Personal Loans- Managing Medical Emergencies the Right Way

Medical emergencies bring along difficult times not just from an emotional perspective but from a financial perspective as well. Paying hospital bills, buying medicines as well as during recovery- all of these require funds and you have very limited time to arrange for the same. Borrowing money from acquaintances is considered by a lot of people but in comparison to that, availing a personal loan is much more feasible.

Personal loans that can be secured or unsecured are processed much faster and in a simpler manner, thereby making them ideal for medical emergencies. Moreover, the rates of interest for personal loans are quite low, which makes them very affordable.

The common eligibility criteria for personal loans include a minimum and maximum age condition which is 25 and 65 years respectively. Most lenders grant personal loans to individuals with a steady job and who satisfy the minimum income criteria set for a particular city or town.

The documents required to avail a personal loan include:

• Identity Proof- Voter ID, Passport, PAN Card, or Driving License
• Employee ID Card
• Address Proof- Passport, Ration Card, Driving License or Letter from Employer
• Salary Slips for last 2 months
• Bank statements of salary account for past 3 months

To make things easier for applicants during medical emergencies, many lenders provide two handy online tools- a personal loan eligibility calculator and a Personal loan EMI calculator.