Located in the northwestern part of Chennai City, surrounded by Avadi, Anna Naga, Padi, Mogappair, etc. Ambattur has its origins in a village with extensive agricultural farmlands irrigated by the Ambattur Lake. This place is an Industrial cum information technology in the western part of Chennai.
The place is vibrant and prosperous in terms of natural resources. Several species of birds are seen frequently in the areas and around Ambattur. Residing in a place like Ambattur, you might have to manage other expenses, and your income might not be sufficient for sudden financial coverage. It is undeniable that a medical emergency can occur suddenly without looking at your financial stability. Suppose you have a sudden medical emergency and are stuck in financial stress. In that case, you can now definitely look up a personal loan in Ambattur to curb those significant medical expenses.
So, before availing of a personal loan in Ambattur for medical urgency, you should have a clear idea about the significant criteria to fulfill to avail of a personal loan in Chennai. The article aims to discuss the process and criteria to satisfy a personal loan.
What is a Medical Loan?
A medical loan is one of the branches of personal finance. This kind of loan is unsecured for medical expenses such as treatment, surgeries, injuries, etc. You can borrow this kind of urgent personal loan without collateral by using Buddy Loan, it provides you with quick loans with the fastest approval.
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How to Apply for an Instant Personal Loan in Ambattur?
Planning to get a personal loan itself decides how urgent it might be for you to get the funds. So when it is that immediate and you want the loan amount as soon as possible. Then it’s the right time to get an instant online personal loan in Ambattur. Online personal loans have many benefits. One of the most attractive features of this online procedure is that the application procedure is very prompt. Once the application is approved, the loan amount gets sanctioned and disbursed in your account within a few hours. This procedure helps you get immediate access to the sum of the loan amount.
However, to avail these benefits, you have to satisfy specific eligibility criteria. The article will discuss the eligibility criteria and essential criteria you need to maintain to get a personal loan in Ambattur with quick approval.
Borrowing a personal loan online can be an urgent decision because it fulfills your sudden needs for funds. An instant personal procedure is hassle-free and asks for minimum documentation. However, you might have to provide some basic information mentioned below.
Also Read : Ways To Take Personal Loans For Medical Expenses In Thoraipakkam, Chennai
Eligibility Criteria
- Age – The age should be 18 to 65 years. However, it can differ from bank to bank.
- Income – It should be a minimum of 12000 monthly
- Minimum job experience – 1 to 2 months of experience
- Your credit score should be more than or equivalent to 750
- It would help if you worked in a recognized organization.
- Employment status – Employed or Self employed.
Documents Required for a Salaried Employee
- Identity proof – PAN card/ Aadhaar Card/ Driving License,Passport.
- Address proof – Aadhar Card/ Water bill/ Passport
- Income proof – Salary slip for one month and Bank statement for the past three months
- Work Experience – Min 1 year
For a Self-Employed Individual
- Identity proof – PAN card/ Aadhaar Card/ Driving License,Passport.
- Address proof – Aadhar Card/ Water bill/ Passport
- Income proof
- Salary slip for one month
- Bank statement for the past three months
- ITR returns for the past three months
- Profit & Loss Statements for the last three years audited by C.A
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Process Application For Instant Personal Online For Medical Expenses
Steps To Apply For a Personal Loan with Buddy Loan
1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
5: Enter your work details (Including company name, years of service and Designation)
6: Enter your personal details (Including Full Name, PAN, address, DOB & Gender)
7: Provide your communication address, and income details and Click the ‘Submit’ button.
Also Read: Take a Personal Loan in Navalur, Chennai for Business Needs
Important Points to Remember Before Borrowing an Instant Personal Loan in Ambattur
Here are a few things that you should keep in mind before you can avail of a personal loan in Ambattur.
A Good Credit Score –
A credit score checks your creditworthiness and if you are eligible to take a loan. Your credit report and repayment history determine a good credit score. Also, constant tracking of your credit score helps you better understand your credit status. There are many benefits of monitoring your credit score. They are as follows-
- The more you monitor your credit score, the more you will have prompt remedial action plans to improve the score.
- If you check your credit score constantly, you can raise a dispute and rectify it as soon as possible if errors are found.
- If you keep your credit score under check, this helps you to prevent yourself from hard inquiries. Hard inquiries are harmful as they reflect on credit scores negatively.
Good Stead With Your Lender –
If you have a good relationship with the lender and are a loyal customer of the institutions, it will help you skip formality Having a good relationship with your lender usually enables you to skip the documentation as they might have the documents in the database beforehand.
Other Charges –
You should know if you are being charged for additional charges like processing fees, prepayment, etc. It would help if you had a clear picture of your actual expenditure.
Having a Co-Applicant or Co-Borrower-
While applying for a loan, the procedure becomes very easy if you have a co-applicant with you. If you have a weaker credit score than your lender, that can be very beneficial, as the co-applicant’s credit score also comes under scrutiny of the lender. Also, a joint loan is always easier to re- pay.
Conclusion
Medical emergencies can occur suddenly, and the best way to outcome such sudden chaos is by applying for a personal loan. Moreover, if you are looking for an urgent loan online, you can visit the Buddy Loan website. Waiting for the correct time to avail a loan during a medical emergency can be risky. Therefore, apply for a personal loan in Ambattur soon to get approval sooner.
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