Medical emergencies can be emotionally exhausting, physically draining, and can cause financial worry too. A few days of intensive care treatment can result in bills to the tune of thousands or lakhs of rupees. While the best way to meet these needs may be to take a medical emergency loan, when you need funds almost instantly, not knowing how to apply for a loan can cost you. To get financial assistance in the shortest time frame possible, follow these 5 steps when applying.
Choose between a secured and an unsecured loan
To start, decide whether you want your loan to be backed by security or not. Unsecured loans like personal loans save you the stress of identifying collateral, but may not come with attractive loan terms, especially if you have a low credit score or have insufficient income.
Therefore, it’s ideal to opt for a collateral-based loan against property for a medical emergency and get high-value financing coupled with cost-effective repayment terms. For example, when you avail Bajaj Finserv Loan Against Property, you get financial assistance of up to Rs.3.5 crore at economical interest rates for a tenor spanning up to 20 years.
Look for flexible terms that suit your needs
Since medical needs and costs are often unpredictable, look for a funding solution that’s not only substantial and pocket-friendly but also adaptable to the needs of the hour. For instance, if you apply with Bajaj Finserv you benefit from a top loan against property feature, the Flexi Hybrid facility.
This allows you to borrow from your approved sanction in parts, as you need it, and pay interest only on the portion utilized. Such loan terms help you take care of any medical necessity that crops up in a timely manner.
Consider the repayment options available
When you choose a loan like a gold loan or a personal loan, you usually need to pay the amount back within 3 to 5 years. This may be difficult, especially if you have other financial obligations to meet. However, with a loan against property, tenors stretch up to 20 years. With a longer repayment window and smaller EMIs, comfortable repayment is a sure thing when you opt for this loan.
Additionally, it’s important to look into the lender’s prepayment and foreclosure terms before applying. Lower prepayment and foreclosure charges mean that you can repay your debt faster, and more affordable too. Likewise, special features like Bajaj Finserv’s Flexi Hybrid facility that allow you to pay interest-only EMIs for a portion of the tenor and the principal later, help you tackle medical emergencies conveniently without worrying about repayment.
Check your eligibility for the loan you’re considering
Once you zero in on a loan, check the lender’s eligibility terms to ensure that your application will not be declined. For example, personal loan criteria may require that you have an income of Rs.50,000 and a credit score of 750. On the other hand, loan against property eligibility terms may allow for a lower income but will require that the property you pledge be free of litigations. For swift approval, make sure you adhere to these criteria.
Submit an application and support it with the right documents
To prove your eligibility, produce the necessary personal loan, gold loan or loan against property documents required at the time of application. The list of documents you need to furnish will be clearly stated on your lender’s website or product brochures. Keep KYC copies, financial statements and property documents at hand so that you obtain funding in a hassle-free manner.
Since a loan against property ticks all the boxes when it comes to addressing medical needs, apply with Bajaj Finserv to access one of the most feature-rich loans against property in India.