A medical emergency can strike at any given time. Most of us prepare for the eventuality of it. You invest in medical insurances that would provide good coverage and actually help in time of need. However, things do not go as planned and medical insurance is known to cover only a few ailments and procedures.

At such times, you need the extra help. A medical emergency loan is often the answer you are looking when an unexpected medical situation arises and your insurance provider cannot help.

A medical loan is like a personal loan that you would opt for, for medical treatments and procedures that your medical insurance does not cover. Treatments like IVF, Bariatric surgery, ENT procedures, weight loss surgeries, expenses incurred during tests etc. do not fall under insurance purview. You can also opt for a medical loan when you need to pay for additional care or surgeries that your insurance cannot provide for.

If all this sounds familiar, these are things you should consider before opting for a medical loan:

1. Coverage: The best thing about a medical loan is that it covers just about every medical need that may arise. From additional surgery loans in-house care, expensive alternative treatments; medical loans can help you sustain your financial stability and make sure that you get the best medical assistance. 

2. Eligibility: Being an unsecured personal loan, you can be eligible for a medical loan if you have a fixed monthly income of Rs 20000/-.  All you would need during application is your salary statement and basic documentation.

3. Interest rates: Make sure you check the interest rates and calculate your EMI before you apply for a medical loan. Institutions like Tata Capital have online EMI calculators that help you understand what your monthly outflow will be.

4. No Collateral: Unlike most loans, you do not need to provide a guarantor or keep any collateral when you apply for a medical loan. A good credit history goes a long way when you apply for a medical loan.

You should know that the loan amount can be used for any purpose associated with your health. Be it an angiography or a mammogram or just a full body yearly checkup, you can use this amount to pay the bills. One thing is for sure, never compromise when it comes to your health. A good medical loan is a lifesaver you need during a medical emergency.