Easy Steps to Apply for Online Personal Loan for Medical Emergency
Due to the ever-increasing medical expenses, personal savings may not be considered as a perfect solution. Therefore, individuals can opt for an online medical emergency loan. They can avail up to Rs.25 lakh with this collateral-free financial facility based on their eligibility and that too within 24 hours of the loan application.
Online application process for a personal loan for a medical emergency
After comparing these aspects, borrowers should choose the financier and proceed with the following application process-
- As a first step, applicants need to fill in the online application form with their correct personal, financial, and employment details.
- After the successful submission of the above credentials, borrowers need to select the advance amount and repayment tenor as per their financial capacity.
- Once the application is approved, a representative of the respective financial organisation can contact for documentation.
- After successful verification of the furnished documents, individuals can receive the loan amount in the next 24 hours.
Before knowing how to apply for personal loans, individuals should learn all about a personal loan for a medical emergency like the interest rates, various fees, different facilities, etc.
Nonetheless, when applying for personal loans, the following factors need to be checked –
- Eligibility criteria
As unsecured finance options, personal loans come with few eligibility parameters that need to be met by the applicants. Indian citizens who are willing to apply for this loan must be aged between 23-55 years. Also, they should be employed with either an MNC or private or public company.
- Credit score
Lenders assess the repayment capacity of applicants by their credit scores. Thus, individuals must have maintained an excellent credit history with a CIBIL score above and around 750 for hassle-free and faster approval of a personal loan for a medical emergency.
Moreover, with higher credit ratings, they may avail more facilities like lower interest rates as well.
After meeting the above parameters, eligible individuals need to submit the listed documents below-
- Photographs of the applicants in passport size.
- KYC documents such as Aadhar, Voter ID, PAN, Passport, Driving license, etc. to verify their identity and address.
- Salary slips of the last three months.
- Employee ID.
- Bank account statements for three consecutive months.
- Fixed obligation to income ratio
Financial institutions also measure the loan eligibility of borrowers by analysing the FOIR or fixed obligation to income ratio. The following process calculates this ratio-
FOIR = (Total existing monthly obligations/net monthly income) X 100
While applying for an online personal loan, borrowers should maintain a margin of 50% for FOIR. It signifies that individuals can spare 50% of their monthly earnings to pay the EMIs.
Thus, from a lender’s point of view, individuals with a lower FOIR can manage their credit dues more efficiently. So, those with a 50% or lower FOIR can avail personal loans with ease.
Once these measures are checked, a personal loan is the easiest way to raise funds in emergencies. Whether for diagnostic tests or hospital bills, borrowers can use a personal loan to pay off all medical debts.
Also, financial institutions like Bajaj Finserv provide pre-approved offers for faster loan approval. These offers are valid on different financial products such as business loans, personal loans, etc. By entering their name and mobile number, borrowers can check their pre-approved offers online.
Therefore, by availing a personal loan for a medical emergency, borrowers can raise large funds on an immediate basis and also without any end-use restriction. These features have made this financial facility one of the most feasible options at times of crisis.