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.
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.
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.
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.