Medical-related emergencies are something which can occur at any time. Sometimes instantly paying the medical bills is not easy to deal with. Even when you have medical insurance, it is a problem. This could be because the plan you have may not recover all the expenses. The health insurance may have some limitations of coverage. If your medical bills or operation fees are more than the coverage limit, then the plan will not cover you entirely, ultimately leading to out of pocket expenditures from your end.
In such financial situations, the solution is to take a loan for medical emergencies as they don’t have any limit and you can be stress-free at that moment and pay back the way you want. The preferred loan in medical emergencies is the medical loan which is a personal loan. Taking this personal loan means you can use them anywhere, even for medical-related surgeries, treatments, injuries, etc.
Personal loan- A loan for unexpected situations!
8 Reasons to take a medical loan
These loans are the loans which one can take at the time they want and they are easy to claim for without any delays.
1. Free from Collateral
A medical loan and personal loan is an unlocked loan. One can get them according to their income and repayment ability. A loan seeker is never demanded collateral or security against the loan. It means that one can take a loan online or offline without placing any of the assets at risk.
In medical emergencies, it’s not possible to take a loan from the lender’s office and place the collateral at risk. In such situations taking a medical loan is the correct way, as the required amount is in your hands with zero security against the loan.
2. Adjustable Loan Repayment Option
Just like taking the loan is a smooth process, the repayment of the loan is also easy. Before taking a loan, check your EMI with a medical loan EMI calculator. Doing so will help you outline your finances more reliably. A medical loan comes with a manageable tenure of 12 months to 60 months. You can take any of the tenures as per your paying capacity. A higher tenure will make the EMI amount less, hence the loan strain will be decreased.
If you wish to pay off the loan shortly, it’s better to go for a shorter tenure.
3. Quick Application Approval
When you apply for a personal loan online, it gives you the benefit of not waiting long hours to receive and approve the loan. As you apply for the loan, the result will be an instant approval on the loan application. The online processing for the loan happens with calculations and procedures side by side, which gives instant approval on your loan application in case you enter accurate data.
4. Minimal documentation processing
Seeking loans online is a much easier process as the number of documents required for this are just a few. The basic documents needed for loan process are :
- Income certificate
- A copy of Aadhaar card
- Address Proof
- Identity Proof
Just follow the simple steps mentioned online and upload the soft copies of the documents on to the website page.
When you take a personal loan online, you do not have to give any physical and original documents to the lender. The online documentation is not only comfortable while being in the hospital but it’s less time taking too. One can instantly apply for the loan.
5. Keep Your Savings With Yourself
We have always seen that whenever there is an emergency in financial terms we always use our savings fund which is not practically good. But when the emergencies hit you, think wisely and smartly.
Emergencies are always more expensive than what we think and using all your savings for that is not recommended! What will be left for your future? It is always better to take a personal loan or medical loan, as it saves your time as well as money.
Taking up a loan is a smart move for your future as well as the present. You can save your funds and use your loan money in the present situation. Repaying the loan is way much better than using your whole life’s savings.
6. No disturbance in your financial planning
Many people do financial planning for their families and medical emergencies may affect it. Your ongoing investments, saving or EMIs planning gets disturbed with an uncalled emergency. You start paying off the EMIs late and withdraw all your savings. It’s always preferable to take a medical loan instead of doing so. Its a less burdening process and gives you a stress-free life.
7. Repay at Low-Interest Rates
A medical loan has a plus point of having a low-interest rate than your credit card or other loan options.
It can give you funds for long-term treatment or terminal illnesses, such as cancer treatments, eye treatments, etc. They all are not covered under the health insurance plan. Also, these loans can be applied for checkups, minor surgeries, and major surgeries alike, even for medication bills at the hospital.
8. Can Take Treatment at the Hospital of Your Selection
When you take up a personal loan or a medical loan there is no set limit that you have to take a treatment from the specific hospital only. It’s your choice. You can select the hospital which provides the best treatment to you and your family. As in the current situation, everyone prefers hospitals with advanced and updated technology.
Everyone wants the best for them and their family so there is nothing wrong with choosing a reputed and expensive hospital. But for that, you need a lot of money which can be attained by taking a medical loan. It is one of the best emergency options for medical purposes and offers no compromises in your near and dear one’s treatment.
Medical emergencies may hit any of us at any point in time. It is never a planned process. So, thinking of the possibilities in life, one should always have an emergency fund. In case, your emergency fund is not sufficient or you don’t have it at all, you can always depend on medical loans. An instant medical loan can save a life and provide for medical treatments.
Your life is in your hands and hence you can choose the best for yourself and undergo the best possible treatment with the aid of medical loans.
This write-up was contributed to Credihealth by Shrishti Jain and Shiv Nanda.
- Shrishti Jain a content writer at Finbucket. It is a great platform that provides you loan services for any emergencies like personal loan, Mortgage loan, Medical loan and many more. Visit the website for more detailed information. We are the best providers in all over India.
- Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan.
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