A medical emergency can come unannounced for just about anyone at any time. With the health of a loved one at stake, you are ready to take all chances. However with medical costs soaring, finances come become a strain, no matter how prepared you think you are. At such times, all you need is quick and access to funds. One of the best solutions at such times is a personal loan that can help you tide over a medical emergency.
A personal loan such as an Axis Bank personal loan is a hassle free convenient loan, that does not require any collateral. Such a loan can help you pay for medical cost that does not come under the purview of health insurance. If you have a regular income and earn anything above Rs 20,000 per month, getting an approval for a personal loan for medical emergency is not difficult. In fact you can check your eligibility online and get an instant approval on your loan. All you need to do is provide proof of your income along with some other basic documentation. However there are certain factors you need to bear in mind before you opt for such a loan.
Assess your health insurance cover
Whether you are opting for an Axis bank personal loan or a personal loan from any other bank, only borrow the amount that you think does not come under the purview of your health insurance cover. There are certain surgeries, procedures and after surgery care that your health insurance cover is unlikely to provide. Before you take a loan, clarify the extent to which your medical expenses will be insured. Once you are sure of how much your insurer will not reimburse, apply only for the amount that is needed. A higher loan amount may seem convenient at the time of taking a loan, but may turn out to be a burden later.
Use online comparison tools
There are scores of lenders who have many personal loan products on offer. In times of a medical emergency, it is easy to simply to reach out to the lender that is on the top of your mind because of the constant advertising you come across. However, do bear in mind that the flashiest advertisement does not warrant the best loan. It is therefore prudent to weigh all your options carefully before deciding upon the lender. Spend some time on the internet and make the best use of online comparison tools provided by web aggregators to find out which loan product and lender is best suited to your needs.
A good credit score matters
Whether it is a personal loan or any other line of credit you are applying for, it is imperative to have a good credit score to be able to access a hassle free loan. Thus it is prudent to keep your CIBIL score high by maintaining basic financial discipline such as timely repayment of credit, keeping credit utilisation (the amount of loan you use against the total loan amount made available to you) below 30%, and maintaining a healthy mix of credit such as secured and unsecured loans. Following these pointers will help you maintain a CIBIL score of 750 and above (out of 900). This in turn will put you in good stead when you apply for a personal loan.
If your CIBIL score is not up to the mark
However, if your CIBIL score is not satisfactory do not stress. While a traditional lender may not be willing to give you a loan for a medical emeregency immediately, you can avail of personal loan bad CIBIL score. You can approach a P2P lender for such a requirement. A P2P lending platform is a virtual loan marketplace where you can connect with a lender directly and mutually decide factors such as loan tenure, rate of repayment and interest rate.
Since there is no intermediary involved in such a loan, a P2P loan may also turn out to be more affordable than a traditional loan. Further, your CIBIL score is given lesser weightage in the case of such loans. P2P lenders use atypical parameters for credit assessment such as your future prospects at your current job, your social media footprint to see how connected you are and your spending habits. Thus, even if your credit score has gone haywire for some reason, you can rely on a personal loan bad CIBIL score to tide over your medical crisis.
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