Medical emergencies are something that no one wants to go through. However, the nature of life is such that we have to go through these tough times at some point in life. With the ever-increasing healthcare costs and medical bills, having medical insurance does not guarantee quality treatment in current times. A personal loan can be useful that can help you in these tough times.
There are several reasons why you should opt for a personal loan in case of medical emergencies. In fact, rather than spending your savings, it is better to opt for something that gives you some headroom to focus on the issue at hand i.e. the medical emergency.
Here are the top factors how a personal loan can keep you stress-free during medical emergencies:
1. Quality healthcare: This is the biggest benefit of a personal loan at the time of medical emergencies. A personal loan allows you to have access to quality healthcare facilities including the hospital and treatment of your choice. With the rising healthcare costs, it is difficult to manage treatment at good hospitals withinadequate medical insurance cover. As a result, a personal loan helps in providing additional funds that give you access to hospitals that have advanced healthcare infrastructure. As they say, quality comes at a cost. To make these quality treatments availablefor your family and your loved ones, a personal loan can help in solving the monetary challenge.
2. Quick approval and disbursal: Personal loans are known for quick approvals and loan disbursal. In case of medical emergencies, you may require funds at a short notice. In such a scenario, it is best to have a personal loan at your side that can help you with additional funds in times of need. Lenders like Poonawalla Fincorp do not take much time in processing the application and providing approvals on the loan application.
3. No collateral: One of the primary features of a personal loan is that you do not need any collateral for getting additional funds. In such times of need where you are looking for funds, a personal loan becomes the default choice as you do not require any collateral to be submitted or pledged with the application. A personal loan is given based on your income and repayment capability. As a result, it is a better option as you are looking for additional funds in times of medical emergency.
4. Minimal documentation: You do not need to submit too many documents for personal loan approval. You would require basic identity and income proofs along with your business/job details to be submitted to the lender. Lenders like Poonawalla Fincorp allow for a completely online process that does not require you to visit any branch or office for the processing of the loan application. The minimal documentation also helps in keeping your focus on the medical emergency while securing additional funds via a personal loan.
5. Save your savings: A medical emergency by nature is such that it is important to keep additional funds at your disposal. Medical emergencies are known for eating away more than what you budget for. As a result, it is a wise option to keep your savings with you so that you have some additional funds, in case they are required. It is always better to repay the personal loan via monthly EMIs rather than exhausting all your life's savings in times of medical emergency.
6. No disturbance to financial planning: Many professionals and businessmen do financial planning and a medical emergency has the potential to erode all that planning in a flash. However, in case you opt for a personal loan, you can always adjust the monthly EMI from your income and not disturb your financial planning. In fact, for people who have set financial goals for themselves, a medical emergency can be a small bump in the journey, if handled properly.
These are the key factors in how a personal loan can keep you stress-free during medical emergencies. Poonawalla Fincorp offers personal loans at competitive rates and offers end-to-end doorstep service which helps you stay focused on the treatment in such times. Apply today for Poonawalla Fincorp Personal Loan.
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