Obtaining medical assistance as soon as possible can help save a person’s life that is in danger. It’s easier said than done, of course. Medical crises may be terrifying, particularly if you are unprepared. However, you must maintain your composure and take swift action. Knowing what to do in an emergency and how to administer first aid can help you avoid or lessen catastrophic injuries and save lives. Additionally, knowing what to do and being prepared will give you the confidence to handle the issue calmly and promptly.
Insurers may take a long time to pay hospital fees for Covid-19 therapy if they believe the hospital overcharged the patient. Insurers may opt not to pay for particular parts of the hospital bill depending on the terms and circumstances of your health insurance policy.
The insurance authority recently issued a directive requiring firms to resolve Covid-19 claims as soon as possible. One of the easiest ways to arrange money is to approach family and acquaintances and liquidate your investment. If you do need to take out a loan, there are a few choices to consider.
What is an Emergency Loan?
An emergency loan is a loan you can avail to resolve your financial crunch. This is an unsecured personal loan that does not require any collateral and can be used for catering to any type of personal emergency situations. Paying off medical bills, education bills or even wedding expenses, when financial expenses come uninvited, you can resort to availing an emergency loan.
If you are looking for an emergency loan in India, you do not have to go far. Personal loans are loaded with benefits that are perfect for financial emergencies.
Benefits of Availing Emergency Loan
- Use the funds for handling emergency situations that require financial assistance.
- You don’t have to liquidate your investments
- Get funds on the go
- Competitive interest rates
How does it function?
It can be used to launch a fund-raising campaign. Even if you are a doctor or a medical practitioner, you can assist your patients in obtaining financial assistance. It’s really simple and convenient. You can, however, give to a medical charity. It’s the most convenient method to become involved in charity without having to leave your home or workplace.
Medical funding allows you to contribute to a good cause with just one click. Social media and email campaigns become vital tools for getting the word out and raising contributions from all over the world.
Features and Benefits Emergency Loan
Get through any stage of your health journey with our medical loan that can help you cover a wide variety of medical needs. Other benefits of using personal loan for medical emergencies are:
- Apply for a personal loan online and avail funds instantly for your medical emergencies
- We offer a personal loan amount ranging from Rs.50,000 up to Rs.25 lakhs
- Avail the personal loan amount with minimal paperwork and fast customer service
- Enjoy quick disbursal of the loan to avoid delays in emergency situations
- You can use the personal loan amount for any medical emergencies or treatments
- Get an attractive personal loan interest rate
Documentation Requirement Emergency Personal Loan
Identity Proof
PAN Card – This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any 1 of the officially valid documents given below will suffice)
- Aadhaar Card
- Valid Indian Passport
- Valid Voter ID
- Valid Driver’s License
Address Proof
Any 1 of the following
- Aadhaar Card
- Valid Indian Passport
- Valid Voter ID
- Valid Driver’s License
- Utility Bills (Electricity, Water, Gas) dated within the last 60 days
Income Proof
Salaried Applicants – Last 3 months’ bank statements of your salary account in PDF format showing salary credits
OR
Self-Employed Applicants – Last 3 months’ bank statements in PDF format if you are self-employed
Quick Loan Options during Medical Emergency
1. Preapproved Instant Personal Loans
The bank may have a pre-approved personal loan offer for their clients based on their credit history with the bank. Net banking allows account holders to get these loans right away. In a matter of seconds, the funds are sent to the account. Many lending applications may also provide a personal loan based on your credit history within a few hours of signing up.
Based on credit history and banking relationship many lenders, both banks and non-banks, offer pre-approved loans to limited number of customers. While disbursals of personal loans take between 2-5 days of making loan applications, pre-approved personal loans offered by banks and NBFCs can have near instant disbursals. Many banks have developed capacity for end-to-end digital processing of their personal loan applications. This has allowed these financial institutions to speed up their personal loan evaluation and disbursal processes.
2. Make use of your Credit Card
This is the easiest method to get money together. You will be able to swipe your card at most hospitals. However, keep in mind that credit costs here might exceed 40% each year.
Paying a medical payment using a credit card might have certain advantages if you’re very certain you’ll be able to pay the balance in full when the credit card statement is due. You may earn a lot of miles, points, or cash back if you use a rewards credit card to pay for that $7,500 broken limb expense. However, your credit limit should be compared to the size of the bill. Your credit usage ratio, or how much of your available revolving credit you’re utilising, is a significant element in your credit score. Keep your credit usage ratio around 30%; greater rates might hurt your credit score.
3. EPF Advance
You can get a non-refundable advance on your Employees’ Provident Fund (EPF) corpus for up to your 3 months basic salary (including DA) or 75% of total credit balance against your EPF contributions, whichever is less. Though the EPF has a window of 20 days to disburse the advance, automation has helped in disbursal of the advances within 3 days.
4. COVID special Personal Loan
Many banks have started offering special personal loans to those have been infected with Covid-19. Banks like SBI, PNB, Bank of India and Union Bank of India have launched such loans at competitive interest rates and could be good options for eligible borrowers.
5. Gold Loan
Those who cannot avail personal loans can pledge their gold jewellery or existing long term investments to raise finance for medical emergencies. While gold loans are usually disbursed within the same day, the disbursal of loan against securities usually takes longer.
Taking out a gold loan is one of the easiest methods to get money. If your KYC (know your customer) paperwork are in order, you may acquire a loan from certain non-banking financial organisations in as little as an hour. Some companies have begun dispatching executives to the borrower’s location. Lenders don’t look at credit score in this scenario, either. The purity of gold is all that matters.
6. Loan against FDs
There are many investors who would have locked long term FDs at a higher rate and if they go for liquidating these FDs they will lose on interest and pay a premature withdrawal penalty. Instead, if you have a bank FD locked at a good interest rate it is better for you to take a loan against it which will come at a much lower rate. For instance, if your bank FD is earning 7% interest you can easily get a loan at 8% from the bank.
7. Loan against Security
Most banks, on the other hand, will require that you visit a branch. Some banks have begun to provide online loans secured by securities. Mutual funds and stocks are examples of assets.
Banks, on the other hand, are limited in the kind of equities they will lend against. If you have invested with one of the top fund companies, you may be eligible for a loan against mutual funds. In equity funds, you can obtain up to 50% of the current value of your assets, while in debt funds, you can collect somewhat more. Make a strategy to return the debt as soon as possible once you have gotten out of the situation.
Where to get Loans during Emergency?
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
5 Reasons to choose Omozing
1. Loans from INR 10k to INR 10 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 10,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account.