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Large Medical Bills Stressing You Out? Here is How a Medical Emergency Loan from Kotak Bank Helps You!
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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While facing a medical emergency, the last thing you want is to fall short of funds. However, life can be unpredictable, and it is possible to face a situation where you need to take care of the medical bills. Now, in such cases, you can rely on a personal loan for a medical emergency that can provide the financial support you need. After settling the bills, you can then focus on repaying the loan over the chosen repayment tenure.
Here’s how taking a medical emergency loan from Kotak can help out if you ever face such a situation:
1. Receive ample financial support to tackle expensive bills
It is common knowledge that medical bills can amount to quite the expense. Now, not everyone has the financial strength to rely solely on their savings for such expenses. This is why Kotak offers a loan amount of Rs 50,000 to Rs 25 lakh when it comes to medical loans. Do keep in mind that the loan amount is subject to your loan eligibility criteria.
2. Clear the loan with convenient repayment terms
If you are worried about not being able to afford the loan, don’t be. While taking a medical loan, you can choose a preferred tenure that suits your budget. For this, it is advisable to make use of a personal loan EMI calculator. This calculator will help you in learning about the loan’s monthly instalments. This way, you can choose a loan amount and tenure based on what is convenient as per your budget.
3. Get the funds in your account immediately
We ensure that the process of applying for a personal loan for medical emergencies is a hassle-free one. It is understandable for borrowers to be in a difficult state of mind while worrying about a loved one’s health, which is why we make sure to disburse the loan quickly.
4. No need of providing collateral for a personal loan
Unlike a home or education loan, a personal loan does not require borrowers to pledge collateral to the lender. This eases the process of getting the loan, as there is no need to provide any kind of security to the bank. Your only focus can be on arranging the funds instead of worrying about any kind of collateral.
5. Get coverage for multiple medical expenses
Since this loan is meant for medical emergencies, there are several costs that it can cover. The loan amount you receive from the lender can be used to cover expenses such as prescription bills, hospital bills, surgery expenses, chemotherapy expenses, as well as any additional medical costs.
So, if you face a medical emergency and require financial assistance, simply visit the Kotak Mahindra website and fill out an application form for a medical loan. This would include basic details such as your name, city of residency, monthly income, employment record, and so on. Once this is done, one of our representatives will get in touch with you shortly after.
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