A medical emergency can happen at any time. Sometimes paying a medical bill right away is not easy. This is a problem even when you have medical insurance. This may be because the plan you have will not be able to recover all the expenses. Health insurance may have some limitations on coverage. If your medical bills or hospitalization fees exceed the coverage limit, the plan will not cover you completely, which will ultimately lead to out-of-pocket expenses from you.
In such financial situations, the solution is to take out a Personal loan for medical emergencies because they have no restriction on usage, and you can be stress-free and pay later. The loan of choice in a medical emergency is a medical loan which is a personal loan.
Personal Loans - Loans for Unexpected Conditions!
A medical emergency almost always comes unexpectedly. So, buying health insurance and living a healthy lifestyle is the best way to be prepared for unwanted health complications.
However, it is easier said than done. Due to work-related stress, problems in personal life, unhealthy diet, lack of physical activity and many other lifestyle habits, the incidence of getting sick at an early age is increasing. As a result, you never know when a medical emergency may affect you or any member of your family.
To get proper treatment for your illness, you might need to be hospitalized. With the rising cost of quality medical care, you need a large sum to pay for treatment. If you have medical insurance, that is, a Mediclaim policy, it may cover some of the costs. But even with health insurance, many problems can hinder the necessary treatment, such as:
-The sum insured is not enough for the treatment.
-This illness is not covered under the policy.
-The hospital is not on the panel of TPA (Third Party Administrator)
-The hospital does not offer cashless treatment.
-Rejection of cashless facility by TPA
Therefore, you cannot rely on a health insurance policy alone to pay for emergency medical expenses. You need an easily accessible alternative source of money for such situations, i.e., take out a personal loan for a medical emergency. Thus, you should always adopt good credit repayment habits, have a high credit score and be creditworthy for a personal loan to meet any contingency situation in your lifetime.
Personal loan for medical emergency
Personal loans are one of the most popular financial products today. Due to the various benefits offered by personal loans, many individuals apply for a personal loan in times of financial crisis. To better cater to the needs of the customers, lenders and financial institutions in India are now offering customized personal loans for specific expenses like education, marriage, vacation etc. Similarly, lenders offer personal loans to help customers meet emergency medical expenses. Also, for medical emergencies, personal loans for medical reasons can address issues that the health insurance policy fails to provide. As a result, borrowers benefit greatly from it.
Here are some key benefits of taking out a personal loan for a medical bill:
1. High-value loan:
Even if you have a Mediclaim policy of Rs. 10 lakhs, it may be less than the cost of treatment. In this case, the personal loan comes to your rescue. With high-value loans available from financial institutions, money will not get in the way of your treatment.
2. Treatment in any hospital:
Now you don't have to worry about whether the hospital is on the insurance company's panel. With a personal loan for a medical emergency, you can get treatment anywhere and pay the bill using the loan amount.
3. All medical procedures are available:
With the help of this loan, you can avail any treatment for the illness affecting you or your family members. There are no restrictions from financial institutions on what treatments are available to you. Otherwise, with insurance policies, you sometimes face a situation where certain medical procedures you are not covered.
4. Quick approvals and delivery:
Financial institutions also understand the urgency you face when you apply for a personal loan for a medical emergency. That is why they follow the minimum documentation process and complete the delivery process within 24-48 hours for eligible applicants. Many lenders also offer pre-approved loans to their existing customers, which take only a few minutes to disburse.
5. Flexible repayment term:
There is no need to make a lump-sum payment in a loan account. A personal loan for a medical emergency comes with an extended repayment period of up to 60 months. This allows you to plan your finances accordingly as you will have to pay through simple EMIs. This flexible repayment term allows you to choose the EMI amount that suits you.
6. Competitive interest rates:
In addition to the availability of extended repayment terms, personal loan comes with competitive interest rates starting as low as 9.99%. Moreover, lower interest rates also help you to repay the loan earlier.
7. No collateral:
Being an unsecured loan, collateral is not required to obtain a personal loan for a medical emergency. This relieves you of the worries of losing your collateral in case of default. Moreover, in times of crisis, you will not have to worry about arranging collateral.
8. Minimum foreclosure fee:
Many financial institutions offer you the option to close your loan account by paying a minimum amount as a foreclosure charge. In some cases, foreclosure charges are also completely waived. This will allow you to repay your loan before the due date and save some money on interest expenses.
You may not believe it, but some hospitals offer discounts to patients who pay their bills in cash. Because it saves them from the hassle of documenting, hospitals are willing to offer some discounts. It won't be easy, and you must be a little clever, but it is possible.
10. Ease of use of amount:
You have complete flexibility to use the amount at your discretion as there is no need to inform the lender about the final use of the money. Therefore, you can take care of post-hospitalization and recovery costs with a personal loan for a medical emergency. This will help ensure that you or any of your family members receive the best possible care after hospitalization for a speedy recovery.
With so many benefits on offer, getting a personal loan for a medical emergency can be lifesaving for you. However, you must make sure that you take advantage of only the amount that is required. After all, it is a loan and a financial obligation that needs to be repaid with interest.
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