How to Get Funds Instantly for Medical Emergency Due to Coronavirus

How to Get Funds Instantly for Medical Emergency Due to Coronavirus

The tremors caused by Coronavirus are felt everywhere around the world. And, to support people in such hard times, banks and NBFCs have started offering loans to meet any unforeseen expense. Yes, if there is any medical emergency due to COVID-19, you don’t need to worry about arranging instant funds. To deal with the situation, many banks and NBFCs are providing quick loans to the people. Talking about quick loans,  a personal loan is an ideal product to avail. The loan can easily be availed for short as well as the long-term purpose and covers all your medical expenses. 

However, with a nationwide curfew, stepping out of the home is not possible and not even advisable. But nothing to worry as you can apply for a personal loan online, right from the comfort of your home. Send your loan application online, submit the scanned copy of documents on matching the eligibility and finally get instant approval and disbursal of the loan amount in your bank account. If you already have an account in a bank, the process would be much smoother and faster.  

Top Banks Offering Instant Funds for Medical Emergency 

BanksInterest Rate (in per annum)Loan AmountTenure
State Bank of India SBI)10.35%-14.75%Rs.25,000-20,00,000Up to 7 Years
ICICI Bank11.25% to 22.00%Up to 20 lakh
Up to 5 Years
HDFC Bank10.75% to 21.30%Rs.50,000-15,00,000Up to 5 Years
Axis Bank12%-24%Rs.50,000-15,00,000Up to 5 Years
Kotak Mahindra Bank 10.99% to 24%Rs.50,000-15,00,000Up to 5 Years
Induslnd Bank11.25%-23%Rs.50,000-15,00,000Up to 5 Years
Bajaj Finserv12.99% onwardsUp to 25 lakhUp to 5 Years
RBL BankStarting at 14%From Rs.1,00,000-20,00,000Up to 5 Years
DCB BankStarting at 10.22%From Rs.1,00,000-5,00,000Up to 5 Years
Fullerton India12.99%-36%Up to 25 lakhUp to 5 Years
Tata CapitalStarting at 10.99%From Rs.75,000-25,00,000Up to 6 Years
HDB FinancialsAs applicable by the lenderUp to 20 lakhUp to 5 Years

How to Apply for a Personal Loan Online

In just a few simple and quick steps you can apply for an instant loan. The online process is really fast and hassle-free and in the times when coronavirus is rapidly spreading, you can apply conveniently for this loan just from your home. Lenders ensure with their secure and easy digital loan process, every borrower should get the required funds instantly to meet the medical emergency.

You just need to follow, 4-simple steps: 

  1. Apply Online
  2. Receive Quotes     
  3. Submit KYC Documents
  4. Get Instant Approval & Disbursal

Eligibility Required

Salaried

Age: 21-58 Years

Monthly Income:Rs.20,000

Minimum Work Experience: 1 Year

Self-employed

Age: 24-65 Years

Monthly Income:Rs.20,000

Minimum Profit after Tax: 1-2 (annual)

However, the eligibility criteria vary from lender to lender. So it is advisable to check the set norms with your lender before applying. 

Instant Loan Will Be a Double Bonus If:

  • You are a Salaried Professional, working in leading MNCs(CAT A or CAT B), or a Government Employee. 
  • Your monthly income is high and you have less/no financial liabilities(existing loans/credit cards,insurance policy).
  • You have a habit of saving money or like to invest in saving instruments like PPF, FD, Mutual Funds( SIPs),etc. 

However, do not forget the timely repayment of the same to enjoy a hassle-free instant loan journey. 

Documents Required

Salaried: 

  • Duly signed application form for personal loan balance transfer along with passport size photograph
  • Identity Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • Age Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • PAN Card copy (Mandatory)
  • Address Proof (Aadhaar Card/Passport/ Landline Bill/ Latest Electricity bill/Rent agreement etc)
  • Last 6-month bank statement
  • Salary slip for the last 3 months
  • Statement of personal loan from a current lender (a loan that needs to be transferred)

Self-employed:

  • Duly signed application form to do loan balance transfer along with passport size photograph
  • Identity Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • Age Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • Address Proof (Aadhaar Card/Passport/ Landline Bill/ Latest Electricity bill/Rent agreement etc)
  • TAN Card
  • Last 3 years Balance sheet along with profit and loss statement pertaining to business
  • Last 6-month bank statement of individual and business entity
  • Statement of personal loan from a current lender (details of the loan that need to be transferred)

Note: If you are an existing customer, no KYC Documents are required as the bank already has your documents. 

Why Instant Loan is the Best Option to Meet Unforeseen Expenses of COVID 19

Instant Approval: On applying for a quick loan online, you can get instant approval, if your eligibility matches. Soon after receiving your application, you can get approval instantly. 

Fastest Disbursal: As far as a disbursement is concerned, the required amount will be credited to your respective bank as soon as possible. With the fastest disbursement, any medical emergency can instantly be fulfilled.  

Less Documentation: The process of getting a personal loan is really easy and quick. And, when it comes to documents, it is a lot easier. With just a few KYC documents, one can get a personal loan.  

Minimal Fee & Other Charges: When it comes to a personal loan, one has to pay a one-time processing fee which is also very reasonable, hence lessening your loan burden.   

Good Loan Amount: In case of an instant loan, the loan amount ranges between Rs.5,000 to maximum up to Rs.2 lakh which means your instant financial needs can easily be covered.  

Flexible Repayment Tenure: A borrower can repay the loan by choosing a flexible tenure of up to 1 year. This repayment tenure allows a borrower to enjoy easy EMIs and less loan burden. 

But what should be the action plan for those who had already taken a personal loan? How should one manage his personal loan?

How to Manage Existing Personal Loan After Coronavirus Outbreak

The slowdown will result in the fall in income of not only the owners but even their employees as salaries do come but not the incentives and bonuses. And, with a fall in the income, it is to be assumed that banks might increase their personal loan interest rates to recover their loss. So, if you have taken a personal loan, the increased rate will take out much from your income. So what should you do now? Check out the plan of action here.

Action Plan at a Glance 

Go for Prepayment: As hinted above that the rates are likely to increase and make personal loans costlier than before, you could, therefore, think of prepaying the loan with your savings. You have an option either to go for a full prepayment or a part prepayment. The decision to choose from the two will depend on your savings, the remaining outstanding balance, the charges applicable to prepayment, and the income situation you’re likely to face. If the outstanding balance is above 50% of your saving reserves, you should avoid going for full prepayment. You can thus opt for part payment, maybe wipe out 50% of the outstanding balance and accumulate the reserves further. This will decrease the loan EMI and interest outgo substantially over time.

Go for Balance Transfer if You’re Servicing the Existing Loan at a Higher Rate: If you are servicing your personal loan dues at a much higher interest rate and don’t have the tall savings to prepay the loan, you can think of transferring the loan balance to another lender at a lower rate of interest. The new lender will go through your loan track and put forth an attractive balance transfer deal if it finds your credit record good.This will decrease the EMI while giving you more time to repay. Particularly, when you don’t have savings to close your personal loan, a balance transfer at a lower rate could be the option to avail of.

Say No to Excessive Credit Card Purchases: With the income situation has become uncertain because of the lockdown, buying excessively on credit cards will only mount the debt for you if you fail to pay total dues on time. The revolving credit card dues could pile on the debt at a mounting rate of 30%-40% per annum.  Instead, be patient and show discretion in your cash purchases.

Miscellaneous Methods That You Should Think of Contemplating for the Short Term

Don’t Fall Prey to Panic Buying: Even as the lockdown is there, the government has clearly told that necessary stuff including medicines and food items will be made available to all. So you must not buy stuff for 2-3 months in advance and end up drying your bank balance. This will only worsen your situation by the time the repayment date comes.

Make the Most of Travel Savings: The lockdown has a blessing in disguise by saving on your travel. The savings might tempt you to spend on other stuff. Avoid doing so and save as much as you can to sail through the difficult times.

Say No to Dining Outside: Even as the lock down is there, you could still find a few dining outlets open. This is the time you should all be staying at your home not only for safety but also for ensuring maximum savings.

Put Curbs on Your Entertainment: Staying indoors will give you the time to think of entertainment. Don’t go for expensive entertainment plans thinking that the lack of travel will create space for expenditure on entertainment.

List Your Products Online: As someone involved in businesses other than Kirana shops, you might be facing a massive pile-up of inventories due to the decreasing sales of your goods. You can thus look to go online, partner with the e-commerce websites and list your products on them. This will help you dispose off your products and earn something out of that, ensuring you get enough to repay the loan EMI on time.

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