4 ways you can speed up loan processing in case of a medical emergency
When it comes to life, there’s no such thing as being too prepared to face an unexpected event that can suddenly arise. Over the last several decades, healthcare has become increasingly costly for most people, especially those living in urban areas.
Purchasing a health insurance policy is one way that people can avoid touching their savings. Doctor’s fees and hospital visits can amount to a huge sum. If an individual is seriously ill or has been gravely injured, hospital fees can easily run into lakhs. In such a situation, one’s savings or insurance may not cover these costs.
For medical emergencies, personal loans are a great option to help meet the costs. However, visiting a bank to apply for a loan is inconvenient. Banks can take several weeks to just approve or reject your application, and another several weeks to finally disburse the loan. Additionally, there are too many documents required for the application process, which is time-consuming to arrange for during a medical emergency.
This is why taking a loan from online lenders is tremendously beneficial to anyone who is facing a medical emergency, or requires urgent funds for a family member’s medical fees. Online loans are quick and convenient since they can be availed anywhere at any time. A digital loan can be approved and disbursed to your account in three days or less. Also, these loans are completely unsecured, so you won’t need to provide collateral against them. In addition, you only need a few commonly available KYC documents to avail of the loan.
When taking a loan online, there can be delays in processing time for a few reasons. But there are ways in which you can speed up the processing time for your loan application during a medical emergency so that you receive the approval and disbursal as quickly as possible.
Below are four ways that any borrower can speed up loan processing in case of a medical emergency:
- Check the eligibility criteria: All lenders have a set of eligibility criteria that determines whether a borrower qualifies to apply for a loan. This eligibility criterion comprises parameters such as age, income, CIBIL score, location, employment, etc. In order to speed up the loan processing stage, you would want to do a good search online to find lenders who cater to your specific profile. If you apply to a lender without checking if you meet their personal loan eligibility criteria, you have a high chance of getting rejected automatically. Therefore, apply to lenders whose criteria you meet fully. If you’ve availed a loan from a particular lender in the past, you can have a higher chance of getting approved as they would already have your details and simply need to process the amount you require.
- Keep documents ready: Personal loans are definitely beneficial during emergency situations, as there are very basic formalities required to avail them. That being said, you still need to ensure you have the correct requested documents on hand for the application process. It’s important to make sure that these are the original documents without any modifications made. Always check the lender’s website to be sure of which ones are required. If you provide incorrect documents, it will lead to your loan application getting rejected or delayed. Also, ensure that the documents are attached to the correct places of the application form. Doing this will make it easier for the loan application reviewer to process your application quickly, and thus, disburse your loan amount faster!
- Apply for an amount you are eligible for: The way that the lending system works is that money is lent on the basis of the borrower’s creditworthiness. This is determined by one’s CIBIL score and previous repayment habits for loans availed. As a borrower demonstrates timely repayment of their credit card bills and loans, their CIBIL score increases, as well as the eligible loan amount they can avail. Therefore, it’s a good idea to check what amount you’re eligible for by using a personal loan eligibility calculator. By entering your details, you can get an estimate of how much credit you can borrow from a lender. Only apply for an amount that is equal to or lesser than what you’re eligible for. Applying for a larger amount can delay your application processing time, which is what you want to avoid during a medical emergency!
- Fill the application form properly: This can sound like an obvious thing, but it’s astounding how many loan applications get rejected simply because the borrower has made mistakes in the application form with their details, either intentionally or erroneously. Even something as simple as a signature mismatch can lead to the application form getting rejected or causing delays as the lender will have to contact you for additional proofs or details to verify the same. Therefore, ensure that you fill all your details honestly and without any silly mistakes to ensure that your application gets processed faster.
Follow the above tips and ensure you’ve used a calculator for personal loan eligibility to help you determine what loan amount you are eligible for.