You can easily apply for an instant money loan through an online loan app and get the funds disbursed into your account within 24 to 48 hours. It requires minimal paperwork, no branch visits and zero collateral.
Read on to understand how a medical loan can help you with your medical bills.
What Is a Medical Loan?
A medical loan is a personal loan availed to pay for unexpected medical expenses. In times of need, medical loans provide the necessary funds required to avail the best medical care. For instance, you might use the money to cover hospitalisation costs, treatments, doctor's visits, and other expenses. You can also avail a medical loan for the treatment of someone in your family.
You can either opt for a small ticket loan to cover some of the costs associated with the treatment or you can avail a big medical loan to cover the entire cost of treatment and post treatment care. If you have a medical insurance then you can use the claim amount to settle your loan.
Features of a Medical Loan
Have a look at the features of medical loans to get a better idea about this loan.
- No Collateral
As personal loans are unsecured loans, you don't have to submit any collateral to secure your medical loan. The lender checks your credit score, salary, age and employment. Based on these details your loan application is processed.
- Easy Application
The application procedure for a medical loan is very simple. All you have to do is check your eligibility, apply for the loan, submit the necessary documentation, and wait for your loan to get approved.
- Minimal Documentation
To make your loan procedure simple and hassle-free, a medical loan asks you for minimal documentation and you can submit the digital copies of all your documents. There is no need to visit the branch and submit multiple hard copies of your documents.
- Easy Approval
Once you have submitted your loan application, the lender will take a few hours to review your application and approve your loan once the details are verified to be correct.
- Instant Transfer of Loan Amount
Post approval of the loan, your loan amount is transferred to your bank account immediately. You can then use this loan amount for any purpose as you see fit.
- Flexible loan Tenure
The tenure for a medical loan is quite flexible. You can choose loan tenure according to your convenience and affordability. However, always remember that it is best to keep the loan tenure as less as possible.
Advantages of Medical Loan
Your medical insurance can give you many benefits, but a medical loan can help you with the expenses that your insurance may not cover. Here are the advantages of availing of a medical loan.
- You can apply for a medical emergency loan for any type of treatment including dental treatment and cosmetic surgeries which are not covered by insurance companies.
- Not all hospitals accept cashless transactions, even if you have the necessary health insurance. You can obtain a medical loan in this circumstance to cover the costs of your medical care.
- You can choose any treatment including Ayurvedic, naturopathy or homeopathy.
- With a medical loan, as opposed to health insurance, you are free to receive the best medical care at any hospital.
- You can pay the amount of your loan in equal monthly instalments at your convenience without putting any burden on your monthly expense.
- To obtain a personal loan for a medical emergency, you do not need to submit the hospital bills.
- You need little documentation to apply for a medical loan.
- Medical loans are approved instantly when you apply through a loan app. You don't have to wait for too long to get started with your treatment.
How Is a Medical Loan Beneficial in Your Time of Need?
Modern medical treatments can cost a lot. Also, India has one of the highest rates of healthcare inflation. Even a typical hospital stay in India is out of reach for a sizeable portion of the population. One must deal with many different things during a medical emergency, such as hospital bills, doctor's fees, diagnostic tests, and prescription bills and associated expenses.
While India might have a population of rich individuals, not everyone has the necessary funds to cover the unexpected costs of a medical emergency. Therefore, obtaining an emergency loan is sometimes the only choice. An emergency loan provides the necessary financial support so that you are not deprived of the best medical treatment, which is a basic human right.
Conclusion
A lot of people lack a sound financial strategy and feel powerless in times of medical emergencies. Personal loan for medical emergencies may prove to be one of the best ways to reduce the financial burden brought on by medical emergencies. With an instant money loan, you get the freedom to choose a healthcare provider of your choice.
Though a personal loan can come to your aid in case of an emergency you must be cautious while borrowing a personal loan. Make sure to use an online calculator to calculate your monthly EMI before availing the loan. Your EMI must fit into your monthly budget and you must have a solid repayment plan to avoid falling into a debt trap.