4 benefits of instant personal loan that make it perfect for medical emergencies

With features such as quick disbursal and minimal documentation, instant personal loans may be the ideal option to help cover urgent medical expenses.

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Instant personal loan with Bajaj Finserv

Medical emergencies can occur at any time, and it is critical to be prepared to handle them effectively. Having health insurance does not guarantee that all the costs associated with a medical emergency will be covered. You may also need to dip into your savings to handle these unforeseen costs. 

An instant personal loan might help in such cases by giving you immediate access to funds. Getting an instant personal loan for medical emergencies gives you the headroom to focus on the issue at hand, rather than having to worry about your finances. Some NBFCs in India offer instant personal loans to their customers in a matter of a few hours. One of them is the Insta Personal Loan offered by Bajaj Finance. These loans can deposit the funds into the customer’s account in as little as 30 minutes to 4 hours.

Let us look at some of the benefits of getting an instant personal loan for medical emergencies:

  1. Easy and quick access to funds:

An instant personal loan’s primary benefit is the speed and simplicity with which money can be accessed. There is no time to waste in the event of a medical emergency. Insta loans can be processed, and funds disbursed in a few hours, allowing you to take care of urgent medical needs without delay.

  1. No need for collateral:

A key benefit of an instant personal loan in the event of a medical emergency is that you do not have to put up any collateral to receive the money you need. As a result, an emergency medical loan is often the first option that comes to mind when someone desperately needs cash but does not have any assets to put up as security. Your instant personal loan amount depends on your income and ability to repay the loan. 

  1. Flexible tenures:

There is a range of repayment tenures with instant personal loans. You can select the payback period that works best for you, which might be anywhere between a few months and a few years. This gives you the flexibility to manage your finances and make the loan repayments as per your convenience. Bajaj Finserv Insta Personal Loan, for example, offers repayment tenure of up to 60 months. This way, your medical expenses do not have to be paid all at once, relieving you of the immediate financial worry. 

  1. Minimal to no documentation:

Applying for an instant personal loan does not require a large pile of paperwork. Lenders such as Bajaj Finance provide pre-approved loan offers to their existing customers, and in some cases, no documents are required to be submitted. They also allow their new customers to check their pre-assigned loan limits by just entering their mobile number and the OTP. Keeping up with documentation may be a major mental drain. The minimal documentation feature helps you focus on the medical emergency rather than going through the trouble of submitting documents to get a loan. 

The Bajaj Finserv Insta Personal Loan is a great option if you need immediate financing for unexpected medical expenses. You can get a loan of up to Rs. 10 lakh with adjustable repayment tenures ranging from 6 months to 60 months.

Check your Bajaj Finserv Insta Personal Loan offer today to get the money you need without any stress.

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First published on: 23-03-2023 at 19:41 IST