Unforeseen medical emergencies necessitate substantial funding requirements for medical expenses. To meet such urgent financial needs, unsecured loans like personal loans can easily be a viable solution. Loan disbursal takes place within 24 hours allowing the ease to move ahead with the treatment. In this article, we have covered not only this but also a number of other reasons why a personal loan can be the right option during a medical emergency. Continue reading…

Apart from your emotional health, a medical emergency in the family can also impact your financial health. As the healthcare costs are shooting through the roof in UAE, medical procedures can cost a lot of money and drain your savings. A smarter alternative in such situations is taking a personal loan. Personal loans are unsecured loans, which can be taken for managing many different types of financial emergencies. Let us have a look at four reasons that make personal loan an excellent choice for managing medical expenses:

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No need for collateral

You need not provide any security or collateral to avail a personal loan for medical emergencies. Being an unsecured loan, this emergency loan allows the borrower to avail credit without the need to pledge or mortgage any asset. Incidentally, the application process becomes hassle-free and time-saving. Once you fulfil the eligibility criteria, your online loan application will be approved within minutes. Financial institutions may even disburse the funds within a day or two after validating your documents. Since consumer finance is collateral-free, it eliminates the need for the personal loan borrowers to provide any sort of asset-related documents to the bank or lender. Thus, this prevents complications in the process and also saves time.

Get quality medical care at the hospital of your choice

Lack of funds often makes people select substandard hospitals in case if there is any medical emergency in the family. An added disadvantage may be that health insurance policies may not cover for all ailments or you may find that the hospital that is near to you does not fall under the network of your medical insurance policy. With the help of a personal loan, you can ensure that you select a quality healthcare provider and receive the best treatment. The quality of healthcare plays a significant role in a lot of medical cases, and a personal loan can help you pick the best treatment for yourself or for a family member.

Instant availability of funds

Time is of the essence during a medical emergency. Thanks to digitalization, you can now apply for a personal loan online and get it quickly approved. Even the documentation process of top lenders is now fairly simple and transparent, making personal loans an ideal option for managing financial emergencies. Moreover, the funds are directly deposited into your bank account to enhance the convenience further.

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Fixed interest rate, flexible tenure options and easy repayment

Most of the lenders offer personal loans on fixed interest rates. This ensures that the interest on the loan remains the same throughout the loan tenure, adding a lot of transparency to your finances. Moreover, the repayment tenures are now highly flexible. You can now easily get personal loans of up to AED 1 million for up to 60 months from reputed lenders to easily manage your financial needs. Keep in mind that you can tailor repayment as per your convenience, provided you have chosen the best bank for a personal loan in UAE. In order to choose the best one, compare banks and financial institutions on the basis of their personal loan interest rate, processing fees, tenure options, and other features & benefits. 

How to apply for a personal loan during a medical emergency?

Applying for a personal loan for medical emergencies is hassle-free and can be done online on the official website of the bank/financial institution. You will need to fill up an application form and upload some documents. The loan amount will be credited to your bank account once your details are verified. Thus, even the documentation process of some of the leading banks is simple and hassle-free, making a personal loan is the best choice for managing a medical emergency or any sort of financial emergencies. As mentioned,  the personal loan amount is directly disbursed into the borrower’s bank account in no time. 

What are the documents required for a personal loan during a medical emergency?

lease note that the documents required will vary from lender to lender and depend on the type of occupation, i.e. if you are salaried or self-employed. However, in most cases, the borrower must present the following documents to avail a personal loan for a medical emergency:

  • Identity Proof – Identity proof of the borrower is mandatory
  • Address Proof – The borrower must also present proof of his/her current address.
  • Proof of Income – The latest 3 months’ salary slip or certificate is required
  • Bank Statement – Recent 3 months bank statement of the borrower is a must

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Medical emergencies often occur when you least expect them. With the availability of instant personal loans for health, you now have an option that you can rely upon for managing such emergencies. Make sure that you look for a top financial institution for taking a personal loan to experience the utmost convenience and offer quality healthcare to yourself or your loved one.