Make It Easy to Fund Your Medical Emergencies with Flexi Personal Loan

According to a recent survey, unsecured credits such as personal loans, business loans, and credit cards have shown a growth rate of about 31% in the final quarter of 2018. This indicates that in today’s economy, individuals are opting to avail an unsecured loan to reduce their monetary worries instead of depleting their savings.

Personal loans are short-term, unsecured credits which can be utilised for a variety of requirements, including as a medical emergency loan during unforeseen circumstances. In such cases, one can even opt for a medical emergency loan offered by Bajaj Finserv as individuals will not be sure of the sum of money they need to bridge the financial shortcoming.

What is a Flexi Personal Loan?

A Flexi Personal Loan caters to the sudden and instant financial requirement of an individual. In this type of personal loan, the financial institution provides a pre-sanctioned limit that borrowers can utilise reduce financial stress.

From this limit, borrowers can withdraw money whenever they need funds. Such credits help keep the overall cost of borrowing to a minimum, ensuring timely repayment of the credit as per a borrower’s convenience.

Why avail a Flexi Personal Loan for a medical emergency?

During a medical emergency, you may require funds on an immediate basis, which can be made possible by availing a personal loan from your desired financial institution. Availing a Flexi Personal Loan for medical emergency provides several added benefits due to its supple features, which are –

• Multiple withdrawals

During a medical emergency, it is quite common to require funds to deal with unforeseen expenses during both treatment and recovery phases. In order to mitigate such financial worries, you can opt for an emergency loan ranging up to Rs.25 lakh based on your eligibility.

However, you can avail the flexi loan feature on your emergency loan and withdraw funds multiple times based on your monetary requirements. Moreover, you are not required to submit any additional paperwork each time you need to withdraw funds.

Since the interest applies to the withdrawn amount instead of the sanctioned loan amount, the flexi loan facility helps you to attend to your medical bills and related expenses without worrying about overwhelming debt.

• Lower EMIs

An affordable rate of interest levied on such credits help keep the overall cost to a minimum. It ensures easier repayment of a medical emergency loan.

Reputed NBFCs such as Bajaj Finserv offer borrowers with Flexi Personal Loans with which they can lower EMIs by up to 45%. This NBFC also brings pre-approved offers to existing customers which make availing such credits quick and easy.

Such offers are also applicable to numerous other financial products such as business loans and home loans. Check your pre-approved offer by sharing only your name and phone number. 

• Minimal documentation

In the event of any unexpected medical emergency, going through a prolonged application process to avail an emergency loan can be frustrating. Flexi loans are a type of unsecured loan which assures immediate verification and documentation, ensuring borrower’s spend minimum time waiting for the financial assistance they require.

Documents required to avail a Flexi Personal Loan are –

1. An ID proof such as a passport, Aadhaar Card, etc.

2. A proof of income such as salary slips, bank statements, employment certificate, and Income Tax Return.

3. A proof of address such as PAN Card, Voter ID, etc.

• Simple eligibility criteria

In order to avail a Flexi Personal Loan, you need to know about the verification process of personal loan and its simple eligibility criteria. These usually vary between different financial institution, however, some common requirements are the following –

1. An applicant has to be a residing citizen of India.

2. Borrowers need to be within the age bracket of 23 to 55 years.

3. Applicants need to be a salaried individual employed with a multinational corporation or a public or private sector company.

Moreover, interested individuals do not need to visit the nearest branch of their preferred financial institution to avail this loan. They can utilise easy online application process and opt for this loan whenever necessary.

Hence, considering the above mentioned methods, you can cater to any emergency medical expenses and get the most out of your flexi loan. You can use these credits as your medical emergency loan and utilise the credits as required.