ayushi sharma

ayushi sharma


Should You Choose A Personal Loan To Manage Your Large Medical Bills?


Medical emergencies come at unpredictable times, and if you are unprepared for them, they will wipe your savings and investments. Due to the rising prices of hospital expenses, one can not be fully prepared to cover the medical bills. In such cases, you have no choice but to take a loan to meet your financial requirements. 

Applying for quick personal loans to ensure financial security and take care of your medical emergencies would be a wise decision to take. Regardless of the total amount of your medical invoice, quick personal loans can take care of all your medical bills, as you can get as high as Rs. 25 lakhs as a loan. The affordable interest rates and flexible terms can help you manage your expenses without defaulting on your loan payments. Here is how quick personal loans help you manage your medical bills: 

How Quick Personal Loans Helps to Manage Medical Bills:

  • Quick application process

When you apply for quick personal loans, you go through a completely online application process that is easy, hassle-free, and requires minimal documentation. Since the entire process is online, you do not need to visit any physical location to apply for a loan. All you need to do is, fill in your application, submit your documents online, and get your loan application approved within a few hours of submission.

It is worth noting that having proper documents scanned and ready, and meeting all the eligibility requirements of your lenders will not only lead to approval but also speed up your application process. So, check your lender’s eligibility criteria along with their terms and conditions to avoid rejection or delay. 

  • Ample fund to meet all your medical expenses 

The best part about quick personal loans is that you can cater to all your medical bills. Whether you want to do check-ups, tests, injections, or surgeries, a quick personal loan can take care of all your expenses without putting any burden on your pocket.

Some lenders may offer up to Rs. 25 lakhs as a loan to help you meet your medical emergencies. It enables you to look after yourself or a loved one without worrying about medical bills. You can repay the loan amount within a flexible tenure of 12 to 48 months. 

  • Collateral-free

A personal loan is an unsecured loan, which means that you do not require to pledge your asset to pledge as security as collateral. If you have a stable income and a good credit score, you are eligible for a personal loan to finance your medical expenditure without offering your assets as collateral.

However, several factors are considered before offering you a quick personal loan. For instance, your lender may check your credit score to determine your creditworthiness and your source of income to understand your repayment capacity. Having a healthy credit score and a good relationship with your lender can help you avail of a loan based on your terms. 

  • There are flexible tenure and repayment options available

Another benefit of quick personal loans is that it enables you to choose a flexible repayment option to avoid straining your savings. So, you can focus on your medical treatment without worrying about the bills, and you can repay the loan amount once you are healthy. 

However, it would be wise to determine your monthly EMI through an online personal loan calculator. It allows you to know how much you can afford to pay as EMIs and manage your loan convenience. So, make sure to use the personal loan calculator before applying for a personal loan to figure out your EMI affordability. 


Opting for a personal loan to fund your medical bills without putting any burden on your pocket is the best way to manage your finances. Since you require funds urgently, you can get your loan disbursed within hours of your approval. However, make sure to determine your EMI affordability through a personal loan calculator before applying for a loan.


Points to Consider Before you Decide to Shift your Housing Loan to Another Lender

Housing Loan

As the home loan market expands, competition among housing finance companies and other organised lenders has been tight roped for a better share of the credit segment. 

  • As per a 4th March 2021 report, incremental home loan spreads levied by Housing Finance Companies narrowed down to 125bps as against 200bps in the second half of 2020.

As incremental spread impacts the retail lending rate significantly, a decreasing spread indicates better opportunities to secure housing finance at reduced rates. Existing home loan borrowers stand an opportune chance to benefit from this reduction by availing a home loan balance transfer facility. Nevertheless, opting for a balance transfer also invites various other considerations one must take care of to optimise its benefits. Before that, take a detailed look at what this facility entails.

Housing Loan Balance Transfer – Meaning and Scope

Home loan balance transfer or refinancing is a facility that allows existing borrowers to switch their loan outstanding to a new lender offering reduced rates. Such interest rate reduction enables you to receive substantial savings on your interest payable, reducing the overall repayment burden and EMI amount.

The facility comes with other benefits and borrower-friendly terms along with reduced home loan interest rates. The availability of high-value top-up loans is one of the top attractions of a balance transfer facility. A balance transfer facility is also one of the top tips to decrease your home loan interest.

Top factors to consider before opting for a home loan balance transfer

Overall cost involved

Depending on the balance transfer charges involved, you need to assess whether your overall savings exceed such costs or not. Note that a home loan balance transfer facility involves fee payment to both existing and new lenders.

When availing of this facility, the existing lender would initiate foreclosure of the account, charging the stipulated fees. Similarly, when transferring the loan to a new lender, they consider it a new account altogether, levying a nominal amount as processing charges.

Make sure to count in both these charges to determine whether it exceeds the interest rate savings or not. You can use a home loan balance transfer calculator to assess your total savings and compare them with the cost involved.


Lender Renegotiation Scope

It would help if you also considered the scope of renegotiation with your existing lender. As market trends on rate levy change, lenders can readjust the interest rate to acclimatise it with current trends. Also, such negotiation can be based on their customer retention policies.

So, you can utilise the opportunity to renegotiate terms of borrowing with your lender and secure better rates. Check the interest rate differences and compare the impact of rate reduction with the existing rate to estimate interest savings. You can utilise a home loan EMI calculator to check the change in interest payment before proceeding. 

The balance transfer benefits significantly outweighing renegotiated rates can be one of the crucial reasons you should choose a home loan balance transfer.

Timing of Balance Transfer

The timing when you opt for a housing loan balance transfer facility is of critical concern in your financial decision. Know that the EMIs payable comprise both principal and interest components throughout the loan tenor.

However, towards the beginning of the tenor, the interest component is higher than the principal component. Thus, if you opt for a balance transfer facility early into the tenor, it can save you from paying a good portion of your interest liability.

Contrarily, choosing refinancing later on in the tenor adds to your financial burden as the interest is already significantly paid with a higher chunk of principal outstanding. 

Some lenders, however, limit your balance transfer option until the payment of a certain number of EMIs. Check such limitations with your existing lender to make a better financial decision.

Benchmarking System Followed

The total interest liability on your home loan depends on the benchmarking system followed by the lender, both existing and new. As per RBI’s latest guidelines, home loans must be extended based on an external benchmarking system.

As the repo rate serves as an ideal external benchmark, many lenders extend loans at Repo Rate Linked Lending Rate (RLLR) system.

  • As per the 2021 announcements under the RBI Monetary Policy, the repo rate has been kept unchanged at 4%.

The RLLR based lending system enables lenders to pass on the benefits to borrowers through a reduced interest rate. Thus, look out for lenders providing home loans with RLLR based interest levy for better rates and higher savings.

New home loan aspirants can also check the benchmarking system for affordable financing. Some of the top lenders provide RLLR-based home loans to enhance affordability for customers.

You can also benefit from their pre-approved offers that make financing quick and convenient. These offers are available on home loans and loans against property, among other financial products. You can check your pre-approved offer with essential contact details.

The concept of home loan tax benefit also plays a crucial role in determining your balance transfer decision. If you wish to claim higher tax savings and other advantages offered by home loans, sticking to the existing lender would be ideal.

So, consider your savings optimally with all the necessary factors in mind before deciding to go for a home loan balance transfer.


How an Instant Personal Loan Helps to Tide over a Financial Crisis?


The COVID-19 pandemic has disrupted economies and shattered families. Many people have had to endure a reduction in their income. In such times, you have no option to manage your finances without redeeming your savings, investment, or taking loans.  

Personal loans acquired from a personal loan app have been tremendously popular among borrowers. Whether you have to deal with a medical emergency, education, travel, or paying the down payment of your home loan, you can get instant funds through a personal loan without putting any burden on your pocket.  


When you hit a cash crunch, your priority is to access funds as quickly as possible. Unlike the traditional way of taking loans, online loan apps have made it easy and convenient to access cash. It enables you to submit your applications within minutes and get the sanctioned loan amount into your bank account within hours.  

How can a personal loan app help tide over a financial crisis?  

There are several benefits you can get using an instant loan app. The most crucial one is instantly accessing funds.   

  • Enough funds to cover for all emergencies

Through an instant loan app, you can get a high loan amount to cover the cost of big tickets like expensive surgery, international travel, wedding, or higher education. However, the loan amount that you will get depends on factors, such as your credit profile and repayment capacity.  

If you have a good relationship with your lender, you may benefit from pre-approved personal loans. Again, the pre-approved loan amount will also depend on your monthly income and repayment capacity.  

  • Serves multiple purposes

Another benefit of acquiring a personal loan through an online loan app is that you can use the sanctioned loan amount for whatever reason you would like. The beauty of a personal loan is that there are no restrictions imposed by the lender on the end-use of the loan amount. After getting the amount into your bank account, you can use it to pay for your education, wedding, medical emergencies, debt consolidation, or even invest.  

  • Collateral-free

Unlike secured loans, borrowers are not required to pledge their assets as collateral to get funds. A personal loan is entirely collateral-free. However, you will have to maintain a healthy credit score and monthly income to get the deal you want.  

  • Save time and energy

When you have to pay your or one of your family member’s medical bills on an urgent basis, a personal loan app can save your day. Without visiting any physical location, you can just download an online loan app on your phone, fill in your details, and submit your documents from anywhere at any time. After your application is approved, the sanctioned loan amount gets credited to your bank account within hours.  

An instant loan eliminates the time taken in completing formalities and saves you the legwork. It is a hassle-free way of getting loans.  

  • Attractive interest rates

The personal loan market is highly competitive, and it allows you to enjoy affordable interest rates while applying for a loan. You can get interest rates as low as 11.99% for a loan tenure of up to 60 months. However, before opting for a personal loan through a personal loan app, it would be wise to compare different lenders and their rates to get the best rates available in the market.  

  • Flexible repayment and loan tenure

Online loan apps allow you to repay the sanctioned loan amount along with the interest within a tenure of 12 to 60 months. It enables you to choose a loan tenure that best serves you. However, you can use your lender’s online EMI calculator to better plan your repayments. It allows you to know your estimated EMI before you borrow. 

  •  Hassle-free documentation

 Personal loan apps provide easy and hassle-free documentation while applying for a personal loan. You will only need to scan the requisite documents and upload them on the app. The documents required to take a personal loan are PAN Card, Adhaar Card, and Driving Licenses as your identity, address, and age proof. Your salary slips and bank statements. You must also submit your income tax returns (ITR) or form 16. 

 In short 

If you have no other means of managing your finances in these financially distressed times, it would be wise to apply for a personal loan through an online loan app and get the loan amount credited to your bank account within hours of approval.

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