How to Apply for a Personal Loan During a Medical Emergency

Life is full of unexpected twists and turns, and medical emergencies can strike at any time, putting financial pressure on you. Whether it is a sudden hospitalisation or immediate surgery, bearing the treatment cost can become a little overwhelming, especially when you don’t have insurance or enough savings. Fortunately, an instant loan from an online app can be a financial lifesaver, offering a quick and easy way to get access to funds without any hassle of visiting branches or waiting in long queues.

In this guide, we’ll understand the reasons for choosing an app for a loan application, the steps to make a successful application, and the key points of consideration.

Why Choose a Personal Loan App in Medical Emergencies?

A personal loan is an unsecured loan that doesn’t require users to pledge assets as collateral and can be accessed quickly to meet urgent medical expenses. You can use the funds to cover multiple expenses, including hospital, surgeries, prescriptions or diagnostic tests. Over the past few years, millions of users have chosen loan apps for credit applications. Here’s why:

• They offer funds instantly without any hassle of visiting the branch.
• Loans via an online platform can be applied for at any time from the comfort of your home, without worrying about weekends or bank holidays.
• Upload your documents online on the platform.
• Choose the repayment tenure based on your financial situation.
• Many apps provide terms and conditions on their platform, maintaining transparency among the applicants.

Steps to Apply for Personal Loans in Medical Emergencies

Follow these steps to apply successfully for unsecured or small credit loans:

• Assess the Amount You Need: Calculate the estimated cost of treatment and all the additional expenses. This helps you understand the amount you need to borrow, as borrowing too much leads to extra EMIs, while insufficient borrowing results in a lack of funds.
• Choose the Right Loan Application: Research and compare different personal loan apps on multiple criteria, including interest rates, terms and conditions, fees and charges, eligibility criteria and customer service. These apps allow users to disburse funds within hours of approval, so make sure you choose the right option.
• Eligibility Criteria: Make sure you fulfil the eligibility criteria for the loan. Below are some basic requirements:
  1. The age range should be 21-60 years.
  2. The applicant should have a stable income, either from a salary or self-employment.
  3. The CIBIL must be higher (typically more than 700).
• Gather Necessary Documents: Before applying for an instant loan, ensure that you have all the updated documents, including:
  1. Identity proof (PAN card, Aadhar card, or passport)
  2. Address proof (Aadhar card or utility bills)
  3. Income proof
  4. Bank statements
• Apply Online: Open the app, navigate to the loan section, fill in all the required information, upload the documents, and submit the application. After the loan application receives approval, the funds will be released to you account. Before submitting the application, double-check all the details and ensure that they are correct.
• Use the Loan Amount: Make sure that you use the funds wisely and avoid misusing them for other purposes.

Key Considerations

Consider these essential points before making your loan application:

• Ensure that you have a good credit history and all other debts are paid off.
• Choose the repayment tenure after analysing your financial situation.
• Read all the terms and conditions carefully and make sure you understand everything.
• Compare your options to ensure you choose the right loan app that offers credit at competitive rates and better terms and conditions.

Conclusion

A medical emergency can be stressful, but your financial expenses don’t have to be. Choosing a personal loan app like Stashfin offers quick and easy loans, a 100% online application, flexible tenures, transparent terms and conditions and loans at affordable rates. With minimal paperwork and instant approval, you can focus on you and your loved ones' well-being without any unnecessary delays.