How to avail a Personal Loan for a Medical Emergency?
You must be aware of the well-known phrase which states that Time and Tide waits for no one. Similar is the case with medical emergencies, you will never be prepared when one of them is approaching towards you in a cloaked manner. Usually medical emergencies leave you in a puzzled situation where you need to decide and analyze upon a lot of factors such as money, hospital and medical care.
Now, there might be a situation where you are facing shortage of money but you really need the money for your treatment or for the treatment for someone close to you. In such a scenario, you need to avail a Medical Loan or to be specific, a Medical Emergency Loan.
Peer to peer lending platform is one such medium through which you can get medical emergency loan very easily.
This article is meant to provide you a detailed knowledge about everything you need to know while applying for a Medical Emergency Loan on a P2P Lending platform.
How to avail a Medical Emergency Loan on a P2P Lending Platform?
There are certain steps to get a Medical Loan, and they are explained below in details:
- Account creation:
The first and foremost step is to create an account, this will initiate the process of Medical Emergency Loan. Along with this, you also need to upload all necessary and supporting documents to back your profile.
- Credit Evaluation of profile:
Credit team of the P2P Lending Platform carefully analyzes your profile and your true credit worthiness. Based on your credit worthiness, loan amount, interest rate and tenure are decided. After your loan is approved, physical verification is conducted if required. If you have provided all your documents online, this step can be avoided as well.
- Quick funding of loan amount by Investors:
Once your loan is approved, investors spread across India, will start funding your loan amount. It takes few minutes to few hours depending upon your credit profile to get fully funded. 4) Signing of Digital Agreement: Once loan is fully funded, digital loan agreement needs to be signed by the borrower through app or website. Next, agreement is signed by all the investors who have funded the loan.
5) Disbursal of loan amount to bank account: Once loan agreement has been signed by the investors, loan amount is disbursed directly to bank account of borrower.
From the above-mentioned steps, it is pretty clear that applying for a medical loan is extremely simple and the whole process occurs in a faster way.
What is the concept of P2P Lending?
P2P Lending eliminates all the intermediaries between lenders and borrowers. P2P Lending platform connects borrowers with investors in a seamless manner. Which creates win-win situation for both. Borrowers get loan at reasonable interest rates while lenders earn good returns on their investments. As a result of P2P lending, you need to pay only a genuine amount of interest with the required loan amount which you need as Medical Emergency Loan.
Are you Eligible?
You need to know first whether you are eligible for the Medical Loan or not. Depending on your profile, these following factors matter a lot:
- Self-Employed Business Men:
- Income tax return should be more than 3 lakhs
- The business establishment should be active since more than 2 years
- The CIBIL score should be more than 700
- Should have own house or own business establishment
- Salaried Employees:
- The CIBIL score should be more than 600
- If the individual is availing a rented accommodation, the salary should be approximately 25,000
- If the individual is residing at his or her parental home, the salary should be approximately 20,000
Key takeaway: Why should you take a Medical Emergency Loan?
A medical loan is what you need at your times of emergency. It is completely hassle-free and ensures the following benefits as a whole:
- This ensures the best treatment in the most optimum cost with absolutely no tension.
- This ensures fast processing of loans unlike bank loans which take a lot of time to get processed.
- The interest rates are comparatively affordable
- This ensures flexible payment periods and zero penalties for pre-payment.
This complete guide about Medical loans or Medical Emergency Loans is extremely useful for anyone in need.