How Can You Get a 50000 Personal Loan within 24 Hours for Medical Emergency?
December 4, 2020
Life today is unpredictable. With a global pandemic in full swing and a long time to go before a viable vaccine arrives in the market, a medical emergency of some kind or the other can undoubtedly dawn on us at any moment.
And no matter how stable we are in our full-time careers, there comes a time when all of us need financial assistance, especially in times of a medical emergency. And thus, in today’s article, we will share with you everything you need to know about getting a ₹50,000 instant personal loan in India for a medical emergency.
Let’s get started.
What is a Personal Loan?
One of the first and most important things for us to understand is the meaning of a personal loan. In simple terms, a personal loan is a short term loan through which you can borrow a sum of money between ₹10,000 to ₹25 lakhs and pay it back via flexible repayment plans.
While the concept of a personal loan is not entirely new in India, it has gained significant traction in the past couple of years, mainly because many companies now specialize in this sector.
Personal loans in India are distinctly different from traditional loans across the following verticals.
- Low Rates of Interest: Most traditional loans in India have an interest rate of 5%, to begin with, while most personal loans have interest rates of 1.13%, which is the lowest in the market. These low rates of interest make it possible for many consumers to access such loans and widely contribute to their popularity, demand, and most importantly, ease of access.
- Flexible Repayment Plans: Most traditional loans in India come with stringent repayment plans, meaning that the lender beforehand decides the date and amount of EMI the borrower needs to repay before processing the loan. On the other hand, most personal loans arrive with a flexible repayment plan where the borrower gets to decide both the date at which they will repay the EMI every month and the amount of the EMI due. This feature reduces the financial strain on the borrower by a great deal and makes sure that the loan is a boon in the long run, rather than a curse.
- Instant Approval & Disbursal: The application process for most traditional loans in India is long and tedious, mainly because the entry barrier is too high for the average borrower. More often than not, borrowers need to pre-plan before applying for a loan and thus are left with few viable options in times of emergency. To solve this problem, most personal loans in India come with instant approval and disbursal. Lenders like MoneyView commit to getting the loan amount delivered to your account 24 hours post-approval, making it much easier for the borrower in emergency times. Along with this, since personal loan applications are instantly processed, applicants can easily check their eligibility, thus saving precious time.
How to Get a Medical Loan?
Now that you know what a personal loan is, let us explore how you can get a ₹50,000 personal loan for a medical emergency.
Step 1: Research Online for Lenders Offering Personal Loans
Like most other things in life, the first step is always to conduct your research. In this step, go online and search for the term medical emergency personal loan. You will come across a variety of results from various lenders. Carefully go through each of them and take a close look at both the amount on offer, the rate of interest being charged, along the repayment plans available.
Step 2: Choose Your Lender
Once you have concluded your research on the lenders offering personal loans, the next step is to choose a lender of your choice and start the application process. Most personal loans in India have completely online processes. Thus to apply for a loan, you need to either download the lender’s official mobile application or visit their website.
Step 3: Start the Application Process
Once you are on the lender website or mobile application homepage, click on “apply for a personal loan.” This will initiate the process, and you need to enter your mobile number and email address to get started. Once you have shared these details with your lender, an OTP or One Time Password will be shared with you. Enter the OTP and proceed to the next step.
Step 4: Fill Out Personal Details
In the next step, start by entering your full name, date of birth, current address, residential address, and Pincode. Along with this, if you have a referral ID, share it with the lender, as these might often fetch you a better deal. Once you have entered these details, proceed to the next page and share your income information with the lender. In this step, you will need to choose your type of employment, that is either full time employed or self-employed. Depending on your choice, you will either need to share your income certificate, latest salary slip, bank statement, or your ITR returns for the past 3 years with the lender to prove your eligibility.
Step 5: eKYC
Once you have shared your income details with the lender, click on next and share your PAN card number, followed by your Aadhar Card number. Both these details are required to conduct an eKYC (Electronic Know Your Customer) check on you. Once this step is complete, wait for some time as the lender evaluates your application and checks your approval.
If your application gets approved, you will receive an intimation both via email and SMS from the lender, and you can proceed to the next step of entering your required loan amount.
Step 6: Enter Loan Amount
In the final step, you need to share your required loan amount with the lender. In this case, enter ₹50,000 as your requirement and look at the lender’s offer. Depending on the lender you choose, the rate of interest can vary. Along with the rate of interest, the lender will also showcase the EMI amount you are required to pay every month, followed by the loan’s tenure.
Most lenders also give you the option of tuning both the EMI amount due each month along with the tenure so that you can ease off the financial burden.
Once all these steps are complete, sit back and relax; the money will reach your account in 24 to 48 hours.
When it comes to medical emergencies, every minute counts. With the onset of personal loans and the available feature of instant disbursement, you can be sure to get the money in your account when you need it the most.