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Numerous banks as well as NBFCs offer personal loan for Medical Emergency, an alternative of a personal loan, to multiple consumers fronting medical emergencies. These loans often do not require any kind of security or necessarily collateral and are provided principally on the basis of the repayment capacity, credit score, occupation profile, as well as the employer’s profile, etc. of the loan applicant. Nevertheless, applicants can also contemplate the regular personal loan provided by lenders not offering special medical emergency loans.
Most lenders do not put any end usage restriction on personal loans besides for notional purposes, applicants can also assist regular personal loans to meet numerous medical expenses be it hospital bills, treatment cost, cost of medicines, expenses connected to surgeries as well as operations, etc. Such lenders also provide instant personal loan for medical emergency or medical expenses to applicants having an improved credit profile.
The personal loan can be utilized to cover a variety of medical expenses, such as:
Unexpected Medical Bills
If one doesn't have health insurance cover and gets hurdled up in an unexpected medical emergency or illness, the personal loan can assist to offer for all the medical bills.
Hospitals Which Are Still Not Covered Under Insurance
Numerous hospitals specialize in such a particular medical procedure however it may not be covered under such an insurance. If a person ever finds themselves in an explicit situation as such, our personal loan can assist to pay for the medical expenses.
Cosmetic Procedures
various cosmetic procedures are usually not covered by insurance as well as they can be considerably treated as extremely expensive. A personal loan for a medical emergency can assist to finance the cost of such procedures.
Dental Work
Dental work can be pretty expensive or costly, especially if one requires extensive procedures. The personal loan can assist to pay for dental work that is not covered by insurance.
Prescription Drugs
Prescription drugs can be costly. If one requires to take them for an extended period of time. A personal loan covers the cost of any medication.
Features & Benefits
Eligibility
Who can apply:
Age:
Required Documents
Identity Proof
Any of the following
Address Proof
Any of the following
Other Docs
Mandatory
Calculator
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Loan Summary
Loan Amount
₹ 100,000
Interest Payable
₹ 17,397
Monthly EMI
₹ 1,957
How to Apply
LoansJagat is a platform to offer personal loan for medical emergency quickly and efficiently without having a difficult application process. Our aim is to offer a hassle-free process so that no one has to wait for their dream to become a possibility. Apply for a loan right away!
Tips to Avoid Loan Rejection
The following guidelines assist in improving the chances of loan approval to avoid the possibility of rejection of personal loan for medical emergency.
1. CIBIL Score Above 650
You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number. You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number.
2. Lower Debt-To-Income Ratio
If you majorly depend on your credit card, even after spending your monthly income, then the chances of loan approval are low.
3. Clear Existing Debts
Try to stay clear of all the outstanding debt. If you repay your loans timely, then banks will prefer to lend more loans to you.
4. Provide Verified Information
Don’t lie about your information over the tele-verification process. If found not true with supporting documents, the chances of rejection increase.
5. Stable Employment
Try to have a stable job for at least 1 year before applying for a loan. This will help you have more chances of loan application approval.
6. Credit Report of Last 6 Months
When you are planning to apply for a loan, make sure that your credit history of the last 6 months is up to the mark.
7. Timely EMI Repayments
If you pay your loan EMI on the due date/month. Then your credit score will boost instantly. This will guarantee instant loan approval.
8. Don’t Engage in Paid Fantasy Gaming Apps
Avoid getting addicted to betting on paid fantasy gaming apps like Dream 11, Ludo, Poker, etc. Remember, there is no shortcut to long-term wealth.
9. Clean Salary Bank Account Statement
Do not engage in external transactions on major stockbroking platforms. Try to keep a clean transaction history of your salary bank account.
10. Average Bank Balance
Investing in derivative products like Future and Options (F&O) trading is a very risky scenario if you are planning to avoid loan rejection.
11. Multiple F&O Transactions in the Stock Market
If you can retain 25% of your monthly income as savings in your bank account, then banks will prefer to approve your loan application.