Medical emergencies are not only mentally and emotionally taxing, but also financially difficult as they are accompanied by hefty bills. What’s more, they come unannounced and at times, one complication may lead to another. The cascading effect of it all can leave you scrambling for funds. That’s why it’s advisable that you have a sizeable contingency fund backing you. In the absence of one or when your emergency reserves are running low, you can rely on the Bajaj Finserv Flexi Personal Loan. Its flexible features and fast disbursal can aid you in dealing with unforeseen expenses with ease.
Read on to know what makes a Flexi Personal Loan a good solution in times of medical emergencies.
Allows multiple withdrawals without several applications
In cases of medical emergencies, it’s common for expenses to be added onto the total bill during treatment and recovery. These could include operation theatre charges, post-treatment expenses and other unforeseen costs. The Flexi Loan facility helps you tend to them all, seamlessly. It gives you access to a sanction of up to Rs.25 lakh and you can withdraw from it, multiple times, whenever required. Further, you do not have to submit fresh applications each time you withdraw, and you incur no additional charges when doing so. This makes it easy for you to attend to bills as and when you need to pay them. With a Flexi Loan, you are charged interest on the amount withdrawn only. This helps you save more as compared to a regular loan.
Permits you to pay interest-only instalments for the first few months
Since your purse strings are tight during emergencies, repayment can be a hassle. When you take a Flexi Personal Loan, you can choose to pay interest-only EMIs for the initial part of the repayment tenor and thereby, reduce your monthly outgo by up to 45 per cent.
Offers a free part-prepayment facility to reduce the cost of borrowing
Making part-prepayments can be immensely beneficial as this reduces your net interest payments. When you take this loan, you can make prepayments at any time during the flexible 60-month tenor at no charge. So, as you clear all expenses incurred during the emergency and resume life as normal, utilise any surplus that comes your way to get out of debt sooner.
Has simple eligibility criteria and documentation requirements
Applying for this loan involves an easy and hassle-free process. Its eligibility criteria are simple and the documentation requirements, minimal. If you are an Indian citizen, residing in a city belonging to the approved list, aged between 25-55 years, and working in an MNC, public or private company, then you can avail this loan.
While doing so, submit the following documents:
● KYC documents such as your PAN card, Aadhaar card
● Employee ID card
● Salary slips of the previous 2 months
● Bank account statements of the previous 3 months
Further, you can get this loan by filling out an online application form instead of visiting a branch and wasting time while you are dealing with a medical emergency. Once you submit the documents, they are verified and a speedy disbursal follows. Bajaj Finserv promises a no-hidden-charges approach to lending and so, you can ask for a detailed breakdown of the entire range of fees and charges while planning your finances and taking the decision to fund an emergency with a loan. This will help you better match the final disbursal amounts to the hospital bills.
At present, Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv is promoting its #LoanFlexibleHai campaign that is creating awareness on the benefits of this loan through an interactive game. By playing the game, customers can discover how this loan can be used to tackle various other foreseen and unforeseen expenses.
So, if flexibility is what you need to be one step ahead of a medical emergency, check your pre-approved offer from Bajaj Finserv today. On filling the online form, you get instant approval and access to a customised financing deal.