Quick Loan Options for Medical Emergency

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When it comes to our own or our loved ones’ health, we don’t want to leave any stone unturned in ensuring that they receive the finest medical care possible. Our financial circumstances, on the other hand, frequently have a considerable influence in deciding the quality of treatment in medical situations. A personal loan for medical crises might help in this situation. Loans for medical treatment ensure that your health is never jeopardized.

A personal loan that you can take out in the event of a medical emergency to cover a variety of expenditures. This might include expenditures such as hospitalisation, medicine, rehabilitation, recuperation, equipment, medical bills, nursing care, and so on.

8 Quick Loan Options for Medical Emergency

1. Credit Card

For those having credit cards, the quickest funding option to deal with medical emergencies would be to swipe their credit cards and then repay the incurred expenses by the due date of their next bill. Paying the entire credit card bill by the due date would save them from incurring the steep interest cost in the form of credit card finance charges.

2. Loan against Credit Card

If you are sure that you will not be able to pay back the entire dues by the due date, then going for a loan against your credit card could be a better option. Many credit card providers offer their customers pre-approved loans which can be useful in such a scenario. These are pre-approved loans and are usually disbursed within a few hours of making the loan application online.

3. Preapproved Instant Personal Loans

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 process.

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. 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.

6. 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.

7. Loan against shares, MFs and insurance

Your investment in shares, mutual funds and life insurance policies can also be used to get a loan without liquidating them. You can approach the bank with which you have a long-term primary relationship to get a loan against these securities.

8. 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.

How to get Loans for Medical Emergency Loan?

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.

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