Meet Usman and Urusa, a middle-class Indian couple living in Mumbai. They have always been diligent savers, planning for their future with care. But life is unpredictable, and one day, they found themselves facing a medical emergency that turned their world upside down.
Usman was diagnosed with a critical illness, and the mounting hospital bills were a heavy burden. They had heard about Bajaj Finance personal loans and decided to explore their options before they hit on the Bajaj Finance personal loan apply option.
Flexi term loan
Usman and Urusa learned that Bajaj Finance offers a flexi-term loan as one of its unique features. This loan provides the flexibility to borrow as much as you need and repay at your convenience. It is like having a financial cushion for unexpected expenses. They could borrow the exact amount required for Usman’s treatment and only pay interest on that amount.
For example, Usman needed surgery that cost Rs. 5,00,000. With a Flexi term loan, they borrowed exactly that amount. They didn’t have to borrow extra money and only paid interest on the Rs. 5,00,000, making their monthly payments more manageable.
Term Loan
Term Loan was more traditional. It came with a fixed interest rate and regular EMI payments. This could be suitable for those who prefer stability in their loan repayments.
In Usman and Urusa’s case, they felt more comfortable with a fixed interest rate as it allowed them to plan their budget more effectively. They knew exactly how much they needed to pay each month.
Flexi hybrid loan
Bajaj Finance also offers a Flexi hybrid loan, which caught their attention. This type of loan allows borrowers to switch between fixed and floating interest rates during the loan tenure. Usman and Urusa found this feature useful as it would help them manage their monthly EMI payments based on their financial situation.
For instance, when they initially took the loan, they opted for a fixed interest rate. But a few months later, they noticed that interest rates had decreased. They decided to switch to a floating rate, reducing their monthly EMI payments and saving them money over the long term.
Now, let’s delve into how Bajaj Finance could help mitigate medical emergencies like the one Usman and Urusa faced –
Competitive rate of interest
Bajaj personal loan interest rates are competitive in nature, allowing borrowers such as Usman and Urusa to keep their burden of loan manageable while concentrating on their health.
Quick approval
Bajaj Finance ensures a speedy loan approval process. During medical emergencies, time is of the essence, and Bajaj Finance understands that. They offer a hassle-free application process, making it easier to access funds urgently.
In Usman’s case, the loan was approved within 24 hours of application. This rapid approval allowed them to start Usman’s treatment without delay.
Flexible repayment options
With the Flexi term loan and Flexi hybrid loan, borrowers can choose their repayment tenures and make part-prepayments whenever they have surplus funds, reducing the overall interest burden.
During the loan tenure, Usman and Urusa received some unexpected financial assistance from their relatives. They were able to make part-prepayments, and reduce the outstanding loan amount and, subsequently, the interest they had to pay.
Customised loan amounts
Bajaj Finance offers customised loan amounts based on individual needs, ensuring that you can access the exact funds required for medical treatment without overborrowing.
Usman and Urusa only borrowed what was necessary for the treatment, preventing them from being burdened with unnecessary debt.
Minimal documentation
During a medical emergency, dealing with extensive paperwork is the last thing anyone wants. Bajaj Finance streamlines the documentation process, making it easier for borrowers to access funds quickly.
Usman and Urusa appreciated the minimal paperwork, as it allowed them to focus on Usman’s recovery instead of dealing with bureaucratic hassles.
Online application
You can apply for a Bajaj Finance personal loan online, from the comfort of your home. No need to visit a branch physically, which is especially beneficial during health crises.
No hidden charges
Bajaj Finance is transparent about its fees and charges, ensuring that borrowers are aware of the costs involved, thus preventing any unpleasant surprises.
They were relieved to find that there were no hidden charges, and the loan terms were explained clearly to them.
Repayment options
Bajaj Finance offers multiple repayment options, including online payments, standing instructions, and ECS, making it convenient for borrowers to pay their EMIs.
Usman and Urusa set up an ECS for their monthly EMI payments, ensuring they never missed a payment even while they were busy with medical appointments.
PAN India presence
Bajaj Finance has a widespread presence across India, ensuring that people in remote areas can also access their financial services during emergencies.
Even though Urusa and Usman resided in a small town near Mumbai, they found the branch of Bajaj Finance nearby, making it simple for them to get the loan.
Insurance options
Bajaj Finance provides insurance options that simply can cover the outstanding loan proceeds in the case of unanticipated occasions, offering an added layer of financial security.
Urusa and Usman availed the loan insurance to make sure that if anything unanticipated happened to Usman, the outstanding loan proceeds would not hamper their family in any way.
Towards the end, Urusa and Usman availed the Bajaj Finance personal loan. The procedure was quick, and they got the funds they required to go ahead with Usman’s treatment without exhausting their savings and investment entirely. They were extremely grateful for the financial support during their most challenging times.
Bajaj Finance personal loans, with their unique offerings such as Flexi Term Loan, Flexi Hybrid Loan, and Term Loan, provide a lifeline during medical exigencies. With a competitive rate of interest and a wide range of benefits, they endow a financial cushion when you require it the most. So, in case you are looking to place an application for a Bajaj Finance personal loan to mitigate medical exigencies, stay rest assured, that you are on the correct track.
