Emergencies can happen anytime and anywhere. And when it comes to a medical emergency, it often entails a long list of tests, medicines, and follow-ups, leading you to incur high costs before you are even discharged from the hospital. Though it’s important to have an emergency fund and a plan to deal with unforeseen expenses, it may not always be possible. Therefore, most experts often advise availing a personal loan for medical emergencies rather than relying on friends or family or draining your savings for financial aid.
A medical emergency loan can provide you with financial support if your savings don’t suffice and you need immediate funds to pay for your healthcare expenses without any collateral or a lengthy application process. Moreover, it gives you comfort knowing that you are receiving quality care without straining your current finances. Here is a detailed look at how a medical loan can be your best friend during an emergency.
- Hassle-free process and quick disbursal
When a medical emergency arises, it is not only important to take quick action in getting the necessary help and treatment, but also to arrange funds as early as possible. And with online personal loans, the approval process and funds disbursement are quick.
Simply click on the personal loan apply button, fill out your personal information, and upload the necessary documents, such as identity, age, address, and income proof. Post form submission, the process of eligibility assessment and document verification usually take a short time, after which the loan is instantly approved, and funds are released almost immediately, thereby providing the financial resources for medical emergencies much faster.
- Covers any type of ailment
A personal loan for a medical emergency can be used for any ailment or condition – whether it’s minor or major surgery, hospitalisation costs, or regular doctor visits for check-ups and screenings.
Moreover, unlike other loans that are specifically tailored to certain requirements, medical loans come with no specific end usage or purpose. So, you are free to decide how best to spend the proceeds of your loan, whether in full or partial, at the hospital of your choice.
- Adjustable loan repayment option
With most medical loan lenders, you have the flexibility to choose between short-term and long-term repayment options based on your current financial status and break down the loan amount into affordable Equated Monthly Instalments (EMIs).
To ensure that you select an affordable EMI amount and the best repayment tenure, use a personal loan EMI calculator available on the lender’s website. This tool not only helps you estimate the monthly instalments you will need to pay but also allows you to compare different lenders offering different repayment plans and competitive interest rates.
Care now, pay later!
Whether it’s an accident, injury, or illness, a medical loan can be your best friend in an emergency since it lets you receive instant medical care for yourself or your loved ones and repay the loan later with manageable EMIs.