Health emergencies strike without any prior warning and often leave us in a vulnerable situation. While everyone saves up for a rainy day, arranging for reasonable sums of money in an emergency becomes challenging. At such times, medical emergency loans come in handy. A medical loan is a personal loan taken solely to pay health bills. These loans are very beneficial, and you should never hesitate when taking them. Read on to know why.
What is a medical loan?
Personal loans are unsecured loans you can take at any time and pay for any expense. The lender will not ask you questions when you meet the eligibility criteria and offer the loan at the best rate of interest based on your credit score. You can then use the medical emergency loan amount to pay the hospital bills and quickly and conveniently care for the emergency.
Reasons to choose a personal loan for medical treatment
There are several reasons you should opt for a personal loan when there is a health emergency in the family. Some of them are:
- Easy disbursement
Personal loans are easy to get. This proves beneficial in a crisis, such as a medical emergency. If you need to take several trips to your bank, submit documents, get approval letters, etc., the process gets delayed and you lose precious time. This issue is eliminated when opting for a medical emergency loan as you have the loan amount with you in about a day. You can easily take personal loans for medical surgery as well.
- No clauses or exclusions
If you have a health insurance plan, you have taken a step in the right direction. However, some medical conditions are not covered under traditional health coverage. Also, due to specific clauses and exclusions, you cannot make a claim even when you have an active medical insurance policy. At such a time, a personal loan comes in handy. You can pay for any medical emergency with a personal loan for medical treatment without worrying about any clause.
- In addition to health insurance
Also, your health plan will only cover you up to a specific limit. If the treatment expense is higher and you don’t have the resources to pay the additional bill, you can always turn to a personal loan for medical treatment. Do your calculations and choose a suitable amount. Do not overborrow, as that will take you off your budget. Borrow only as much as you need and take care of the emergency easily.
- Saving remain intact
You work very hard to save money. It is common to save for a purpose, such as buying a house or sending your child to a foreign university. Therefore, when you have to break your savings and watch your dreams get shattered, it causes a lot of distress.
Save yourself from this situation by opting for a personal loan instead of dipping into your savings. Keep your savings intact for the purpose it was meant for, and you will be able to remain on the correct financial path, even when dealing with a medical emergency. This is how loans for medical surgery come in handy for expensive surgeries and treatments not covered by insurance.
- Quick and hassle free
Ever since financial services have been digitised in India, life has become a lot simpler for everyone. Previously, you had to travel to your bank, physically fill out the forms, submit a lot of papers and then wait for the bank to approve your medical emergency loan. After that, the loan would take many days to reach your account. These days, you can apply for a loan and get instant approval in a few minutes.
Online personal loans are very convenient and allow you to get a personal loan in a short period while you comfortably sit at home.
- Attractive rates of interest
The lenders offer personal loans at good rates of interest. As a result, you get a very economical loan that is easy to repay. You can get great interest rates if you have a good credit score. Also, you can negotiate with your lender and look to get a further reduction. These aspects help you get an excellent personal loan when you need it the most. You can get medical loans for medical surgery, general treatment, etc., so make full use of them.
- Flexible EMI schemes
And last but not least, you can repay the personal loan at a relaxed pace. The repayment terms are very flexible, and you can choose a tenure that matches your financial abilities. This will help you get the loan, use it, and repay it without your credit score getting hampered.
These are some of the best benefits when opting for a medical emergency loan. Go ahead, cash in on them, and take care of your medical emergency.
In a nutshell
Health is wealth, and you cannot afford to let your health slip at any time. Hence, as soon as you face a health scare, you need to get it addressed by rushing (yourself or the family member) to the nearest hospital. If you delay the treatment because you are worried about the finances, you may end up causing long-term medical complications. Turn to the ever-dependable Tata Capital’s personal loan for medical treatment, and you will be able to bounce back to health in no time.