Loan processing takes times and in case of a medical emergency, you might not have the time to wait for the loan application to be processed and the money to be credited.
New Delhi: Since life is unpredictable, one can never be too prepared for a medical or financial emergency. Since healthcare has become increasingly expensive for many, especially in urban India, people are advised to buy an insurance policy which provides extensive coverage so that they can prevent their savings from being depleted in case of a medical emergency.
Nowadays, even simple tests like malaria, typhoid, iron profile etc. cost in thousands. If someone is seriously ill and is hospitalised the bill can go up in lakhs pretty easily. In a situation where you or your family member is ailing, it may not be possible to cover the high costs within the insurance amount or through your savings.
In such cases, you may opt for a quick cash loan. There are some steps you can take to speed up the loan disbursal process. However, loan processing takes times and in case of a medical emergency, you might not have the time to wait for the loan application to be processed and the money to be credited.
Here are three ways you can speed up loan processing in case of media emergency:
- Choose the right product: It is extremely important that you select the right kind of loan for your needs. While there are several loans offered by banks and other lenders, personal loans are available more easily and quickly compared to the rest. Some banks even offer pre-approved loan facility which allows customers to get loans within 10 seconds of completing application. One can get money in minutes without visiting the bank branch.
- Keep the right documents handy: Although personal Lloans are available by submitting minimal documents, you need to ensure that you submit the right documents and have them readily available. Always ensure that you have extra copies of your salary slips, address proof, income proof, identity proof etc. Your bank’s executive can guide you through the list of right documents and you can quickly check the same online as well. This will ensure there are no difficulties in your loan disbursal process.
- Choose an amount you are eligible for: Banks lend money depending on the creditworthiness of the borrower. In order to ensure that the loan is processed quickly and money is credited as soon as possible, apply for a loan amount you are eligible for. You might be tempted to apply for a higher loan amount in order to fulfil several needs apart from the emergency at hand. However, if the amount is not within your eligibility, it might take a longer time to process your request which is something you want to avoid. To ensure hassle-free disbursal, you can check your eligibility within a minute using the personal ‘oan EMI calculators available online.