NEW DELHI : New To get approval for an instant personal loan, it is usually enough to have a good credit rating and complete an online application form. Availing of personal medical loans, however, requires more than that. You will need to provide your employer’s contact details, salary slip, bank statements, Form 16 / ITR, etc. to get approval for these loans.
Now let’s take a closer look at how instant loans differ from emergency medical personal loans.
Zafar Imam, CEO of FinShell, a financial services brand that powers Oppo Kash and Realme PaySa, said there are several differences between instant loans and emergency medical loans. The most primary is that of the loan amount. The former varies between Rs1,000 and Rs50,000 while the latter is generally between Rs50,000 and Rs40 lakh. In terms of processing, it takes around 15 minutes to an hour for instant loans to be approved and disbursed. Medical personal loan approvals can take anywhere from 24 hours to 72 hours. This is mainly due to the larger size of the tickets and a different subscription method. âEmergency medical loans have a longer loan term of up to 5 years or at least a year. The duration of instant loans can range from a few months to a year at most. Also, the interest rate is different for these two products. While a customer can shell out around 24% to 36% per year for instant loans, it can range from 11% to 24% for emergency medical loans, âImam added.
Abhishek Soni, co-founder and CEO of Upwards, said: âAn instant loan is undoubtedly more convenient to obtain than a medical loan because it requires less paperwork and usually only requires a KYC verification, as well as financial and credit history as eligibility parameters. Also, in the case of instant loans, since the process is completely digital and the loan can be sanctioned within hours, it makes the whole process transparent and easy for the client. It is important to have a presence on land and instant loans are available on several online applications nowadays. “
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