Credit Score is important for Personal Loan for Critical Illness
For any kind of loan approval, it is mandatory to have a good CIBIL score. It is mark of your financial health, in case of the personal loan for critical illness or other medical expense, the credit score required by the bank’s ranges between 750-900. If you belong to that category then go ahead for immediate personal loan approval. Loanyantra can get the disbursal of the personal loan within one day.
What is a critical illness? Is personal loan granted for medical expenses? Eligibility check for the personal loan for critical illness treatment.
Having a medical emergency is a nightmare for anyone. Some diseases which were not so prevalent in earlier times have become common nowadays. In order to meet the medical expenses in case of such diseases, it is important to take insurance. Well, health insurance does provide the necessary help but it covers only a limited amount. The sad reality is that the health insurance covers only some of the critical disease but not all, there might be a case where a person can develop hereditary diseases, under such emergency condition, you would need money to meet the medical expenses. Chronic diseases like cancer if diagnosed in a person can ruin someone life but having insurance to take care of the medical expenditure will help you fight the illness.
Thus, having health insurance becomes mandatory for a person, however, the normal health insurance that we have, cover health-checkups, cashless medical treatment. But when it comes to critical illness then it involves a lot of complication which the normal health insurance might not able to provide. Under such circumstances, what you would need is the instant personal loan can be a boon. If you take an instant personal loan through a proper source and with good planning, you can easily meet your medical expenses without affecting your pocket too much.
You can avail instant personal loan for critical illness for various purposes like :
- Treating long-term illness
- Conducting a therapy
- Operations etc.
The best part about this personal loan for critical illness is that the amount gets directly credited in your account thus making sure that you can get the money in an emergency. Another important point to note here is that personal loan for critical illness requires minimum documentation and hence, you can easily get this loan. Irrespective of the lender you opt for, Loanyantra’s executives help you keep the documents together before the collection agent comes to your home.
Many of the banks and financial institutions like ICICI Bank, KOTAK bank, Axis Bank, HDFC Bank, Bajaj Finance etc. provide an instant personal loan to cater to the medical expenses. These financial institutions have a very simple process of personal loan application and approval. They have defined eligibility criteria and parameters, once you meet these parameters, you will get the loan. The borrower is required to have a minimum monthly income of Rs. 5,000. Once you meet these criteria, you will get the amount in your bank within 24 hours of application. Thus, in the case of medical emergency you will easily get the money.
Critical illness or diseases like myasthenia gravis, cancer, permanent or partial disability to any of the member can be a matter of concern. Instant personal loan for critical illness can be a great way to handle the cost of treatment.
The banks and NBFCs have a well-defined but simple eligibility criteria for personal loan for critical illness, here is a quick view of the same:
- Identity card– just like other loans, if you want a personal loan for critical illness, you need to submit your ID card like driving licence, voter ID, Adhaar card, passport etc.
- Address proof- the borrower needs to submit address proof, utility bills like telephone bill electricity bill, rental agreement, gas connection etc.
- Last three months’ bank statement
- Salary slip of last 3 months
- The age of the applicant must be between 25 years to 58 years
You can physically visit the bank and submit it or else banks have now digitized the entire process, you can submit the document online. Once the bank processes the application, you will get the amount in your account within 24-72 hours of application. But lessen the burden of going to bank again and again to meet the executives and finding out the process. All you need to know is give a missed call to 040-71011991 to get assistance from Loanyantra. Even in that hustle of roaming around hospitals, get assured low interest rates and best product through just a phone call from wherever you are.
Banks and NBFCs usually charge the personal loan interest rate between 12 to 25% per annum.
The loan tenure is flexible and varied from 1 to 5 years based on your requirement.
Is treatment for the critical illness covered in your insurance policy with your employer? What is the illness covered under insurance policies by employers?
Most of the employers in India offer health insurance to their employees. Well, it’s a great way to cover the cost of medical checkups, operations and other health expenses, but, when it comes to critical illness, you must run through your company’s insurance policy. Most of the companies take the group insurance plans which may not cover certain critical illness diseases.
Your company’s health insurance policy might have :
No Customization – many times the employer negotiate all aspects of group cover (which may include a number of critical illness, inclusion of the dependents, maximum and minimum sum). It means that there is no guarantee that your company’s insurance policy will consider the critical illnesses, surgeries and thus, you might need to take a speared insurance plan that covers it all.
No guarantee of continuation of the plan– Another key factor that you must note is that your insurance is restricted to the continuation of your job in the company. In simple words, your health insurance is only available till the time you are a part of the organization. Once you leave the company, the policy also terminates. Moreover, the employer always has the option to choose to discontinue the plan.
Other issues– Apart from the above-mentioned bottlenecks of the company’s health insurance, these plans lack customization of the policies based on the family history. Perfunctory coverage for surgeries and critical illnesses and sometimes high out of pocket expenses during hospitalization.
As per the Pan-India survey covering more than 3000 employers, it was found that only 39% got the benefit of a group plan. Around 31% of people want inclusion of diagnostic services as a part of their group health plan, unfortunately, only 20% of the employers offer the same.
Forgot to take insurance policy for your dependents? Does the insurance policy you hold cover your dependents? If no, then the Personal loan is the solution.
The good news about the new age employment policies is that it is farmed to keep the workforce motivated and secure. One of the best ways to achieve the same is by offering them health insurance which can assure them of taking care of medical expenses in case of emergencies. Most of the companies offer health insurance coverage to the employees, their spouses and children. In some cases, this leverage is extended to the parents of the employee.
You may have to pay an extra premium, but the benefits are worth it all. You will have all the medical expenses covered, the premium offered to Group Health Insurance plan is 30-35% lesser than the other health plans in the market, the coverage starts from day one and much more. With all this the Group Health Insurance plan offered by the employer is great. But when it comes to critical illness diseases like kidney failure, heart problems, surgeries, cancer treatment etc. it might not be covered in the plan. Under such cases, you can opt for a personal loan.
How many days does it take to grant a personal loan for critical illness?
When it comes personal loan for critical illness banks and NBFCs are very spontaneous. Become a loanyantra customer by just a missed call and get the best and fastest product for your emergency needs. Our executives come to your doorstep to make things work out in your way. Immediate approval and disbursal is arranged and at lowest interest rates. Choose a reliable source before you step in to a loan.
What is a Personal loan insurance cover? Is it necessary? Names of personal loan cover products from different banks / NBFCs.
An important point to note here is that personal loan comes at a huge interest rate because the banks need to bear the risk for unseen circumstances. Same way, you would definitely do not want the burden of repayment to fall on your family members, so it is advisable to take the personal loan insurance cover. Infact, every bank has made it mandatory to pay premium for personal loan insurance while availing personal loan. Know what kind of policy you need to opt for and how much is to be paid extra and what are the options available. Loanyantra can assist you if you want to include the premium also in your personal loan amount and pay the EMI for the whole.
This insurance policy protects a borrower’s monthly loan payments in case of unfortunate circumstances. There are many banks in India that offer loan insurance to help borrowers repay their car loans, personal loans, home loans etc.
Advantages of Personal Loan Insurance Policy-
- It will take care of the repayment of the loan in case of unfortunate events like accidental death, temporary disability, job loss etc.
- With this plan, you protect your family from the burden of financial obligation.
- Some of the loan insurance plans give the borrower the tax benefit under Section 80C
Personal loan Quick View
The table represents the requirements of the top banks Personal Loan in India
|Bank Name||Rate of Interest||Processing Fees||Amount||Loan Tenure||Min. Salary||Age|
|SBI||12.75% – 14.75%||1% + applicable tax||25K – 15L||5 years||Rs.5,000 pm||21-58 Years|
|HDFC||10.99% – 21.25%Fixed||Up to 2.5%||40L||1 – 5 years||Rs. 20,000 pm||21-60 years|
|ICICI||11.00% – 18.25%||From 0.75% (min. ₹999 + applicable tax)||20L||5 years||Rs.15,000 pm||23-65 years|
|Bank of Baroda||11.35% – 16.35%||1,000 to ₹10,000||1L – 10L||4 years||Call||21-60 years|
|Bank of India||12.90% – 13.90%||1,000 to ₹10,000 + applicable tax||10K – 5L||1 year- 3 years||The borrower must have regular income||21-57 Years|
|IDBI||12.55%||1% + applicable tax||50K – 10L||1 year-5 years||The borrower must have regular income||22-60 Years|
|Union Bank of India||14.40%||0.5% (min. ₹500)||5L||1 year- 5 years||Call||21 – 57 Years|
|Dena Bank||13.00% – 14.00%Fixed||1%||15K – 1L||1 year- 3 years||Call||24 – 54 Years|
|Bajaj Finserv||11.99%- 14.00%||Starting from 1.50%, Up to 3%||Rs. 1 Lakh to Rs. 25 Lakh||24 months to 60 months|
|HSBC||11.29% p.a. to 17.50% p.a||Upto 2.5% of the disbursed loan amount||Rs.75000-Rs.200000.||6 Months to 5 years||Rs.75,000 p.a.||21 -58 years|
FAQs about Personal Loan Critical Illness
- Is balance transfer possible in personal loan?
Yes, if you are paying the EMI at a higher interest rate, you can opt for balance transfer. So, for immediate purpose of funds, it is better to take loan from the fastest disbursal bank. Once you have favourable situations, you can transfer your loan to the best suited lender. Since, you become loanyantra customer, you can avail the services again and get cash back too.
- Can pensioners also get the personal loan?
Usually, banks are reluctant to give the personal loan to pensioners, but in the recent years, there has been a huge transformation in the banking products and now, even the pensioners can avail the personal loan.
We understand that you cannot go visit the banks for every small reason. Apply through Loanyantra and reduce the loan stress. Loanyantra is a fintech start-up which had given trusted and reliable loan management services to 300 customers within two years. Keep your head and heart free and go ahead with loanyantra for the immediate approval and disbursal.