Quick Personal Loan for Medical Emergencies - Kotak Bank

08 AUGUST, 2019

Medical emergencies and loans

There is no easy way to handle a medical emergency. It can befall anyone, anytime. Medical emergencies bring with them, a lot of responsibilities and things that need to be taken care of. While the best course of treatment will be decided by the doctors tending to the patient, one must make sure that the finances are in order so that the patient may receive the treatment that he or she needs. So how do you ensure that? You need to be prepared for medical emergencies all the time. However sometimes, medical expenses are over the roof and hence it becomes really difficult to manage them. You can always take a quick personal loan and take care of your medical emergencies with the funds you receive. Personal loans actually are life savers when it comes to taking care of medical emergencies.

How to apply for a personal loan during medical emergency?

Most banks which are geared towards providing customer satisfaction, make it a point to process medical emergency-related personal loans, quick and fast. What you need to do first in case of a medical emergency, is get in touch with your bank and let them know of the situation, provide some medical proof that the patient is hospitalized and is undergoing treatment. This will boost start the application process. Once the application process has begun, it should not take more than 2-3 days for the medical loan to get approved and the amount to be transferred. Once the loan is transferred you can use it for the treatment and then give it back on time.

Why go for medical emergency-related personal loans?

When it comes to a medical emergency of this nature you have to get hold of money so that the treatment can be done and that too in time. These loans are easy to get and they get approved without much hassle. You need to provide authentic documents just to show that you are making a valid claim. The best thing about this loan is that you can choose your time window and then select for how long you wish to take to repay the loan. You can use a personal loan EMI calculator to find out how much you will need to pay per month and then decide on the time period accordingly. So, loans of this nature provide you with the funds that you need immediately, thereby allowing you to pay it back as per your comfort.

Read more to know about the benefits of availing a medical loan here.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. 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 Kotak. Kotak, 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.

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Frequently Asked Questions

What can a personal loan be used for?

Personal Loan can help you meet unexpected expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables. 

 

Applying for a personal loan is a lot easier, quick, and convenient with Kotak Mahindra Bank.Click https://www.kotak.com/en/personal-banking/loans/personal-loan.html to apply for the same. 

 

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Do I need to provide any security or collateral to obtain a personal loan?

No, you do not have to provide any security or collateral to obtain a personal loan. Personal loan is a type of unsecured loan. This essentially means that it is not backed by the guarantee of collateral. You are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. As there is no security to assure loan repayment, the bank will focus on the income and financial stability of the applicant. 

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What are the benefits of taking a personal loan with Kotak?

There are several benefits of availing a personal loan from Kotak bank. Some of the most notable benefits include:

  • prepaymentInstant approval – The bank approves the loan at a quick rate and this makes the process much easier to serve different financial purposes.
  • Easy Documentation – It comes with minimal documentation requirements to help you save time and cater to your emergency financial needs without any hassle.
  • Versatile usage – The personal loan can be used to fulfil many purposes. From funding a dream wedding to serving a medical emergency, it can be used to serve different planned and unplanned financial needs.
  • Attractive interest rate – The personal loan is made more convenient with an attractive rate of interest starting at 10.75 p.a.
  • Part Prepayment facility – In case of excess funds/financial liquidity , you can reduce your loan burden with part prepayment

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What is the eligibility criteria to apply for a personal loan?

The eligibility to avail Personal loan is as follows :

  • All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years are eligible for a personal loan.
  • Other Personal loan eligibility criteria :
    • Income Net monthly salary of Rs. 20,000/-
    • Minimum educational qualification - Graduate
    • Years in city - Minimum 1 year
    • Total work experience - Minimum 1 years

You can apply for a personal loan by following the below steps:

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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What is the best way to apply for a personal loan?

You can apply for a personal loan by following the below steps:

 

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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