Even though medical emergencies don’t give you a heads-up, you must always be prepared. Getting a health insurance plan and adhering to healthy living habits are some of the best ways to avoid potential health issues. But this is easier said than done. Because of stress from work, problems in personal lives, lack of physical activities, unhealthy eating habits, and many more lifestyle habits, chances of people getting sick at a younger age are high. Due to this, you never know when the medical problem may affect you or your family.
As the price of medical treatment continues to skyrocket, you will need to save a considerable amount to cover these costs. If you already have a Mediclaim policy, you can rest assured that your medical bills will be taken care of to some extent. However, even with this insurance in place, there are still issues that may prevent the needed treatment, like inadequate funds from the policy, your ailment isn’t covered under the policy, the hospital only accepting cash for treatment, and more.
As such, you can’t rely only on your health insurance. You should have an alternative just in case things don’t go as planned. A personal loan is your best bet. But, instant personal loan need consistent creditworthiness as well as great repayment habits. Therefore, ensure you build your credit score prior to applying for the loan.
Personal Loan for a Medical Situation
Nowadays, personal loans have become one of the most desired and sought-after financial products. This is because they help people to manage their expenses in times of financial hardship. To ensure customers’ needs are covered, banks and other lending institutions are now providing customized personal loans to cover education expenses, weddings, and holiday trips, among others.
Similarly, lendingplate now allows borrowers to apply for a personal loan when in a medical situation. This loan is beneficial since it goes beyond what health insurance plans can cover, making it a desirable solution for borrowers looking for urgent cash.
A personal loan can be an ideal financial resource when facing an unexpected medical situation. Personal loans from NBFCs are unsecured loans that usually do not require collateral. Most of the people obtain these types of unsecured loan for short term because of high interest rate as compared to bank’s loan. What is needed is proof of income, employment history, and creditworthiness. Here are some of the key benefits of having a personal loan in this type of situation:
1. Faster Disbursal
When it comes to medical emergencies, time is of the essence; any delay in treatment can be detrimental. That’s why you should consider getting a personal loan. It is an effortless and fast way to come up with the money required for your medical expenses. Often referred to as instant loan in 1 hour, thus allowing you and your loved ones to get the needed treatment. It is much faster than traditional loans.
2. You Get Treatment at Any Hospital
These days, medical bills are very high and this is becoming a primary source of anxiety for most people. The biggest concern now is the hospital bills for an average-earning individual. Private hospitals often use the latest technology when treating their patients, which is very expensive.
If your loved one is in a dire situation, finding the best hospital for treatment becomes a top priority. With personal loans now available, you don’t have to settle for anything less than the best since you have enough funds to cater to the expenses.
3. High-Value Loan for Your Medical Expenses
If your medical policy isn’t enough to cover all costs or the funds needed are high, a personal loan can save the day. With a loan of up to 2 lakhs, you have enough to cater for all the expenses. Thus, you can rely on a personal loan when you have an unexpected medical situation and no funds.
4. No Collateral Needed
Since this is an unsecured loan, you don’t have to provide collateral before getting funds for your medical emergency. This means that you don’t have to provide your only asset for security in case you fail to pay back the loan. Besides, it can take a lot of time to arrange for collateral which might delay the loan processing.
5. Minimal Documentation
It is easier to apply for a small cash loan on Aadhar card and some more minimal documents. You just have to provide proof of income, address, and identity. Besides, you can also submit the documents as soft copies on the lender’s website. Everything is online. The paperwork isn’t physical, saving you time and the hassle of printing tons of papers. Easy right?
6. Usage Flexibility
You can use the loan amount, when necessary, from post-hospitalization expenses to recovery costs, whatever helps to ensure that you or your family gets quality care. You will be able to plan your budget accordingly and ensure that every cost at the hospital is taken care of.
Recap
A personal loan can be a lifesaver in times of medical situations. It allows you to get the needed care immediately with its fast approval and disbursal, usage flexibility, no collateral needed, and high value for your expenses. However, borrow only the amount that will cover your hospital expenses since the loan comes with interest fees
