Madhapur is a suburb located in Hyderabad, India. It is known for its tremendous growth in the IT sector. From a small city, Madhapur has transformed into a modern IT hub increasing job opportunities in Wipro, Tata Consultancy Services, Infosys, Cognizant, etc. With changing lifestyles and the boom in the IT sector, let’s not deny the fact that there is also an increase in health issues related to your occupation and lifestyle. Hence, medical emergencies are uncertain and can occur to anyone at any time.
The real worry begins when you are unprepared for a medical emergency. Moreover, medical expenses are so costly to even ask your close relatives to lend some money instantly. This is where a personal loan for a medical emergency comes to the rescue. You can get a personal loan in Hyderabad for travel needs, medical costs, wedding costs, etc, without the need to submit any collateral starting from Rs.10,000 to Rs.15,00,000 depending on your requirements. In this regard, Buddy loan offers instant personal loans at 11% interest rates per annum and easy repayment tenure of up to 5 years.
What is a Medical Loan?
A medical loan is a form of personal loan that is offered to curb a financial crisis during a medical emergency. Medical loans are availed mainly for sudden surgeries, chemotherapy, chronic illness, accidents, etc. Today, healthcare is more expensive and not everyone can afford it when there is a sudden requirement for money. Hence, Buddy loan can help you aid those financial situations by offering you instant personal loans for medical emergencies within a few hours.
Benefits of Availing Madhapur Personal Loan For Medical Expenses
Availing of a personal loan comes with a lot of benefits compared to a traditional one which takes a lot of time to process. The following are the benefits that one can get while availing of a personal loan.
- Complete online and paperless process: The process of getting the loan is quick and is completed within hours as it is online and does not require any physical interaction to get the loan approved.
- Collateral free: It is not necessary to pledge any security when availing of a personal loan. Hence, if you have a good credit history, you can get your loan without any collateral.
- Flexible tenure of loan: In times of emergency, one can get a loan amount depending on the requirement of the need and can be repaid over a tenure period from 6 months to 5 years.
- Instant disbursal of the loan amount: Since the verification process is quick with minimum documents, the loan amount will get disbursed to your bank account within a few hours once you clear all the verification processes.
- Best Interest rates: Interest rates starts from 11% per annum. And when your credit score is above 750, you have a higher chance of getting the loan at a low-interest rate.
- Safety: The information provided by the applicant is kept confidential to ensure the privacy and security of the applicant.
Also Read: Get A Personal Loan In Hyderabad
Meet Requirements for Instant Personal Loan in Madhapur
How far are you qualified to get a medical loan? Check out the following eligibility criteria:
- Indian Nationality.
- Age: Minimum age should be 22 years and the maximum age should be 60 years.
- Occupation: Employed or Self-employed
- Income: Minimum Rs.20,000 or Rs. 30,000 per month
- Good Credit score above 750.
Improve Credit For Loan In Madhapur
Even if you have qualified for all the requirements, having a bad credit score can lag you behind when you try to apply for a medical loan. So, here are a few ways you can improve your credit score to leverage your creditworthiness.
- Pay your dues on time: Have a habit of paying your dues on time or you can set reminders to pay the bills before the stipulated deadline.
- Clear your past debts: If you have not cleared your past dues, start settling them first to increase your credit score.
- Review your credit report: Check your credit report once a year so that if there are any errors, you can clear it on time. You can check your credit report within a few minutes using Buddy Score.
- Maintaining a good credit card balance: The credit card balance should be kept below your credit limit. Hence, try not to exceed your credit utilization beyond 40%.
- Keep your old accounts open: Always keep your old credit accounts open as this will help in increasing your credit score.
Also Read: Personal Loan in Chennai Tamil Nadu
Required Gocuments For Madhapur Personal Loan During Medical Emergency
The following documents should be submitted for your KYC verification, only after which the loan will be approved.
- Voter ID/ Aadhar Card/ Driving License/ Passport for proof of Identity. 2. Electricity bill/ water bill/ Passport/ Aadhar Card for proof of address. 3. Bank statement for last 6 months for Income proof.
- Employment Certificate for proof of one year of continuous employment in that company.
- Declaration form and Agreement with your signature confirming your application for the loan.
In Conclusion
Madhapur has become an IT hub having the highest number of top IT companies in Hyderabad. With changing lifestyles and the boom in the IT sector, there is also an increase in health issues related to your occupation and lifestyle. Hence, when medical emergencies occur, it’s always best to avail of a personal loan to aid your financial crisis. You can even get a personal loan from Buddy Loan as they offer instant loans online at an interest rate of 11% per annum with no collateral.
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Frequently Asked Questions
Q. What is the maximum repayment tenure for my loan amount?
A. The maximum repayment period is 5 years depending on the bank that you avail of the loan.
Q. Are there any other processing fees?
A. The GST rate for banking services is usually 18% and the processing fee between 0.5 percent to 2.50 percent will be deducted from the loan amount.
Q. How long does it take to disburse the loan amount to my bank account?
A. Once the KYC verification process is completed, the loan amount will be disbursed to your bank account within 24 to 48 hours.
Q. Can I get a personal loan if my credit score is poor?
A. You cannot get a personal loan if your credit score is bad, instead, you can try to improve your credit score or get a co-applicant with you to avail of a personal loan.
Q. What happens if I default on a personal loan?
A. If you default on your personal loan your credit score will reduce resulting in a negative impact on your creditworthiness. This can in turn increase your interest rates for the loan that you apply for in the future. Hence, always pay your dues on time to avoid a crash in your credit score.
Q. Can I pay off my debts using a personal loan?
A. Yes, you can use personal loans to consolidate your past debts. You can also avail of a personal loan using Buddy loan which offers instant personal loans online for different categories to meet different requirements of the borrower.
