A personal loan is a means of getting money when you need it for personal use for reasons that you may not want to reveal to others. This kind of loan can be taken privately from several financial institutions and returned according to an installment plan, which is worked out based on your repayment capacity. It is also applicable to a loan that you might want to take for dental emergencies.
What Gives Rise to Dental Emergencies?
Dentists are a feared breed of doctors, and one avoids visiting them until it becomes impossible to avoid them. When this happens, it is generally because the individuals can’t bear the discomfort being caused to them. The problem arises when they realize the cost of treatment of such emergencies. It is generally steep, and they are left in a position where they cannot afford it. Medical insurance usually does not cover dental treatments, especially when it is due to negligence.
Solutions for Making Them Affordable
So, what is the solution for this? Should the patient continue to bear the discomfort and live with it? That is certainly impractical. The best solution would be to arrange for funds and get the treatment over with. You could borrow money from friends and family, but that could be a bit embarrassing. So, the best option would be to take a loan from someone you don’t personally know and would still be willing to give you money. Yes, you can take a personal loan and get treatment. Get rid of the trouble in one shot and repay the money in monthly installments.
How Does Personal Loan Work?
You can visit the website of the lender and apply for a personal loan. You will be required to fill a form with personal details and upload documents to verify the details filled in the form. You do not need any collateral for such a loan, and the approval is based on your credit history. The documentation required is minimal.
The amount of loan that you can receive and the rate of interest applicable to the same is decided based on your current financial condition and the capacity of being able to repay the loan. For this, you would need to provide bank statements for scrutiny.
- What is the EMI for Such A Loan?
The EMI for the loan will depend on the amount, the interest rate, and the tenure of the loan. You can use a personal loan EMI calculator to know the exact schedule of payments for the amount you need for different interest rates and tenures.
- Can Anybody Apply for the Loan?
The loan is available for all individuals above the age of 18 who are capable of earning. You could be an employee or a self-employed individual. As long as you can prove that you can return the loan without defaulting on payments, you can get a personal loan.
- How Many Loans Can One Get?
The amount of maximum loan could vary for different institutions. Some offer up to INR 25 Lakhs as a loan. It is advisable to take only an amount that you require so that you can avoid unnecessary stress for repayment.
- How Much Time Is Available for Repayment?
The maximum tenure for a personal loan is five years or 60 months.
When you take a personal loan, you can use it for any activity that you wish without depending on others. You can enjoy a holiday, finance your treatment, sponsor a wedding, or even redo your house. The best thing is that you need not give anything as collateral to the lender. But never default on payments, or you could face legal action from the lender.