Medical expenses are no more basic and it is best to have a contingency fund (of about six months’ income) in case of an urgent need. Medical emergencies do not come with a cautionary notice and always tends to take the victim and his or her close ones by shock. Another way to steer clear of this problem is by taking a medi-claim or going for health insurance. Hospital bills can burn a hole in your pocket by way of multiple tests and scans, bed charges, medication and other expenses.
Knowing how to work your way around such stressful situations can save you from worries in the event of a medical emergency. Medical expenses need to be met immediately and obviously it is not something that can wait. Instant cash loans are today, offered by many financial companies and it is best to check out all the information about it, should there arise a need for one.
Documents Needed for Instant Cash Loan
Availing an instant cash loan is easy as the documents needed for such a loan are minimal. Here is the list of documents to avail an instant cash loan:
Proof of Identity
Any photo identity proof like PAN Card, Aadhaar card, Passport
Proof of Income
Salary Slips- This ascertains the applicant’s income from an organization legitimately. Three months’ salary slips have to be furnished.
Bank Statements- To check credit history of the applicant, the lender usually asks for bank statements from the past six months.
2 recent passport size photographs of the applicant.
Proof of Address
Utility bills, Rent agreement or Aadhaar card is needed to validate your current residential details.
Before applying for instant cash loans, you need to take a few steps to rule out the risk of over-quoting or under-quoting the required loan amount. Here is how you can avoid making those mistakes:
Take into account hospital bills, medicines purchased until then and needed to be purchased over a week or month and any other possible devices for the patient.
Gather all the funds that you can direct towards the medical expenses and pre-empt any deposits that are dated for maturity in the close quarter.
Decide on Loan Amount
Once you arrive at the loan amount after calculating the above, add 20% to the amount for safety. This provides a safety net in case of any unforeseen situation or say, the medical condition extends for a week more.
Speak to the medical superintendent, hospital doctor and others in the family/friends circle to arrive at the exact estimated expense amount.
Instant cash loans can be availed online from digital players who have in the past five years taken the market by storm. Such loans have filled a huge need gap that has existed for a very long time. These loans are unsecured loans and borrowers do not need to pledge any asset as security against the loan amount availed. The interest rates are much better than the interest that accumulates on a credit card. It is imperative that individuals take the time out to know these financial services so as to enhance their trust in the same.
In case of a medical emergency, an instant personal loan is a perfect fit because of the fast disbursal of amount. This is facilitated by the credit managers and other representatives of the lending company. Efficiency is maintained with seriousness and any assistance needed by borrowers who are in dire need is provided by them.
Other Benefits of Instant Cash Loans
There are no processing charges on the instant cash loan and companies maintain 100% transparency on any other fees or penalties incurred due to late payment or defaulting on the loan amount repayment schedule.
Application to Approval:
The turn-around time is fast and impressive with instant cash loans. Applicants can go for this loan even if they have a relatively low CIBIL score. For genuine cases or repeat customers, a few exceptions are made.
The entire procedure can be completed from the comfort of your home. All your documents can be scanned online along with the recent photos. It increases your chances of fastening the loan procedure one more level. Doorstep service is provided by most companies in the field.
Instant cash loans can be a handy tool for medical expenses if you do not have health insurance. The agility of the loan process can give you an edge over swiping credit cards for emergency needs. Such loans can meet the need specifically and you can repay the loan amount responsibly without coughing up extra bucks by way of interest outgo amounts. Short-term loans like instant personal loans are good to keep yourself updated about in case a need for immediate funds must arise.