Published on Aug 18, 2023Updated on Oct 11, 2023
Life is unpredictable, and emergencies can happen at any time, leaving you in severe need of finances. One type of situation that frequently calls for instant financial assistance is one involving a medical emergency. The ever-rising expenses of medical treatment frequently push us beyond our capacity to pay for it, even though some of us may have saved money aside for unexpected events like this. When something like this happens, individuals often turn to personal loans.
A loan for a medical emergency can be a financial lifeline, providing quick funding to pay various expenses such as hospitalization, surgery, medicine, and post-operative care. If you need to apply for a personal loan online to cover unexpected medical expenses, this article will walk you through the documentation that is required.
The following is a list of the most important documents required for a personal loan amid a medical emergency:
Beyond the above, further documents may be required on a case-by-case basis.
The process of applying for a personal loan is simple. The borrower has the option of either filing an application online or by filling out an application form at the lender's office.
The borrower would need to select the tenure and the amount of the loan that they want to borrow, and after that, the financial lender would verify the said documents and the amount required by the borrower. Based on the documents and other factors that are verified by the lender, the application will be processed, and the rate of interest will be presented to the borrower, which he/she can either accept or reject.
After loan approval, the amount would be transferred to the bank account of the borrower, who could then use the funds as per their requirements. Along with the transfer of funds and approval of the loan, the auto-deduction of EMI would also be set from the bank account of the borrower.
The documents are an essential component of the application for the personal loan; nevertheless, the lender also takes into consideration other aspects, such as the applicant's credit score, existing obligations, and past repayment history.
If the applicant has high existing borrowing, or even in a case where the borrower has no borrowing in the past, which would render them without a credit history, there are chances for rejection of the loan. Apart from the credit history of the borrower, factors such as the borrower's income and their tax return history might also be verified in order to ensure that the borrower would be able to repay the loan.
Repayment of the loan is also verified through the repayment history of past loans as well as the repayment of the user's credit cards if he is holding them.
In times of medical emergencies, instant access to funds becomes a necessity. SMFG India Credit stands out as a reliable lending institution in such situations. Their efficient, streamlined loan application process has been designed with the customer's convenience in mind. What sets SMFG India Credit apart is their commitment to a 100% online application process, allowing you to apply for a loan from the comfort of your home. With quick loan approvals and flexible repayment tenures, the loan amount is swiftly transferred to your designated account within a maximum of 72 hours* after loan approval. This rapid turnaround can make a critical difference in a medical emergency where every moment counts.
SMFG India Credit can assist you in case of any medical emergency through its transparent policy and allow you to take care of yourself and your family without worrying about the immediate outlay. Don’t hesitate to get the best treatment for your family and Apply for a personal loan TODAY!
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.