paperwork, can be used to pay for anything, even an unexpected medical bill.

The applicant can fill out a personal loan application online. They can do that if it is easier for you to send all your proof documents by email. Once all the supporting documents and other information have been reviewed, the loan money can be put into the applicant’s bank account. Depending on the borrower’s money, the personal loans may be paid back in monthly instalments.

Eligibility

• Employees who get paid by public organisations and Limited Liability Companies (LLCs) (including central, state and local bodies)
• To be eligible for a personal loan, the applicant must be between 21 and 60 years old.
• The applicant must have worked in their current position for at least two years.
• Those who are self-employed must prove that they make at least (may vary with location) Rs 15,000 every month. The bank may ask for their tax returns and bank statements to confirm that they have a steady income.

Documents

• Photos of identity documents like a passport, driver’s licence or Aadhaar card.
• A photocopy of a government-issued photo ID card like a passport, voter card, driver’s licence or Aadhaar card.
• Report from a financial company for the last three months (Passbook for previous six months)
• The applicant needs recent Form 16 Proof of end Use, two recent pay stubs, or a valid wage certificate.

How to get a personal loan to pay for medical bills?

If you apply for a personal loan with us, you won’t have to borrow money from friends and family to pay for unplanned medical costs. If you need to borrow money for a medical emergency, Piramal Finance can help. The loan request is reviewed as soon as possible and the loan is given to you. The first and most important step in getting a personal loan is figuring out what you need the money for. This way, you can only borrow what you need.

To get a personal loan from Piramal Finance to pay for unplanned medical costs, follow these steps:

• Tell us a little about yourself, for example, what you do for a living and how much money you make every month.
• Tell us how much money you want to borrow and for how long, and you’ll get a decision from us right away.
• Give our agents the information they need to contact you.
• If your application is approved, the loan money will be sent to your account the next business day.

Your CIBIL score may show if you have good credit risk and have repaid loans on time. If your CIBIL Score is good, your loan application will likely be approved quickly and with a fair interest rate for your loans.

Why would you take personal loans in case of a medical emergency?

A personal loan can be used for anything the borrower wants, including paying for immediate medical needs (like hospital bills), ongoing medical care (like prescription drugs and physical therapy), and any travel needed for medical treatment. A personal loan is a great way to pay medical bills for more than one reason.

• Payments are made quickly, and approval is easy

If the paperwork is done right, a personal loan may be quickly approved and the borrower may find it easy to get the money. When a borrower contacts a reputable lender about getting a personal loan EMI to cover an unexpected medical expense, the lender will provide the loan as quickly as possible so that the patient can get the best treatment quickly.

• You will get the best possible medical care.

You can use the money from a personal loan for anything, like medical care for yourself or a family member. With the help of a personal loan, you or a family member can get expensive medical care and medicines.

• Personal loan is a safe option

A personal loan without collateral may be your best option if you do not have many valuable things to use as security. It may be difficult for some to find and pledge collateral if they are at the hospital taking care of a sick family member.

Lenders decide whether to give a personal loan for a medical emergency based on the borrower’s credit history and CIBIL score. These things show how careful the borrower has been with money.

• Easy documentation

When a family member is sick, the last thing someone would want to do is fill out a lot of paperwork. To start with, you do not have to complete much paperwork for a personal loan. This is one way that this type of loan is better than others.

Customers must provide the standard “Know Your Customers” (KYC) documents, such as their CIBIL Score, proof of residency, bank account information, Aadhaar or PAN cards, and proof of income or company revenue. If the application process can be done online, the borrower may not even have to meet with the lender.

• Conserves reserves to guarantee financial stability

Most Indians belonging to the middle class do not have enough savings and can only plan for the future with the money they have in the present. A patient who is required to pay expensive medical bills can end up in a financial crisis. A personal loan can be paid back with a person’s regular monthly income. So the person can save money. The borrower may keep more money than the loan amount to pay for medical costs.

• Keep your long-term financial plan in mind

A big medical bill can quickly throw off a person’s financial plan because they may need to take money out of their regular investments, like systematic investment plans and insurance premiums. After getting a personal loan, it may become easier for them to reach their financial goals and keep track of their money.

• Multiple ways of repaying

If borrowers have trouble paying back their loans, they may be able to change their repayment terms to lower their monthly payments. In this case, the borrower can repay the principal and interest of the personal loan at once or over a longer period. This makes it easier for them to keep track of their cash flow. If possible, one can also download a personal loan app to check all details of their loan.

Conclusion

A personal loan can help you pay for unexpectedly high medical bills. In such a case, a trusted lender like Piramal Finance can approve the loan quickly. Piramal Finance helps people who need a low-interest personal loan for medical reasons. They have an easy online application process.

People often need money quickly to pay a medical bill. Thus, Piramal Finance approves these loans as quickly as possible so that the borrower, who may be worried about their health or that of a loved one, can get treated soon.