Whether you meet an accident, get diagnosed with a disease, or want to have an elective procedure done, healthcare costs can be higher than you expect. Treatment cost is not the only expense you need to meet. You need to cover the costs of several other expenses, including diagnosis, therapy, rehabilitation, doctor’s visits, medicines, and equipment. This is where many people turn to apply for a medical emergency loan.
Let us see how a personal loan serves as a one stop solution for all your medical needs.
What is a Personal Loan for Medical Emergency?
A personal loan for medical emergency is an unsecured loan that you can avail to cover any of your medical-related expenses. Since lenders do not put any end-use restrictions on your approved loan amount, you can use it to pay any of your medical bills. While most health insurance policies do not cover expenses for elective treatments like IVF treatment, cosmetic surgery, and dental procedures, you are free to use your personal loan amount for any procedure you like.
Features and Benefits of a Medical Emergency Loan
No End-Use Restrictions: One of the biggest benefits of personal loans is that they come with no end-use restrictions to use the approved loan amount. You can get any kind of treatment in any hospital of your choice. Whether it is a medical emergency or a planned procedure, you can use your loan amount to cover its expenses.
No Collateral Requirement: Since a medical emergency loan is unsecured, you can complete your personal loan application without any collateral, security, or guarantor.
Ample Loan Amount: Most lenders offer generous amounts as personal loans to cover your medical-related expenses.
Competitive Interest Rates: Due to increased demand for personal loans in India, many lenders offer competitive interest rates that you can compare and choose according to your budget. However, along with the interest rate, you must also check their fees and charges to know the total loan cost.
Flexible Repayment Tenure: Many lenders offer flexible repayment terms to make EMI payments easier for borrowers. For instance, Clix Capital gives 12 to 48 months of time to repay your loan. You can use a personal loan EMI calculator to know your EMI amount and adjust the repayment tenure according to your budget and repayment capacity.
Instant Loan Approval: While you are caught up in a medical emergency, you don’t have time to wait for days and weeks to get your loan approved. Owing to the 100% online application, no collateral requirement, and online documents verification, lenders may approve your personal loan application extremely fast within minutes. For instance, Clix Capital can approve your personal loan in as little as 15 minutes*. With instant loan approval, you have money in your hands to get the required treatment in time.
Hassle-Free Online Loan Process: Personal loan application does not involve any collateral or paper documents. As a result, you do not need to visit the lender’s office even once. You can complete the application procedure right from the comfort and privacy of your home within minutes.
Check Eligibility Conditions Before Applying for a Medical Emergency Loan
If you are planning to apply for a personal loan for medical emergency, you need to check the lender’s specific eligibility conditions first. Doing this improves your chances of getting fast loan approval and saves your credit score from decreasing due to loan rejection. When you apply for a personal loan from Clix Capital, these are the eligibility conditions to fulfil:
- You should be 25 to 58 years of age
- You must be a citizen of India
- You should be a salaried individual drawing a salary of at least ₹ 25,000 every month
- You should be working with your current employer for at least 6 months, and you should have a total work experience of at least 12 months
Apart from these conditions, you also need to fulfil the lender’s minimum credit score condition. Since personal loan is an unsecured loan, lenders usually depend on your credit score to determine your creditworthiness. That is why they expect you to have a high credit score with a repayment history of regular EMIs.
If you are eligible for personal loan application from Clix Capital, these are the documents you need to provide:
- Duly filled online application form
- Recent passport size photograph
- Identity proof like Aadhaar Card or PAN Card, or government ID for government employees
- Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
- Income proof, including your last month’s payslip or current year’s Form 16
You don’t need to upload or submit these documents anywhere. If your KYC is updated with Aadhar or PAN, you can get your documents verified online within minutes using your KYC details. Online verification of documents accelerates the loan approval process, which proves to be of great help when you quickly need money during a medical emergency.
Steps to Apply for a Medical Emergency Loan
Now that you know how a personal loan for medical emergency is beneficial and what eligibility and documentation requirements you need to fulfil, following is the step-by-step procedure for personal loan application at Clix Capital:
- Visit the Clix Capital website
- Check your credit scoreand ensure that it is more than 725 as per Experian
- Fill up the online loan application form
- Get your personal loan documents verified online, which takes just a few minutes. However, if your KYC is not updated, you will have to provide some necessary details
- Once you receive your loan approval, accept the loan offer
- Activate the e-mandate for regular EMI payments on time
Are you looking for a medical emergency loan to cover your planned or unplanned medical costs? Look nowhere else other than Clix Capital. We offer personal loans of up to ₹ 25 lakhs at competitive interest rates and flexible repayment terms. Take advantage of our easy application and fast approval procedure to get the necessary treatment in time. Our ample loan amount serves as a one stop solution for all your medical needs.
You can also reach out to us at firstname.lastname@example.org or call us at 1800 200 9898
* T&C Apply