How to Get a Personal Loan for Medical Emergency?
Last Updated : April 14, 2020, 6:39 p.m.
Medical emergencies can be hard to deal with in the event of no savings and insurance plans. If you face such a situation, you can go for a pre-approved personal loan which gets disbursed to your bank account instantly. It’s a type of personal loan that you get based on the existing relationship with the lender. As there’s no documentation involved in it, the loan can be disbursed instantly. All you need is to give a consent to the pre-approved loan offer. Login to netbanking or dial the phone banking numbers to check whether you are eligible for a pre-approved loan . If not, you can apply for a fresh personal loan too for the said purpose.
Although a normal personal loan can take 3-4 working days to get disbursed, medical emergency loans can be disbursed within 24 hours provided the documentation is razor sharp and the credit history remains spotless. So, the application should be made at banks that can disburse loans quickly. Let’s check out such banks in this post.
Banks That Disburse Personal Loans Quickly on to Your Account
| Lenders | Interest Rate | Max. Loan Amount (In INR) | Processing Fee | Response Time | Max. Repayment Tenure |
|---|---|---|---|---|---|
| HDFC Bank | 10.75% - 14.50% | No maximum limit, it will depend on your income, repayment potential and credit score | NIL-2.50% of the loan amount | You can get a loan disbursement in 4 hours | 5 Years |
| ICICI Bank | 10.75% - 19.00% | Upto 40 Lakh | 999-2.25% of the loan amount | Loan disbursement can happen in 24 hours | 5 Years |
| Bajaj Finserv | 11.00% Onwards | Upto 25 Lakh | Upto 3% of the loan amount | Loan disbursement can happen in 24 hours | 5 Years |
| Fullerton India | 11.99% Onwards | Upto 30 Lakh | 2% of the loan amount | The customer care team will contact you within 30 minutes of submitting the application. Once they do all checks, the loan application will get approved and the disbursal will happen 30 minutes afterward | 4 Years |
| Kotak Mahindra Bank | 10.99% Onwards | Upto 20 Lakh | 0.99%-2.50% of the loan amount | The money will get disbursed to the account as soon as you submit the documents and get the final approval. It can disburse the loan as quickly as in 3 seconds, if you meet certain conditions | 5 Years |
Note – The processing fee will also include 18% Goods and Services Tax (GST).
How to Apply for a Personal Loan at These Lenders?
Visit the official website of the lender and fill the personal loan application form. Provide scanned documents in addition to the application form to the lender. This will help the lender check the documents quickly and make up its mind to disburse the loan quickly to your account. Here’s a list of documents that lenders seek.
- Identity Proof – PAN Card (Mandatory) Aadhaar Card/Passport/Voter ID/Driving License
- Residence Proof – Aadhaar Card/Passport/Voter ID/Driving License/Electricity Bill/Telephone Bill
- Income Proof – Salary slips for the last 3 months, bank account statement for the last 6 months, latest Form 16, Income Tax Return (ITR) along with an audited balance sheet for the last 3 years
- Latest passport size photographs
- Duly filled and signed application form
Quick Approval & Disbursal Will Hinge on High Income, Strong Repayment Potential and Good Credit Score
The approval will depend on your income and your ability to pay the Equated Monthly Installment (EMI) applicable to the loan amount you avail from the lender. Credit score will be watched keenly by the lender. If you’ve a credit score of more than 750, the approval and disbursal will be quick.
Loan Apps – Also an Option for You!
The very old saying, necessity is the mother of invention, is proving right in every facet of life. And loan is no different. People are increasingly developing loan apps to tap into the needs of the untouched ones. However, the maximum disbursal could be limited to INR 5 lakh. So, if your medical emergency needs can be fulfilled within the said amount, loan apps could be ideal! These apps have joined hands with multiple lenders for the loan facility. Let’s check out some apps and their loan offers in the table below.
| Loan Apps | Max.Loan Amount (In INR) | Interest Rate (In Per Annum) | Max.Repayment Tenure |
|---|---|---|---|
| EarlySalary | 2,00,000 | 24%-30% | 90-365 Days |
| PaySense | 5,00,000 | Around 26.50% | 3-36 Months |
| CASHe | 3,00,000 | 33%-36% | 2-12 Months |
| Money Tap | 5,00,000 | Starts from 15% | 2-36 Months |
How to Apply for a Loan at Any of These Apps?
The application process involves a few steps. Firstly, you need to download any of the apps you wish to and register your details (your name, mobile number, email address, residence address and income) on the same. Once all done, you should upload your KYC documents. Within a few hours, the loan will be on your way. Some of these apps may not provide personal loans to self-employed. So, if you are self-employed, you should check with them by the time you apply.