Encountering a medical emergency can be unnerving. It can scare you and cause immense stress. Whether it’s you or your family going through health issues, the result is never known. You could have medical insurance but it is seldom useful when the need arises. Most medical insurances do not cover all ailments, and even if they do, there is a limit to the number of expenses you can claim. Then what option are you left with when there is a sudden need for hospitalisation and surgery? You can use your savings. But hospital bills can almost drain all your savings, leaving you with empty wallets and an apprehensive future. Try a medical loan.
Here is a brief guide on a medical loan and how it can help you.
What is a medical loan?
A medical loan is an unsecured loan that enables you to pay for your medical bills and hospitalisation charges conveniently. Almost all leading banks and financial institutions offer medical loans and personal loans for medical needs.
Here is how a medical loan can help you
- It is easy and quick to avail
You cannot wait for days to get funds when facing a medical emergency. That is the reason a medical loan is best. You can apply online without visiting the bank’s branch by filling out the application form online and uploading documents. Typically, lenders approve the application form instantly and disburse the amount in a few hours.
- It has no end-use
There are various costs when someone is hospitalised. A personal loan has no end use, so you can use the loan amount for any purpose, be it medicines, surgery, therapy, post-surgery check-ups, equipment, etc.
- You could avail a high loan amount
You never know how much funds you need for a medical emergency. Often the hospital bills rise up to lakhs of rupees. Therefore, you need to be prepared adequately to pay for the expense. You can avail a high loan amount as a personal loan and meet all your expenses hasslefree.
- It has flexible repayment
The stress of repaying the loan amount can add to the anxiety of dealing with an emergency. Thankfully, there is no such need for a personal loan. When you apply for the loan, you can choose a tenure that can help you repay the loan comfortably. The personal loan is available for a tenure ranging from one to five years.
- You need no collateral
You might need to handle various things simultaneously during a medical emergency. Let arranging for collateral not be one of them. A personal loan is an unsecured loan, which means you need not furnish any collateral, security or guarantor. Moreover, a personal loan is available at attractive rates making it affordable for medical contingency.
A medical emergency is a situation where every second counts. Any delay can be fatal. In such conditions, a medical emergency loan can help you get the required funds instantly.