A medical emergency can disrupt your financial plans as the cost associated with medical treatment has grown exponentially in the last few years. With a medical emergency loan, you can cover these expenses easily. However, your credit score will play a major role in determining whether you will get a substantial loan amount if needed. Also, you no longer have to visit a bank or branch office of a finance firm to apply for a medical loan as many personal loan apps provide instant loans for emergency purposes. The benefits of availing of a loan via a personal loan app are shared below: Complete online process These days, many lenders allow you to apply for personal loans through apps. The application form will be provided online, and you will also get an opportunity to complete the formalities like document verification online. Quick approval Due to the hassle-free online process and fast approval, a medical loan can be granted quickly. Moreover, you get the chance to verify the loan status online through the loan app. User-friendly options You might not be able to start paying the loan EMIs immediately during a medical emergency. Therefore, many reputed NBFCs and banks allow you to repay the existing loan flexibly within the given tenor. Even the option of foreclosing the loans before tenor completion is available. Some financiers even provide a personal loan calculator on their personal loan app that enables you to check the loan amount and interest rate that you are eligible for. You may even apply for pre-approved loans offered by Bajaj Finserv that includes medical emergency loan, personal loans, credit card offers and much more. Also, for checking the pre-approved offers for your account, you can submit your name and contact details on their portal. Additional Read: Know How You Can Avail Emergency Loan
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |