Whether or not you have insurance, when you require emergency funds, the key is to select a method that lets you get money swiftly. Here are different loan options for a medical emergency.
Facing a medical emergency and uncertain about financing options? Explore these quick loan choices:
Top 5 Quick Loan Options For Medical Emergency
Personal Loans:
- Swift and reliable source of funds in emergencies.
- No need for specific end-use justification.
- Ideal for medical procedures, surgeries, and uncovered insurance expenses.
Credit Card:
- Fund medical expenses by using credit cards.
- Repay expenses by the due date or convert to easy EMIs.
- Some banks offer instant loans against credit card limits at low rates during emergencies.
Gold Loan:
- Utilize gold in the form of jewelry or coins.
- Interest rates comparable to or lower than personal loans.
- Immediate funds against pledged gold with repayment flexibility.
Loan Against Securities:
- Monetize securities without selling them.
- Pledge financial instruments like stocks, mutual funds, bonds, etc.
- Alternative to personal loans, providing quick access to funds.
EPF Advance:
- Seek a non-refundable advance on your EPF corpus.
- Obtain up to three months' basic pay or 75% of total credit balance.
- Quick disbursement, usually within three days.
Documents Required for a Medical Emergency Loan
Identity Proof:
- PAN Card
- Passport
- Driving License
- Voter's ID
- Aadhar Card
Address Proof:
- Passport
- Aadhar Card
- Driving License
- Utility Bills, etc.
Proof of Income:
- Form 16
- Latest 3 months' salary slip or certificate
Bank Statement:
- Recent 3 months' bank statements
These documents are typically needed to process a loan for a medical emergency. Ensure you have them ready for a smoother application process.
Conclusion: While personal loans remain a popular choice, these funding options ensure you manage medical emergencies without depleting savings or prematurely withdrawing investments. Choosing any of these channels helps ease financial concerns associated with medical emergencies without disrupting your overall financial plans.