Apply for a Personal Loan in a Medical Emergency

Although we try not to think about it, medical emergencies can and do happen from time to time.

It’s very rare that we’ll be prepared for these situations, and if the emergency is particularly serious, you’ll need to have a sizable amount of money on hand to treat yourself or your family members. That’s where an emergency personal loan comes in.

But how do you apply for an emergency loan? What are the conditions you’ll need to satisfy? 

What are Medical Loans?

When emergency conditions arise, you can ask your bank for an emergency medical loan, which is offered when treatments such as surgery, therapy, and other procedures are needed to get you or a family member back on your feet after a debilitating illness.

These loans are what we usually know to be personal loans, meaning that they are unsecured loans. The amount that you can qualify for depends on a number of factors, including your profession, your current salary, among others. 

If your medical emergency qualifies to be valid, then a bank and NBFcs will be ready to help you out with a personal loan for emergency. 

What are the Interest Rates that I can Get for these Loans?

Since you are essentially applying for a personal loan, the rate of interest that you will get is generally the same as any other personal loan.

If you want to see if you are eligible for a personal loan, go online and find a personal loan eligibility calculator, usually available on the website, such as Bajaj Finserv’s calculator, where you can enter all the necessary details and find out if you are eligible for a personal loan.

If you find that you are eligible, you can go ahead and apply for a personal loan at their office. 

What can I do to Get a Lower Rate of Interest on my Personal Loan?

If you’re looking up on what is personal loan interest rate for your medical emergency, there a few things that you should be aware of. As is the process with all loans, you will be subject to a financial check, to ensure that you can pay for your loan.

If the bank finds that you have a good credit history and proper time for payback of your bills and previous loans, they will usually charge a lower rate of interest.

Another thing that you can do is find a financial institution that is trustworthy and offers a lower rate of interest than others. This will help you avoid paying too much in the way of interest on the loan, since it can rack up to tremendous amounts over time.

One thing to be aware of is that your emergency has to be recognized by the bank as a valid medical emergency, so check up with your bank to ensure that you have a condition that can be valid. Otherwise, your application may be rejected.

Medical emergencies can be distressing to experience. The emotional aspect of the same can be compounded when you know you don’t have the money necessary to properly treat it.

That doesn’t have to be the case with emergency personal loans. With financial institutions such as Bajaj Finserv, you can rest assured that there is always a way to get yourself or your family members back on the path to recovery without too much worry.

5 Frugal Living Tips for Getting Your Family Through A Tough Time

Tough times can hit just about any family at some point. A lost job, a medical emergency or an altogether down economy can create financial stress. 

There are, however, ways to deal with these difficulties. No matter what the situation is, having financial difficulties is no fun at all and can be really hard to deal with. 

Here are five tips that could help.

Cut Expenses To The Bone

Most families have a fairly substantial amount of fat in their budgets. Whether it's a daily latte at an expensive coffee shop or a super duper expanded cable package with just about every pay channel imaginable, there are ways to cut down on expenses. 

The first step in the process is figuring out where money goes every week or month. Then, the second step is to see what expenses are needs and which are wants. Basic food and hygiene products, clothing, shelter and transportation are needs. 

Just about everything else is a want that should be eliminated until your finances improve.

Downsize

Housing is one of the biggest expenses that a family will have. At times, this can take up to 50 percent of a family's budget. 

Downsizing to the cheapest available living arrangements without sacrificing safety is a good way to get through tough economic times. Once you do this you will be able to see a significant increase in your finances. Downsizing may be hard for a while, but it can be well worth it in the long run.

Sell Unneeded Items

With online retailers like Amazon and eBay, it's possible for just about anyone to reach a global market. There is a very good possibility that there are some unused items lying around just about any home. 

As it's frequently said, one man's trash is another man's treasure. Putting these items online or holding a garage sale can be a great way to bring in some cash to smooth out a financial emergency. This can be a super easy way to get some extra cash.

Get a Side Job

The freelancing economy can be a great way to access some additional cash on a regular basis. While you're not likely to get rich overnight, there are some great options to find jobs that pay. 

Freelance writing, coin grading, like that done at Rocky Mountain Coin Inc., or driving for a service like Uber or Lyft can pay off and provide that little bit of income that's necessary to make ends meet.

Check Out Charities

Those who are really stressed out by limited finances can sometimes find help through local religious or nonprofit organizations that are intended to help those who are in dire straits. 

These groups are set up to benefit those going through a tough time, so it's a great idea to benefit from them if you meet their qualifications. So make sure to see out help if you need it and see if you meet the proper qualifications. There are so many different resources out there for those that are struggling financially. 

That is why it is essential to do your research and find the best help center for you. Just remember that you are never alone and you don’t have to be.

No one knows when a layoff might hit or how long it might take to find a job after getting a pink slip. Those who know where to look for help can weather the storm more successfully than those who do not. These tips can provide options that can allow you to navigate a difficult financial situation.