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5 reasons to opt for a Personal Loan in medical emergencies

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Medical emergencies come without warning. To pay for these emergencies you may have to dive into your savings or borrow money. A personal loan can help you avoid these routes by giving you quick access to funds.

Read on to know 5 reasons why you should turn to personal loans during a medical emergency.

Protect your life goals

Savings are meant for realising life goals. However, when you need funds immediately during a medical emergency, you may turn to your savings. Going for a personal loan to pay for your medical emergency can help protect your life goals in the long run.

Quick disbursal

Medical emergencies may be time-sensitive. As a result, you may need to arrange for the funds as quickly as possible. A personal loan gets disbursed quickly. After you apply for the personal loan, your eligibility criteria are assessed. If you meet the criteria, your documents are verified, and the amount is disbursed to your bank account. It may take less than a day or up to 72 hours for the money to be disbursed.

No collateral

Personal loans are unsecured. You do not have to provide any security or collateral for securing the loan. This makes them a convenient option, especially during emergencies.

Choice of tenure

You can choose the repayment tenure that you find comfortable. The repayment term usually ranges from 12 to 60 months. You can analyse your requirements and factor in your income and decide how much time you would need to pay back the loan. Online EMI calculators can further help you calculate loan EMIs.

Fewer requirements

The requirements for a personal loan are minimal. There are simply certain age and income criteria that you must meet. The bank also scrutinises your credit history before approving the loan. You can easily apply for a personal loan online with minimal documentation. Some banks also provide pre-approved loans for existing customers.

A medical emergency can be a testing time, not just for you but also for your family. With completely digital process, low-interest rates and quick disbursal, IDFC FIRST Bank personal loan can be your saviour in times of need. Visit our website or download the IDFC FIRST Bank Loans app to get your loan now.

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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