5 Reasons why to Apply for Personal Loans in Medical Emergencies

by Heather Cummins

Life is as unforeseeable as can be and comes along with fortuitous anomalies during the least expected times. When an emergency arises suddenly, it can get onerous and might be financially challenging. These emergencies can be rare but can’t be escaped from at all times. Various types of emergencies may arise; however, a medical emergency is the most catastrophic amongst them all. It can occur at the speed of lightning and strike anyone, anywhere, anytime like the lightning bolt. To tackle such situations, ideally, one needs to be financially prepared with medical insurance or emergency fund. However, despite how well-planned your finances might be, such a crisis could severely impact your financial health. With the cost of healthcare sky-rocketing steadily and consistently, even the smallest of medical procedures could demand a substantial amount of money, that many might not promptly possess.

How a personal loan can be a savior during medical emergencies! Image

Image source: pixabay.com

Personal loans can be a saving grace during such difficult times and are called multi-purpose loans for a reason. A personal loan is an unsecured loan, meaning that one is not required to give any guarantee or security to apply for it. Personal loans are of great help as one can get funds hassle-free. They not only pay off expensive medical bills but also come with several advantages. Click here to learn more about personal loans. Given below are five reasons to avail a personal loan to fight medical emergencies- a loan that is fast, easy, and convenient for more than one reason.

Advantages of Personal Loan in Medical Emergencies

Easy & Quick Disbursal of Funds– Medical emergencies are time-sensitive situations and any delay or complications in affording the treatment could be life-threatening. A personal loan could be the easiest and quickest way to fund a medical expense and is called an instant loan for a reason- fast disbursal. Thanks to modern digitalization personal loans could be applied online and quickly approved. Even the documentation process is simple and quite transparent, thus making the personal loan a perfect option to manage financial emergencies. Furthermore, the funds are deposited into the bank account directly, enhancing the convenience of it all

Collateral Free Access to Funds– While loans like gold loans need one to pledge the usability of the gold at certain times, personal loans being an unsecured loan need no collateral or security. During time-ticking medical complications this is the best bet as one can avail of a personal loan based on the income and the repayment competency. As no collateral is needed to avail of a personal loan, it diminishes a borrower to provide with any asset-centric or additional verification related documents to the lender, thus avoiding a long-winding, complicated procedure. Henceforth, in times of a medical emergency, availing a personal loan is the ideal way to get the necessary fund.

Image source: clix.capital

Minimum Eligibility & Documentation Requirements– Applying for a personal loan has become more seamless with minimal documentation and eligibility requirements. To avail a personal loan online, one has to submit the soft copies of the basic documents such as address and identity proofs along with the income certificate to the lending institution’s website. Once you have availed a personal loan online, there’s no requirement of submitting any physical documents to the lender. Even the eligibility requirements for a personal loan are minimal; all that is required is a stable income and decent credit score. If that is not a concern, getting your personal loan approved shouldn’t be a challenge. Thanks to automation and nominal human involvement, the entire loan transfer process- from the assessment of the loan application to creditworthiness- is rounded up easily in a matter of hours and some days

Treatment Facility at the Hospital of your Choice– A customary drawback with insurance policies is the possibility of not getting coverage for all the treatments or realizing the hospital of your convenience not falling under the policy’s network. Choosing a personal loan during such situations is the best way to combat such major inconveniences. With medical expenses consistently catapulting up, paying off medical bills has become a pressing concern for the mediocre earning class people in India. The private hospital of the country uses the leaning-edge, trailblazing methods, and technology while treating the patients which come at a very high cost. And, no one wants to compromise on the quality of the treatment during critical medical issues. With a personal loan, getting treatment in any advanced hospital is less of a challenge. This is because there are no spending curbs on the funds received and thus lets you utilize the best medical help from any desired hospital for a range of treatments

Image source: pixabay.com

Easy Repayment with Flexible Tenure Options– Most lending institutions offer personal loans with a flexible repayment window of 12 to 60 months. So, on deciding upon the medical loan, you can tailor the repayment tenure based on your convenience and capabilities. Longer the tenure, smaller is the EMI amount, hence lesser is the loan burden too. In case repaying back sooner is more feasible, shorter tenure is the better option. Most banks have online EMI calculators that help equate the approximate EMIs prior to applying for the loan. This prepares you better for the loan tenure and enables you to confidently apply for the personal loan

A medical emergency can hit you like an avalanche and an instant personal loan can be the savior saving you from hitting the rock bottom of helplessness. The benefits mentioned above prove why it is sensible to avail a personal loan from lending institutions like Standard Chartered to tackle all the challenges in a medical emergency. Considering the uncertainties in life, an instant personal loan is a financial anchor that navigates anyone through stressful, difficult times. With the instant disbursal and approval process, a personal loan ensures that neither your nor your family’s health gets compromised due to financial crunches.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.