10 Reasons Why Personal Loans are Ideal for Medical Emergency
Medical emergencies never come knocking on your door. So the best way to be prepared for an uncalled-for health complicacy is buying health insurance and leading a healthy lifestyle.
However, it may be easier said than done. Due to work-related stress, issues in personal life, unhealthy eating habits, lack of physical activity & many more lifestyle habits, instances of people falling sick at a young age are on the rise. As a result, you never know when any medical emergency might affect you or any of your family members.
Obviously, to get proper treatment for your ailment, it is essential to get admitted to a hospital. With the rising cost of quality medical care, you need vast sums of money to pay for the treatment. If you have medical insurance, i.e., a Mediclaim policy, it can take care of the expenses to some extent. But many issues can hinder the required treatment even with health insurance in place, such as:
- The sum insured is not adequate for the treatment.
- The said ailment is not covered under the policy.
- The hospital is not on the panel of the TPA (Third Party Administrator)
- The hospital does not offer cashless treatment.
- Rejection of cashless facility by the TPA
Therefore, you cannot just only rely on a Health Insurance Policy to pay for emergency medical expenses. What you need is a readily accessible alternative source of finance for such situations, i.e., Taking a Personal Loan for a medical emergency. Thus, you must always adopt good credit repayment habits, have a high credit score, & stay creditworthy for Personal Loan to meet any contingency in your lifetime.
Personal loan for Medical Emergency
Personal Loans are one of the most popular financial products at the present time. Due to various benefits offered by Personal Loans, many individuals apply for Personal Loans during times of financial crisis. In order to serve the needs of the customers better, banks and financial institution in India are now offering customised Personal Loans for particular expenses like education, marriage, vacation, etc. Similarly, to help customers meet emergency medical expenses, lenders are offering Personal Loan for a medical emergency as well. The Personal Loan for medical reasons can address issues that a health insurance policy fails to serve. As a result, borrowers stand to gain a lot from it.
Here are some of the major benefits of taking a Personal Loan for medical bills:
1. High-value loans:
While you may have a Mediclaim Policy for Rs. 10 Lakh, but sometimes it might fall short of the cost of the treatment. In such a situation, a Personal Loan comes to your rescue. With high-value loans available from financial institutions, the money will not come in the way of your health. For instance, you can avail a Bajaj Finserv Personal Loan for medical expenses for up to Rs. 25 Lakh.
2. Treatment at any hospital:
Now, you need not worry about whether the hospital is on the panel of the insurance company. With a Personal Loan for a medical emergency, you can get the treatment anywhere and pay the bills with the help of the loan amount.
3. All medical procedures are available:
With the help of this loan, you can avail any treatment for the ailment affecting you or your family members. There is no restriction from the financial institutions regarding which treatments are available to you and which are not. Otherwise, with insurance policies, you sometimes face a situation where a medical procedure is not available to you.
4. Quick approvals and disbursals:
Financial institutions also understand the urgency that you are facing when you apply for a Personal Loan for medical emergency. That is why they follow a minimal documentation process and complete the disbursal process within 24-48 hours for eligible applicants. Many lenders offer pre-approved loans for their existing customers as well, which only take a few minutes for disbursal.
5. Flexible repayment tenor:
There is no need to make any lump-sum repayments towards the loan account. Personal Loan for a medical emergency comes with an extended repayment tenor of up to 60 months. This allows you to plan your finances accordingly as you have to pay the money through easy EMIs. This flexible repayment tenor allows you to opt for an EMI amount that you are comfortable with.
6. Competitive Interest rates:
In addition to the availability of an extended repayment tenor, Personal Loans come with competitive interest rates starting from as low as 12.99%. This ensures that you are not burdened with interest cost while making the repayments. Moreover, the lower interest rate also helps you repay the loan earlier.
7. No collateral:
Being an unsecured loan, there is no need to pledge collateral for availing a Personal Loan for a health emergency. This relieves you of the worries regarding losing out on your collateral in case of a default. Moreover, during times of emergency, you will not have to worry about arranging for collateral.
8. Minimal foreclosure charges:
Many financial institutions offer you the option to foreclose your loan account by paying a minimal amount as a foreclosure charge. In some cases, foreclosure charges are completely waived off also. This allows you to repay your loan before the scheduled date and save some money on interest cost.
You might not believe it, but hospitals offer discounts to patients who make their bill payment in cash. As it saves them the hassle of documentation, hospitals are willing to offer some discount. It won’t be that easy, and you have to be a little crafty, but it is certainly possible.
10. Flexibility to use the amount:
You have complete flexibility to use the amount as per your discretion as there is no need to inform the lender regarding the end-usage of the money. So, you can take care of post-hospitalisation and recovery expenses with the Personal Loan for a medical emergency. This will help you ensure that you or any of your family members get the best possible post-hospitalisation care for quicker recovery.
With so many benefits on offer, availing a Personal Loan for a medical emergency can indeed be a life-saver for you. Though you must make sure that you do avail only as much amount that is required. After all, it is a loan, and a financial obligation that needs to be repaid, along with an interest cost.
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