Benefits Of Availing A Personal Loan For Medical Expenses
Benefits Of Availing A Personal Loan For Medical Expenses
environment. The deteriorating lifestyle and uncertainty in life often push people
to critical circumstances where money hinders access to appropriate medical
assistance. Fortunately, there are loans available to help you at the proper time.
Personal loans for medical expenses is availed for all emergencies that are
generally not covered by medical insurance policies.
Eligibility Criteria:
Any salaried/self-employed individual can apply for this loan.
You should be between 21 years and 58 years of age to apply for a
medical loan.
You should have an overall work experience of at least 1 year and
should have been employed with your current organization for at
least 6 months.
You should earn a minimum salary of at least Rs.20,000 per month.
Those who live in metropolitan cities may need to earn a higher
monthly income.
The applicant should be an Indian citizen who resides in India.
Documentation Required:
Listed below are the documents that need to be submitted to avail
a medical personal loan.
Identification proof- Passport copy/Driving license/Pan card copy
Address proof- Passport/Voter Id/Ration card/Driving license/
Recent electricity or telephone bills.
Passport-size photograph.
Latest salary payslips.
Form 16.
Company appointment letter.
Recent months bank statements.
Valid income documents.
Certificate of employment.
Personal loans also are considered quick and easy to secure as they are doing
not involve time-consuming paperwork during an emergency situation.
The following are the advantages of Availing a Personal Loan for
Medical Expenses.
1. No Collateral:
A personal loan is classified as an unsecured loan because it requires no collaterals or guarantors. Individuals with a good credit history can avail an unsecured personal loan for their medical expenses without having to offer any assets as collateral. Such flexibility in availing of a loan during an emergency situation may be a strong reason to choose personal loans.
2. Easy Repayment of Loan:
The loan repayment tenure can be chosen by the person availing the loan. Choosing the required tenure is an important decision that's placed within the hands of the customer based on his/her repayment ability.
3. Easy and Simple Application Procedure:
The hassle-free application procedure for a personal loan involves an easy online application process and does n't require the individual to go to the office in person. Customers must furnish their personal details required for the application. The Bank does necessary checks, including bureau checks and some basic verification in order to facilitate the approval. Loan Disbursement of a completed application takes between 4-7 working days.
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