Quick Access to Funds: Everything You Need to Know About Small Instant Loans and Medical Loans

Instant Loans

Unexpected financial emergencies can strike at any time. Whether it is an unexpected medical expense or urgent home repair, having quick access to funds provides much-needed relief.

Is relying on your long-term savings the only solution in such situations? Not necessarily. Tailored financial options like instant small and medical loans provide quick access to funds without jeopardising your future financial goals.

This article explores everything you need about such loans for informed borrowing.

Understanding Small Instant Loans

Instant Loans

Small loans provide fast access to money for various near-term needs. These are short-term, unsecured loans designed for immediate requirements that get approved and disbursed quickly.

Key Features

  • Streamlined online application process
  • Minimum eligibility criteria
  • Swift approval and disbursal within hours/days
  • Customisable loan amount and tenure

Uses

These loans allow financing urgent personal or household expenses like:

  • Medical treatment
  • Travel
  • Home Renovation
  • Weddings
  • Supplementary income

For instance, IDFC FIRST Bank offers small loans up to ₹ 10 lakhs at attractive 10.99% interest rates. Small loans can also help finance your home improvement projects. If planning renovations, you may benefit from a home renovation loan interest rate starting at 10.99%, making these loans a cost-effective choice.

How Small Loans Work?

The loan application and approval process is fully digital, ensuring maximum convenience.

Application Process

Applications can be submitted online by providing basic personal and financial information.

Eligibility Criteria

  • Age between 21-60 years
  • Minimum credit score of 730

Repayment Flexibility

You can customise loan tenures from 2 months to 5 years according to your repayment capability. IDFC FIRST Bank offers flexible EMI options.

Fees

  • Competitive interest rates
  • Minimal processing fee
  • Nil foreclosure charges

Understanding Medical Loans

Medical loans provide customised financing for healthcare needs. These are collateral-free loans explicitly designed to cover expenses related to medical treatment, surgeries, diagnostics, etc.

Key Benefits

  • Swift access to funds for urgent healthcare costs
  • Flexible usage towards hospital bills, medications, ambulance service, etc.
  • No collateral requirement
  • Competitive interest rates

For instance, IDFC FIRST Bank offers sizeable medical loans of up to ₹ 10 lakhs to salaried and self-employed borrowers.

How Medical Loans Work

The eligibility criteria and application process are pretty straightforward.

Eligibility Criteria

  • Salaried or self-employed
  • Aged between 21-60 years
  • Minimum credit score of 730

Documentation

Only essential KYC documents, such as ID proof and PAN card, are needed and verified online via video KYC.

Loan Features

  • Tenures up to 60 months
  • Nil foreclosure charges for early repayment

Why Consider These Loans?

Such loans offer valuable benefits like:

  • Quick Financial Relief: Get urgent access to funds during medical or other emergencies.
  • Flexibility: Loan amount and tenure can be tailored to suit individual requirements.
  • Digital Convenience: Hassle-free paperless application via IDFC FIRST Bank’s Insta Loans platform.

Conclusion

Small instant loans and medical loans provide convenient financing for life’s unpredictable needs without compromising savings or assets. Grasping critical aspects such as speedy sanction, competitive interest, and flexible repayment terms empowers you to select an appropriate option aligned to your changing requirements and payment ability. Use prudently as part of an overall financial plan.