A medical emergency can strike at any time, and create mental and financial havoc for the family. Having an emergency fund or medical insurance is a great way to be equipped for such a situation, but sometimes the savings or insurance may not be enough to tide through the emergency. Alternatively, some people are unable to secure insurance because of advanced age, or existing ailments. In such an event, you can always look for a medical loan.
A medical loan is offered as an unsecured personal loan for medical emergencies such as accidents or critical ailments. Here are some advantages of opting for a medical loan:
Avail treatment for non-cashless procedures
Some hospitals may not provide cashless facilities, in which case you will have to make an upfront payment. You can check your personal loan eligibility online and get an approval in minutes when you apply for a medical loan.
Treatment at a hospital of your choice
What if you wanted treatment from a super-specialty hospital or a reputed doctor who visits a specific hospital and that establishment is not on your insurance provider’s network? With a medical loan, there is no restriction as to where you can and cannot go.
Avail treatment not covered by standard insurance
Again, your insurance may be within the waiting period for specific ailments, and this could sometimes range from one to four years. Also, your insurance may not cover certain procedures such as dental or cosmetic surgery, therapy, or alternative treatments. With a medical loan, you can figure the expenses accordingly.
During a medical emergency, time is crucial, and insurance approvals can take time. Similarly, even if you are looking to liquidate investments, they will take a minimum of one day. A personal loan can be availed in a couple of hours, helping you secure quick medical access.
You can avail a medical loan like any other personal loan based on your income and repayment capacity. There is no need for you to sell any asset, liquidate any investment or put up security against the loan. You don’t have to worry about insurance premiums getting hiked due to a claim either. You can use a medical loan without hampering your other financial goals.
Flexible repayment terms
Medical loans come with flexible repayment terms, and this is one of the best things that’s offered when it comes to loans. With a Tata Capital medical loan, you can schedule your personal loan repayment as per your convenience with tenures stretching up to 72 months.