An emergency in life is rare and expected, but it’s impossible to escape it at all times. Different kinds of emergency situations may arise in life, and a medical emergency is the most shattering among them. Sometimes, a medical emergency may occur as far as lightning, and strike at any time to any one of us.
Ideally, everyone should stay prepared for a medical urgency with medical insurance and emergency funds. However, unfortunately, sometimes, these options lack the required coverage, or savings are insufficient to meet all expenses. During such times, one can always depend on a medical emergency loan to pay off expensive bills while enjoying a lot of other advantages. Let’s learn how a Personal Loan can help when a medical emergency strikes.
· Covers Treatment at the Desired Hospital
Healthcare expenses are skyrocketing, and hospital bills are the biggest concern for everyone. Some hospitals in the city use better technology than others to treat patients. However, their cost might be higher too.
Furthermore, getting treatment at an advanced hospital becomes necessary when someone suffers from a critical illness. What if a patient wants treatment at a super-speciality hospital or from a reputable specialist who visits a particular hospital that the medical insurance does not cover? A Personal Loan will save borrowers from compromising in the hospital. With an instant loan, borrowers can get the treatment they deserve at their desired hospital or doctor without any end-use restrictions.
· Covers Treatment that a Standard Medical Insurance Does Not
Again, medical insurance may not provide coverage for certain procedures, such as cosmetic surgery, IVF treatment, pregnancy and delivery, dental treatment etc. With a Personal Loan for a medical emergency with no end-use restrictions, borrowers can pay for such procedures without exhausting their savings.
· No Collateral Requirement
Personal Loans are collateral-free loans that aspiring borrowers can obtain depending on their income, repayment capacity, and credit history. Lending institutions never ask for security, collateral, or guarantor against an instant loan. When a medical emergency strikes, an individual would not want to increase the financial burden by putting their assets at risk. Hence, a Personal Loan is an ideal way to receive the required funds without pledging any asset as collateral.
· Quick Disbursal
A medical emergency is a situation when every minute counts. Often, people cannot afford delays in getting the right treatment. That is why a medical emergency loan is the fastest and easiest way to get the necessary funds to cover medical expenses. Since some technologically-advanced lending institutions support 100% digital loan procedures without any paperwork and collateral-related formalities, they can approve and disburse the loan in minutes. With quick disbursal in minutes, a Personal Loan can help get the required treatment without any upfront payment.
· 100% Online Processing
When a loved one is hospitalized, leaving them alone to apply for a loan is very difficult. Personal Loans are the best financing options for medical emergencies, as many NBFCs support 100% online loan procedures. That means aspiring borrowers do not need to visit the physical office even once during the entire loan processing. From application to approval and disbursal, each process goes online, streamlining the loan procedure and saving a lot of time.
· Flexible Repayment
Just like application, approval, and disbursal, the repayment process is also much smoother for Personal Loans. Before borrowing a loan, a loan seeker must use a Personal Loan EMI calculator to check their monthly payable EMIs. Doing that will help plan the finances in a better way and choose a repayment tenure with easily affordable EMIs. An instant loan has a flexible repayment period of 12 to 48 months. Borrowers can choose a tenure as per their convenience and repayment capacity. A longer-term will reduce the EMI amount and minimise the loan burden. On the other hand, those who want to pay off the loan sooner must choose a shorter tenure with bigger EMIs.
· Minimal Documentation
Minimal documentation requirements and the absence of collateral-related paperwork make the Personal Loan process much easier than others. To apply for a medical emergency loan online, an applicant must provide just the essential documents like address, identity, and income proof. Some lending institutions ask applicants to scan and upload the soft copies of the required documents on their website, while others only ask for their KYC details to verify them online. While availing a Personal Loan online, applicants never need to submit any physical documents to the loan provider. The online documentation procedure is extremely convenient and time-saving while a family member is in a hospital.
· Flexible Usage of Money
Borrowers have the absolute freedom to utilise the loan funds as they see fit. That is because these loans come with no obligations, and there is no need to notify the lender about the loan usage plans. Consequently, borrowers can use the loan funds to cover all diagnoses, treatment, medicines, equipment, surgery, post-hospitalisation, rehabilitation, and recuperation costs. It ensures that the patient receives the best aftercare for faster recovery.
· Keep Savings Intact
Everyone works very hard to save some money. They build savings for various purposes, such as home, car, education, wedding, home renovation, vacation, or other big-ticket expenses. However, a medical emergency can shatter all those dreams and break the savings within a few hours. People can save themselves from such a situation by opting for a medical emergency loan instead of exhausting their savings. It helps keep the savings intact for their intended purpose even while getting the best treatment required.
A medical emergency may hit anyone at any time. Considering life’s uncertainties, everyone should build emergency funds. However, if the savings are insufficient to get the best treatment, one can always rely on an instant loan. It becomes a life saviour during medical emergencies and provides the required funds when needed the most.