A Personal Loan to Cover Your Hospitalisation Costs in Mysore

Last updated on July 30, 2017

Lifestyle diseases are on the rise. Stress at work and sedentary lifestyles pose high health risks. People as young as 35 are suffering from heart attacks, diabetes, and depression.

With people looking for specialty care and heading to corporate hospitals, huge medical bills can bog them down. With ill health already troubling you, this heavy expenditure can force you to break your savings. How best to handle this situation, pay off the bills and head towards speedy recovery?

 

Personal Loans are the answer. The quick processing and disbursal makes these loans a popular choice in cash emergency situations. Apply online for Personal Loan in Mysore, settle the hospital bills, and get back home in good health.

How much can you get as a Personal Loan?

How much Personal Loan can be availed is based on your eligibility. To calculate your Personal Loan eligibility, lenders consider certain factors. These include your income, credit score, nature of employment, and other outstanding loans. To avail a Personal loan in Mysore, you need to earn a minimum salary of Rs.25,000. This limit differs across banks depending on the city.

 

Once you fulfill the eligibility criteria, and submit the documents required for Personal Loan. Then, the lender processes the loan application. Disbursal is usually made in as less as 24 hours, letting you pay off hospital bills with ease.

Personal Loan interest rates in Mysore

Personal Loans are unsecured in nature; so their interest rates are quite high. It is best to avail a personal loan for a short tenure and pay it off so that the interest does not continue to burden you.

 

Bank                                                    Loan amount (Rs)                      Rate of interest

Standard Chartered                        1 lakh to 30 lakh                              11.25% to 13.49%

HDFC Bank                                        0.50 lakh to 30 lakh                       11.29% to 19.50%

Bajaj Finserv                                     Up to 25 lakh                                    11.99% to 16.00%

Tata Capital                                       0.75 lakh to 25 lakh                       11.99% to 17.00%

 

As you see above, the interest rates on personal loans is very steep. In addition, there is processing fee and prepayment charges as well. So, avail a Personal Loan only if you’re in dire need of one.

Documents required for Personal Loan in Mysore

The following documents need to be submitted to avail a Personal Loan

Salary slips, bank statements for the past 3 months, age proof, identity proof and address proof. In case you’re self-employed you need to submit your annual financial accounts and your personal income tax returns.

 

Though interest rate on Personal Loans are high, they offer flexibility in terms of use. You can use it as per your discretion. Combined with their quick disbursal without the need for any collateral, Personal Loans are the choice of many in need of immediate funds.