Medical insurance is a common norm now in India, but still, most of us are not prepared for a medical emergency. Whenever there is a medical emergency at home, you need quick access to money to cover up all the expenses, without leading to any dip in your investment. If you too are not sure what to do in such a situation, then this article will help you understand how a personal loan can come to your rescue when you need funds for a medical emergency.
Why Personal Loan for Medical Emergency
While there are many options available for funding your unexpected medical, the emergency loan is one of the best ways, let us find out why:
- Easy approval: With a limit of 25 lakhs, Fullerton India offers personal loans for all emergency purposes. A personal loan is one that you can apply for online without the need for any collateral and with minimum documentation. The application for the personal loan is generally approved by just scrutinizing the credit history and income of the applicant. If you want to get a personal loan from Fullerton, a CIBIL score of 750 and above is considered to be healthy and can help in your loan being approved without hassle
- Easy interest rate: Unlike many other loans, the personal loan interest rate is flexible and affordable. Starting from as low as 11.99% for salaried and self-employed individuals, the interest rate goes to a maximum of 36%.
- Quick transaction: For a medical emergency, the money requirement is urgent and with Fullerton India Personal Loan you get easy disbursal of loan. Once all the documentation and verification are done, the approved loan amount is credited to the bank account within 30 minutes of approval.
- Credit Limit: A maximum credit limit of Rs 25 lakhs can be availed with a personal loan. The amount of credit that you will be eligible for will depend on your age, net monthly income, existing financial obligations, etc.
- Additional Benefits: Apart from all the above benefits you can also get hands-on with some exclusive discount if you are an existing customer of Fullerton India.
- Repayment of personal loan: Irrespective of the tenure you have chosen for loan repayment, you can foreclose your personal loan without any extra charges. However, you cannot foreclose the loan until the full payment of the initial 6 EMIs. The foreclosure charges are
- 7% after full payment of 7 to 17 EMIs
- 5% after full payment of 18 to 23 EMIs
- 3% after full payment of 24 to 35 EMIs, and
- 0% after full payment of 36 or more EMIs
When can one take a personal loan?
While a medical emergency is one of the reasons for which you can take a personal loan, here are some other reasons for taking a personal loan:
- Buy a second hand –If you are dreaming of owning a used car, and not sure how to finance it, well, a personal loan is will help make your dreams a reality.
- Debt Free –Now get rid of all your debts and consolidate all into a single personal loan. The interest you will pay in repaying the loan will be much lower than repaying multiple loans.
- Opt for Higher Education –No matter which college you want to opt for to complete your higher education, a personal loan will help finance your dreams. Now stay free from the tension of course fees, traveling expenses, hostel fees, etc.
- Have a grand Wedding –Take a personal loan to cover all the expenses of your dream wedding.
- Home Renovation –Whether it is renovating or repairing your home, opt for a loan at competitive rates of interest and flexible repayment tenor.
With so much information and benefits of a personal loan from Fullerton India, now leave all your worries aside and get quick money for all your medical emergencies with just a single application. Covering for medical emergencies from an early stage of life can save you from a huge financial crisis in the later stages of life.