Like a bolt of lightning, a medical emergency can strike anytime. Health insurance is the best way to stay prepared for such medical emergencies. However, every health insurance cover has some limitations when it comes to the treatment type, the choice of hospital, or the medical condition itself. In such situations, a medical loan helps you raise money without disrupting your savings.
Read more: Is Getting Health Insurance Worth It?
Take a look at how a medical loan can help you during a medical emergency:
1. Free From Collateral
A medical loan is an unsecured personal loan. You get the loan without pledging any assets as it is offered to you based on your income and repayment capacity.
2. Quick Loan Processing
A medical loan is the quickest way of generating finance when in a medical emergency. Personal loans cater to your financial emergencies in a timely manner, giving you quick access to funds, thanks to their efficient online loan application process. You can apply for a medical loan from anywhere and at any time. You can get the approval almost immediately and the disbursal of funds is done quickly too.
3. Minimal Document Requirements
While you are undergoing a medical emergency, the last thing you want to do is waste your precious time and energy filling forms and collecting an exhaustive list of documents to apply for a loan. Thanks to technology, to get a medical loan for an emergency, you can apply online with just a few basic documents and initiate your loan application process.
4. Usage Flexibility
Unlike certain other financing options, a personal loan for a medical emergency can be used to meet any type of financial need. It can accommodate expenses related to doctor’s consultation fees, surgeries, lab investigations, treatments, postoperative care, and much more. This is because personal loans do not place any restrictions on usage.
5. Flexible Borrowing Options
When faced with a medical emergency, you may not be sure how much money you’ll need to cover the expenses. There could be additional procedures and post-treatment expenses for which you’ll need extra funds.
In such situations, a personal loan taken in the form of a personal line of credit can help take care of such expenses with ease. There are quite a few new-age fintech lending platforms offering personal lines of credit to finance emergency medical expenses.
A personal line of credit for a medical emergency allows you to borrow funds from your total sanctioned amount as per your needs. The best part is that you pay interest only on the amount that you use.
6. Convenient Tenure and Repayment Options
You can choose a comfortable repayment tenure for your medical loan that’s suitable for you according to your financial situation. Furthermore, you can take the help of an EMI calculator to plan your repayment in advance.
7. Savings Grow Uninterrupted
Most often than not, whenever we face a financial emergency, our savings become our go-to place. This not only drains us of our savings but also disturbs our overall financial planning.
A medical loan for medical emergencies is a smart way to keep your savings intact and plan for a better financial future. Because repaying the loan is way much better than using your savings and disrupting your long-term financial goals.