Medical emergencies can be overwhelming since they are unpredictable and unavoidable. Apart from the unpredictability of the situation, another major issue associated with this situation is the costs. Medical emergencies can be expensive when you might have to arrange a lump sum within a short period.
A personal loan can be the best choice in a medical emergency because it is quick and convenient. Since personal loans can cover any personal situation, planned or emergency, a medical emergency can certainly be an ideal situation to avail of this facility with the help of an online loan app.
Why You Should Consider a Personal Loan during a Medical Emergency
One of the main reasons to get a personal loan for a medical emergency is because they are quick, safe, and hassle-free. With Fullerton India’s online loan app getting a personal loan is just a few steps away. Fullerton India’s personal loans are designed to be fast, and their eligibility criteria require minimum documentation. By meeting their eligibility criteria, you can avail of a personal loan ranging between INR 50,000 and INR 25,00,000. You can easily get an instant loan online from Fullerton India’s website or the InstaLoan app.
Here are the five most essential benefits of using a personal loan to cover your emergency medical expenses:
#1 Personal Loan is Quick and Convenient
Personal loans are quickly approved since they are available without collateral. An online loan app like Fullerton India’s InstaLoan app can make this process even easier due to the integration of technology. Apart from that, the documentation process for personal loans is minimum. Here is a list of documents you might need to get an instant loan online:
- Proof of your address. For example, your AADHAAR, Voter ID, and so on
- Proof of Income. For example, receipt of your salary drawn in the last three months
- Proof of Age. For example, your birth Certificate
- Proof of citizenship
These are the only documents that you will need. You can easily upload these documents through the InstaLoan app, and after verification, your loan will be approved quickly.
#2 Unsecured Loans
Personal loans are unsecured loans which means they are collateral-free. Collateral is a deposit against which secured loans are provided. The deposit stays with the lender until the loan is fully repaid. The loan amount also depends on this collateral. However, being an unsecured loan, you can get an instant loan online when you apply for a personal loan.
Fullerton India offers personal loans to cover medical emergencies with a minimum interest rate of 11.99%. The repayment tenure can be stretched up to 60 months, and apart from that, you can also get a chance to repay your loan with zero additional charges.
#3 Provides a Lump Sum
Personal loans provide the entire sum at once, and you can decide to spend that money according to your convenience. Since medical emergencies are unpredictable, having a lump sum amount, to begin with, can be very helpful. You can easily use the loan amount according to the situation’s needs without worrying about your savings.
#4 Easy EMI Options
Since you can avail of tenure of up to five years, the EMI options are very convenient and will not disrupt your routine expenditure. People might think that personal loans come with high EMIs, which are difficult to pay, and missing EMI payments can negatively affect your credit score too. However, with the help of Fullerton India’s online EMI calculator, you can calculate an estimate of your payable EMI. This way, you can plan your repayment schedule.
#5 Allows Eminent Healthcare Treatment
With the funds at your disposal, you can afford to consider the best treatment. With Fullerton India’s InstaLoan app, getting an instant personal loan takes minimal time. You can provide or avail the best treatment when there is no burden of costs.
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