How to Get Personal Loan for Medical Emergency with Bad Credit

Do you require a personal loan for medical emergency immediately? Are you bogged down by a poor credit score? A medical emergency loan comes in really handy whenever one needs to urgently raise funds in order to tackle medical emergencies and take care of treatment costs of loved ones. Several lenders offer these medical loans which are basically personal loans. Personal loans are easier to obtain as compared to other loans like home loans and car loans. These loans also have faster processing and verification mechanisms which make them the best option in these situations.

However, getting a personal loan with a poor credit score can be really tough. Lenders will always assess your creditworthiness via your credit score before sanctioning a personal loan for medical emergencies. Most lenders prefer a credit score of 750 or above when it comes to sanctioning loans for medical emergencies. What if you have a poor credit score? You have to understand a basic concept here.

In case you have a lower credit score due to insufficient credit exposure, i.e. you have never taken loans in the past, you have not built up sufficient credit history over a particular period of time, you may still get the loan if you have decent monthly income. However, if the poor credit score is due to payment defaults and other similar negative aspects, it will be hard to get the loan approved. In this context, it must be said that banks are stricter about credit scores and other eligibility guidelines while NBFCs are often more flexible and may give you a loan in case you earn handsomely every month and meet all other eligibility requirements.

You can also raise funds against other assets such as Fixed Deposits or even property that is held in your name. You can also raise loans against gold assets that you have. These are secured ways to raise funding in case you cannot obtain a personal loan to tide over the medical emergency.

The eligibility criteria for personal loans vary across lenders but in general you have to be between 25 and 58 years of age and should be a salaried professional working in a public/private/multinational company. You should also be an Indian resident and the minimum net monthly salary depends on the city where you live. The documents required include proof of employment (employee id card), bank statements (salary account) for last 3 months, salary slips for the last 2 months and KYC documents (ID & Address Proof).