A medical emergency is one of the worst things you can face in life. Whether you or a family member, a medical emergency is taxing, not just physically and emotionally but also financially. With deteriorating lifestyles and the unpredictability of life, medical emergencies are more common than one would like. And with rising medical inflation and inadequate insurance coverage, a medical emergency can leave one with a financial problem where they don’t have the necessary funds. In such a situation, a medical emergency loan or a personal loan for medical emergencies is the knight in shining armor. Here’s how:
1. Easy eligibility criteria
The thing about personal loans is that they are one of the most accessible loans to avail. A personal loan for a medical emergency is an unsecured loan, so there is no need for collateral. The primary basis on which a medical emergency loan is disbursed is your income and your repayment capacity. Even if your income or credit score is low, you will usually get approved for a medical emergency loan. Only the interest rate will be higher.
2. Quick online process
You can apply for a personal loan online and get instant access to funds. Minimal documentation is required, and the entire process is quick and hassle-free. This way, you do not need to delay medical treatments. Time is of the essence in a medical emergency, which is why a medical emergency loan acts as a superhero and saves you in times of such a dire crisis.
One of the best parts about a medical emergency loan is that it is highly flexible on multiple levels. First, there are no restrictions regarding what kind of procedures or treatments you can use the funds for. Second, you can choose a loan repayment tenure ranging from 12 months to 60 months, whatever is comfortable for you. Hence, you can select a longer term so that your Equated Monthly Instalment (EMI) obligation will be lower and spread out. You can use a personal loan EMI calculator to determine what your EMI will be by entering the amount you need, the estimated individual loan interest rate, and the tenure you would like.
Anything related to health cannot be ignored or taken lightly. However, seeing the cost of medical treatments and hospital bills, it can be a tricky situation to finance such expenses. Hence, a medical emergency loan truly comes to the rescue in times of need. It’s also more affordable to take a personal loan to pay medical bills than to use your credit card because the interest rate tends to be lower. Depending on your credit score, income, age, etc., you could also get an attractive rate of interest, which would make the medical loan more affordable. Usually, you can avail of a medical emergency loan amount between Rs 50,000 and Rs 25 lakh. So, a medical loan has you covered regardless of the type of medical emergency.