Medical emergencies can happen to anyone at any time without prior signs. Apart from emotional and physical devastation, it can cause havoc on your financial stability. Even though health insurance has gained popularity amongst the youth, it may not be enough to cover the sudden need for significant money. On the other hand, It is advisable to carve out savings from an early age for any healthcare expense to support your loved ones in their tough times. But even that can prove to be insufficient during a contingency. In such situations, Medical Loans are a viable solution.
It is a personal loan with minimum interest, usually without any collateral. Medical loans have interest rates starting from 11.99% p.a. One can apply for a loan amount as low as fifty thousand and go up to twenty-five lakhs. The repayment tenure ranges from one year to sixty months as per the conditions of the loan and the applicant’s convenience. A medical loan facility for an emergency is available to salaried employees with a minimum salary of Rs. 25000. Whereas for self-employed professionals, minimum profit after tax is required. Now, let’s look at some benefits of availing a personal loan for a medical emergency.
- Instant Funds Disbursal
The most significant advantage of a medical loan is quick access to funds during a medical emergency. In such a tense situation, the last thing anybody wants to deal with is a delay in financial assistance. Hence, medical loans have instant disbursal, usually within 24 hours of getting loan approval. Even the application process has been digitized, and the loan processing takes minimal time. Hence, instant fund disbursement helps in taking timely medical care and prevents any unfortunate event.
- No Collateral Required
No security or collateral is required as personal loans are unsecured. Hence, there is no added stress of risking your assets in the demanding times of medical emergency. Due to this reason, medical loans are considered a good option for making up for any financial requirement. You benefit by getting the necessary amount without losing out on your current assets. Additionally, there is no need for any guarantors, which makes it a blessing in disguise in extraordinary times.
- Hassle-Free Procedure With Flexible Tenure
Personal loans for medical emergencies require minimum documentation with a quick and hassle-free procedure. All you need to do is fill an application form online and submit the necessary documents. And then, a representative will get in touch with you for additional information or verification. Post this; your loan will be sanctioned without spending too much energy on the process. Similarly, the tenure of the personal can range from 12 months to sixty months. An applicant can get the monthly installment calculated beforehand for making the decision quickly.
- Utilize Amount For Various Medical Expenses
In health insurance, specific sub-limits are decided for different types of costs. But in medical loans, you can utilize the money during a medical emergency for an extensive range of expenses, as necessary. Everyone wants the best healthcare when it comes to their family. Hence there should be freedom to avail medical assistance as you wish. You can cover exorbitant expenses such as surgery costs, doctor’s fees, medical tests, hospital expenses, and medicines with no limitation.
- Maintain Dignity In Relationships
During a medical emergency, friends and family are the first resort for many of us for immediate financial backup. But in most cases, this can create altercation amongst people. Nobody wants to spoil relationships in an already stressful event and make it more difficult. Also, it takes a considerable time to earn back the money spent during this time, leading to constant reminders that can hurt an individual’s dignity. Medical loans come with affordable EMIs that can be dealt with over time without anyone’s interruption.
Medical exigencies are highly excruciating for the entire family. A personal loan with minimum interest can prove to be a helping hand. You can be emotionally available without taking stress about arranging funds. Hence, medical loans not only offer instant funds but massive support emotionally.