Personal Loan for Maternity Care Expenses
Being a parent is one of the most heavenly experiences that one can go through. The level of joy and ecstasy is always above the bar. With bearing a child comes great responsibilities and a lot of expenses. Childbirth requires a lot of care from the mother. It includes proper nutrition, hospital visits, medicines, etc. Maintaining all of these costs on your own might occasionally be difficult.
A personal loan for maternity care is an excellent idea to consider if you need to cover all the costs. You can pay for all of your maternity expenses with a personal loan during your pregnancy at a low EMI rate.
In this article, you will know everything about applying for a personal loan for meeting all the maternity expenses, the benefits, and the reasons for going for it.
What is a personal loan in the context of maternity expenses?
As popularly known, a personal loan is financial aid that you receive from a lender for a set period to meet your expenditure. The lender charges you a rate of interest on the principal amount. You have to repay the principal amount in the form of instalments. A personal loan can also be thought of as a viable solution to pay for all maternity costs, from prenatal treatment to postnatal care.
A personal loan for pregnancy can cover all the expenses including the nutritional requirements of the mother, regular hospital visits, tests and reports, medicines, etc.
What are the maternity expenses that can be covered by a personal loan?
- For IVF procedures:
Many couples are unable to conceive due to infertility issues or any other complications. This is why IVF (In-vitro Fertilisation) is the way to go for it. IVF is an expensive affair. A personal loan can help you cover all the medical expenses. This process requires somewhere between 2 lakhs to 5 lakhs. A personal loan for pregnancy can easily cover all these expenses.
- Prenatal expenses:
Prenatal care is one of the most important steps to having a healthy child. This includes healthy nutrition, yoga, lifestyle changes, doctor visits, tests, etc. A personal loan will be the best option to cover all of these costs.
- Delivery and surgery expenses:
The day of delivery is very crucial. It will demand a hefty amount of money. The surgery procedure, OT charges, medicine bills, etc. will be expensive. A personal loan for pregnancy can help you cover all of that.
- Postnatal expenses:
After the child is born, the expenses even increase. These include the care of both the mother and the child. After delivery, the baby requires the right nutrition, supplements, regular check-ups, etc. and the same goes for the mother. A personal loan in this case will cover all these expenses. You can also ensure that your child receives the care it deserves.
- Other string of expenses:
After childbirth, there will still be certain expenses which you would not have expected. This includes renovating your home to make it more habitable for the child or buying childcare accessories.
What are the benefits of taking a personal loan for pregnancy?
There are many benefits of choosing a personal loan over other types of loans and financial aid for maternity-related expenses.
- Instant approval:
Since the reason for applying for a personal loan is to meet the expenses of childcare, the process is hassle-free. The approval period is within a day or two. It is followed by the disbursal of the money within hours.
- Flexibility:
You can easily repay the loan amount in the form of instalments. These instalments can be as low as 1500 rupees to 3000 rupees a month in most cases. So, since the amount is too little, you can easily pay it off. You can make sure that the mother and child receive the best care. You also have the option to tailor your loan according to your convenience.
- Minimum documents:
Documentation requirement is minimum. This means there would be no useless time consumption and paperwork.
- No extra charges:
The reason for this loan is sensitive. Banks often do not charge extra fees or penalties in any case. You have the liberty to ask for any extra charges as the whole process is transparent. While taking a personal loan, you don’t even have to pay processing fees as well.
Eligibility criteria to avail of a personal loan for maternity-related expenses:
The eligibility criteria for the personal loan for pregnancy is simple and requires only two things:
- Age limit:
Mostly this is an optional requirement, but banks expect you to be between the age group of 21 years to 45 years. In many cases, aged mothers are also given the same preference but some banks have a benchmark for the age limit.
- Salary:
Salary is a factor that is included in the eligibility criteria for availing of a personal loan for pregnancy. A monthly salary of 25 thousand to 30 thousand is the benchmark requirement for many banks. There are even banks that consider 10 thousand rupees per month to be the perfect requirement.
Wrapping it up:
A personal loan can give you the perfect leverage to cover all the expenses of the mother and your child. You must look for different offers and compare them to find the option that suits you the best. A personal loan for pregnancy is easily payable with low rates of interest and low-cost monthly instalments.
In case you are interested to know more about personal loans and different investment schemes, Piramal Finance is the right place for you.