A medical emergency leaves people blinded with fear and uncertainties. In the rush of taking a loved one to the nearest medical centre, it is but natural for questions related to budgets and cost to come up.
Will the medical insurance cover the cost of the operation? Do I have enough savings to meet the expenses? Will I need to break a fixed deposit and lose out on the interest earned? Which family member or friend can help me at this time? Though all these questions are natural, what many people are not thinking about is taking a personal loan for medical emergencies to meet the expenses. It is a good way to raise funds in emergency situations.
Some Ways Of How A Personal Loan Can Help In Medical Emergencies:
- You can apply online, thereby saving time: You can go through your lender’s website or mobile app and apply for the loan digitally, without leaving the hospital. All you need to do is go to the lender’s website, fill in the form, and upload the documents. If you are an existing customer of the lender, the documentation is reduced further.
- You can avail instant funds and provide immediate care to your loved one: Mostly, the processing time of approval for personal loans is very less. As long as you meet the eligibility criteria and upload the required documents, your loan application is approved instantly, and money is disbursed to your account in 24 hours.
- You can use the loan for any medical issue: You can use the credit to pay any bills, charges for treatment, lab tests, medicines, or prescriptions. The lender will not ask the reason for the loan, but if you share your concerns with a customer service executive, you can be sure of faster processing.
- Hassle-free application processes make it easier for you to complete the process: The loan application for a personal loan is very simple. You can do it quickly, unlike old times, when you would have to fill out multiple forms. One application online is all you have to fill. Additionally, you can download the app (if offered by your lender) to fill in the loan application.
- You do not have to run around looking for a collateral: One of the biggest benefits of getting a personal loan for medical emergencies is that you do not need to provide collateral to the lender. It frees up the time you would have taken to get the paperwork for the collateral.
- Because of competitive interest rates, your monthly instalment burden is reduced: Interest rates on a personal loan are competitive. For example, both salaried and self-employed persons can avail the loan at interest rates starting from 12.99%* per annum. Do not forget to include the processing fees in the cost of the loan.
- Flexible terms and conditions are making it easier than ever to get a loan: Most lenders today offer flexible terms and conditions for a personal loan. For example, the choice of loan tenure ranges from 12-60 months. There are personal loan calculators online that you can use to calculate your monthly installment – you have to input the loan amount required, the applicable interest rates and the tenure and the calculator will calculate the EMI instantly. When calculating the EMI, keep in mind that a longer tenure means a lower EMI.
Remember, nearly all lending institutions will extend personal loans for medical treatments. But, if you are in an urgent need and you do not have the time to research, reach out to family and friends who have taken a personal loan, and you can finalise your choice based on their experiences.