A personal loan can come to your rescue when you are faced with a life-threatening health problem and limited finances. Diagnosis of a sudden illness can not only be physically debilitating, but it can also have financial implications, especially if you are not prepared for such a situation. Don’t worry, because you can apply for an instant personal loan to take care of all your needs during a medical emergency.
This includes hospitalization, doctor fee, diagnostic tests and purchase of medicines among others. Fast approval and quick disbursal of funds ensure that you can get the best treatment without being limited by your finances. Here is a step-by-step procedure to help you in your loan application process:
- Know your eligibility: The basic criterion that you need to fulfil to apply for a personal loan is to be a salaried employee working with a public or private enterprise. Your age should be between 21 to 65 years. Some lenders might have an additional requirement of a minimum monthly salary or work experience to filter applicants for an instant personal loan. Make sure to check with your loan provider for the eligibility criteria and once you qualify all of them, you can move to the next step.
- Keep the documents handy: After you have confirmed your eligibility for the personal loan, it is time to assemble the documentation. You will be required to furnish a few documents such as your Aadhar card, voter ID, PAN card or others to suffice as identity and address proof. Apart from these, your previous salary slips, bank statements or employee ID may also be needed by lenders as proof of income.
- Your credit score: A CIBIL score of 600 and above signifies to a prospective lender that you will be able to make loan repayments on time. The higher your credit score, the higher your creditworthiness, which can up your chances of getting a personal loan of high amount for your health emergency. It could also fetch you lower interest rates and as a result, help you save more.
- Fixed obligations to income ratio(FOIR): Your current liabilities and net income are two important factors that financial institutions take into account to calculate whether or not you are eligible for an instant personal loan. FOIR= (Total existing liability/net income)*100. The lower your FOIR, the more is your ability to make EMI repayments easily, since you have lesser obligations and more income at your disposal to do so. A FOIR score of 50 or less is preferred by lenders. You might get a personal loan if you fall in the higher bracket but you might have to pay a higher interest rate.
Being mindful of the above pointers can help you to avail an instant personal loan and get you on the road to recovery when faced with a sudden health issue. When you apply for a personal loan available on Finserv MARKETS you can get up to a maximum of Rs. 25 Lakhs with the flexibility of repayment duration between 12 to 60 months as per your convenience. This can take care of the cost of healthcare treatment or surgery as well as diagnostics and medicines.
Not only this, you get benefits such as competitive interest rates, minimal fee for loan foreclosure as well as instant approval and 24 hours loan disbursal once the loan is approved.