Explainer: How preapproved personal loans work
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Medical bills can hit hard, especially if you don't have health care.
With health care costs rising fast, preapproved personal loans are used by some people to get money quickly during emergencies: can shorten waiting times and reduce administrative friction.
Things to consider before taking a loan
These loans are usually offered by banks and NBFCs to their existing customers and can be disbursed within hours.
Since your eligibility is checked in advance, the process is simple and terms are clear.
Just make sure you understand all costs (like processing fees and interest) and only borrow from RBI-regulated lenders to avoid risky debt traps.
Also, keep an eye on your repayment plan so you're not caught off guard later.