A Medical Emergency might occur at any time, requiring a substantial number of money to meet your medical expenses. Environmental factors and city life are two of the most critical factors that affect your health and put you in risk. Rising healthcare costs are exacerbating the situation. It is advisable to take out a personal loan for a medical emergency rather than risk losing all of your savings in an unplanned medical emergency.

Features and Benefits of Medical Emergency

Things to Consider When Applying for an Emergency Loan

Before you apply for a medical loan, here are a few things that you should take into consideration:

Disbursal Time: In the event of a medical emergency, it is likely that you will want to receive the funds immediately. Thus, it is vital that you check the disbursal time of the loan. For medical emergencies, it is best to opt for a medical loan with the least disbursal time.

Interest Rate: There are a number of lenders that offer medical loans at varied interest rates, which are decided based on the lender’s terms and conditions. Given this, it is in your best interest to check and compare the interest rates charged by different lenders. Although the interest rate should not be the only factor that you consider when applying for a medical loan, it is advisable to opt for a medical loan with a comparatively low interest rate to keep the overall cost of your loan low.

Other Charges: Lenders usually levy charges like the processing fee, pre-payment charge, pre-closure charge, dishonour charges, penalty charges, etc. Before you apply to a particular bank or financial institution for a medical loan, you should ensure that you compare the various fees charged by different lenders.

EMIs Payable: Make sure to use the EMI calculator, which you are likely to find on the official website of the lender or on a third-party financial services website, to check and compare the payable EMI for different lenders. The EMI payable will vary based on the loan amount that you choose, the interest rate charged on the loan amount, and the loan tenure. It is recommended that you avail a loan with affordable EMIs.

Credit Score: Your credit score will affect the interest rate that you are charged for a medical loan. If you have a good credit score, you will be charged a lower interest rate. Further, you may also be able to negotiate with the lender for a better interest rate. Thus, before applying for the loan, it is in your best interest to check your credit score.

Documents Required

Where to get Medical Loan?

FundsTiger is a popular online loan platform. Our consumers come to us for their money requirements, whether they are short-term or long-term, small-ticket or large-ticket, personal, family, or business. FundsTiger team brings a wealth of international financial knowledge to the table and tailors it to your specific needs. Money advice, credit advice, wealth planning, and, of course, credit are all available to our clients.

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More Value for Money – We offer the best value for money loans when compared to all our competitors

Real-time Customer Support – Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

Cutomised Tailor Options – Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.

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