No matter how much we plan to be safe and healthy, we never know when the next health emergency strikes us. One of the best ways to assure financial assistance is by having a medical emergency fund or medical insurance. But is it enough? Not really.
At times you might come in dire need of funds that cannot be covered by your insurance provider or emergency funds. Every insurance has some limitations, and you might face difficulty in securing insurance due to the choice of hospital, advanced age, or ongoing ailments. At a time like this; the best solution for covering the financial needs of a medical emergency is to apply for a medical loan.
Even though there are many benefits associated with a personal loan, we have listed the top six benefits it serves that are found helpful by every applicant. We hope that the list helps you make aware of the benefits of a personal medical loan so that you can avail of it at a time of need. It will help you assure that you get the required treatment on time without worrying about the money. Advantages of opting for an unsecured personal loan for a medical emergency are listed as follows:
1. Get Treatment not Covered in your Insurance
Your insurance might not cover all types of ailments, and if you need to get them treated, you have to arrange funds yourself. So, if you wish to get any additional treatment, you can cover its expenses using a medical loan, and repay the amount in smaller installments. You can check your loan eligibility using a personal loan eligibility calculator.
2. No Requirement to Submit Collateral
No one wants to look for collateral documents when they are in dire need of money, especially in emergency medical cases. A medical loan is an unsecured loan, and it does not require you to submit collateral for security. So, you can apply for it anytime without liquidating an asset, based on your monthly income and repayment capacity. The process is simple, and you can do it digitally too. All you need to have is a mobile phone with an active internet connection, and you can complete the application process quickly through the lender’s website or mobile app.
3. Get Term Flexibility for Making Repayments
Every person has their own financial needs, and not everyone can repay soon. You can schedule the loan repayment deposits in a long tenure that stretch up to 5 years. By options for a longer tenure, you can repay the lender in small amounts over the period. However, if you have better cash flow, you should opt for a shorter duration. It will help you reduce the overall cost of the medical loan.
4. Pay for Non-cashless Procedures
A lot of hospitals have not yet gone cashless, and they require you to make large upfront payments. You can use a personal loan eligibility calculator and apply for a medical loan according to your eligibility. You can get your loan approved upon successful application. Go to the nearest ATM, and withdraw the amount to make cash payments and get the treatment started.
5. Fast Dispersal of Credit
Time is of the essence when faced with a medical emergency, and availing of insurance can end up taking a lot of time. Moreover, liquidating investments will require a day or two. So, it’s better to opt for a quick medical loan. The loan amount will get disbursed in your account, and you can pay for the expenses quickly. Moreover, you can withdraw the amount if you need to make cash payments.
Medical emergencies can happen any day, and even after having insurance, you might be in dire need of financial assistance. Getting an instant personal loan or medical loan is one of the best measures to assure timely redemption of health care facilities at the nearest hospital. Moreover, if you have availed your insurance, you can still apply for a medical loan if your costs cross the limit covered in your insurance plan. To apply, visit your lender’s website, and apply online.