A medical emergency is one of the most stressful events that one can go through. From finding the best healthcare provider to assuring all the needs of the patient are met, a medical emergency can drain you mentally and physically. But more importantly, it can drain you financially. A medical emergency is one such unforeseen expense that often catches you unprepared. Though medical insurance policies are often there to help you with this crisis, it does not offer you end-to-end coverage. The expenses related to the attendant, the travel costs and other such miscellaneous costs are not covered by medical insurance. In such situations, having the best loan app on your phone could help you handle all these expenses easily.
With an online loan, the application process is simple, digitalized and quick. If you meet the eligibility criteria and furnish the necessary documents correctly, then the loan amount would get disbursed into your account within 24 to 48 hours. This makes a personal loan one of the best options for medical emergencies.
In this post, we are going to give you detailed information on how a personal loan can be your only reliable source in times of need.
Why Should You Opt for a Medical Loan?
Here is a list of reasons why you should opt for a medical loan when you face a medical emergency.
1. Get the Best Health Care Facility
This can be considered one of the major benefits of the medical loan. These days health care is one of the most expensive sectors. With new-age treatments and therapies, healthcare can cost you a fortune. An online loan for medical care can help you meet these expenses with ease. Unlike a health insurance that offers cashless coverage to only a few select hospitals, a medical loan can be used to afford any healthcare facility of your choice. It also does not have any restrictions or specifications, and you can use the loan amount to cover any medical expense, including dental or cosmetic surgeries.
2. No Collateral Needed
A personal loan is an unsecured loan, and that’s one of the reasons why they are so popular. The lender relies on your monthly income, your credit score to check your past records of borrowings and your capability to pay the EMI. Having no collateral also keeps your assets free for other transactions. This also protects you from the fear of losing your valuables in case of missing payments or defaults.
3. Minimal Documentation
Being an unsecured loan, the paperwork related to a medical loan is also minimalized. You do not have to submit the documents related to your property or asset. The lender would request you to provide your KYC documents which include your ID proof, address proof and latest photograph. You also have to submit your income proof and any other document as requested by the lender. In case, you have an existing relationship with the lender, the process is further simplified.
4. Flexible Repayment Tenure
The flexible payback period for an instant personal loan for medical emergencies ranges from two to five years. You can choose the tenure according to your convenience. This allows you to deal with the crisis rather than worrying about loan payback. You can choose the loan tenure in a way that it does not affect your monthly expenses or put strain on you once you have to start paying off the monthly EMI.
5. Saves You From Breaking Your Savings
Most people have savings to fulfill their aspirations, secure their future or attend to emergencies. But certain medical expenses can exceed your emergency savings. As such pulling out your investments or selling off your assets might not be the smartest idea. The value of these investments can grow manifold in the future. In such a situation, availing a personal loan to meet your medical emergency can be a smart idea. The interest rates on personal loans are comparatively affordable and you can pay it back in easy monthly installments.
6. Doesn’t Disrupt Your Financial Planning
Most people plan their finances. But a big expense like an unforeseen medical emergency can disrupt your financial planning. Thankfully, with a medical loan you can easily accommodate your medical expenses and pay back in easy monthly EMIs. This will protect you from a big hit and allow you to adjust the amount over a long tenure.
7. Quick Disbursal of Loan
Time is very important when it comes to medical emergencies. The best way to get funds without wasting your time is a personal loan. Following the filing of your loan application, a personal loan typically takes 24 to 48 hours to get disbursed. When you apply via a loan app the whole procedure is digitalized and this enables a speedier disbursement of loans. Numerous lenders also provide pre-approved rapid personal loans to chosen clients depending on thier credit histories. After submitting a personal loan application, these pre-approved loans are often disbursed immediately.
A personal loan for a medical emergency can assist in resolving the cost issue so that your family and loved ones can receive these high-quality treatments. Now that we are aware of it, an online loan like Personal loans might act as actual superheroes in emergencies. These loans will ensure that you are not left in a difficult situation owing to a lack of funds. The lender may accept the applicant’s application if he or she has a good enough credit history. Due to digitization, you may now apply for a loan by selecting the best loan app and receive your funds in minutes. So, the next time you need emergency finances, you know where to go.