Need help with sudden medical expenses? A personal loan may be the answer
Because a personal loan is an unsecured credit product, it is ideal for emergencies where time and flexibility are essential. Instant payment in a day or two.
No restrictions on the type of treatment based on end-use.
Available to self-employed and salaried individuals.
In most cases, online paperwork and doorstep approval are available.
Yes, no collateral is needed for personal loans for medical emergencies. As an unsecured loan, the following is considered when the lender evaluates the applicant: Income profile.
Credit score.
Employment status.
Relationship with the lender.
This type of loan allows quick access to money since you do not need to pledge gold, real estate, or other valuables, making it ideal for time-sensitive medical emergencies.
Anand K Rathi, co-founder of MIRA Money, explains why opting for a personal loan during a medical emergency is a good choice. He says, "Taking a personal loan for a medical emergency can be a prudent choice, especially when you're confident the insurer will reimburse the expense soon. Liquidating investments like mutual funds or debt funds for a short-term requirement can trigger taxes and may result in missed market opportunities.'
'A short-term loan, ideally backed by a lien on existing investments, helps bridge that gap without disrupting your portfolio. However, if there's any uncertainty around insurance reimbursement, it's wiser to sell your holdings than bear the cost of a loan,' he added.
Banks
Interest rates
HDFC Bank
10.9% - 24%
Axis Bank
10.49% - 22%
Kotak Mahindra Bank
10.99% - 16.9%
IDFC First Bank
10.7% - 23.99%
ICICI Bank
10.85% - 16.65%
Yes Bank
11.25% - 21%
IndusInd Bank
10.49% - 26%
Federal Bank
12% - 22.5%
Note: Readers are advised to check the relevant bank's website for the latest updates as interest rates, fees & charges are subjected to change. Citizens of India who are 21 years old and under 60 years old.
Working professionals on a monthly salary or self-employed individuals.
Minimum income to comply with lender policy.
Good credit history with a credit score of at least 700. Proof of address and identity (Aadhaar, PAN, and voter ID).
Current pay slips or an ITR.
Bank statement for 3 to 6 months.
Medical reports or hospital estimates are optional but useful. Compare the offers of different banks.
Be aware of the prepayment and foreclosure fees.
Go through the fine print regarding processing fees and how the interest is calculated.
In conclusion, in times of need, personal loans for medical emergencies are more than just a financial tool; they are your lifeline. Personal loans help close the gap between crisis and care by offering an unsecured loan, flexible repayment terms, and instant cash access.
Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
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