Personal Loan for Medical Emergency
When you’re struck by an unexpected catastrophe endangering your life, a Personal Loan for medical emergency can help you pay off the medical bills for treatment without putting your financial stability at peril.
You might ponder about the possibility of your medical insurance paying all the bills. Sadly, medical insurance does not cover all kinds of emergencies. To add to the muddle, medical insurance has another drawback: the paperwork is time-consuming and meticulous—an obvious enemy during a medical emergency. When the doctor’s fee, medicine and diagnostic bills, and other miscellaneous expenses are levied at the time of crisis, you might be dismayed when you realise that your medical insurance will not pay for everything.
Your safest bet in this circumstance is to take a Personal Loan. Why? Read the benefits mentioned below and judge for yourself.
Advantages of Taking a Personal Loan for Medical Expenses
You don’t have to worry about collateral
Probably the greatest advantage you get from a Personal Loan for medical expenses is that it’s unsecured, which means you don’t have to attach any of your assets as collateral.
Painless application procedure
The application process for such a loan is simple and straight-forward. You can sign-up for Personal Loan online without visiting the bank. Once you furnish your details on the bank’s portal, approval does not take more than 24 hours. However, you must verify your personal eligibility criteria and your credit score with CIBIL well ahead of time if you don’t want your loan application to be categorised as ‘doubtful’ by the bank.
Stress-free payment process
You needn’t worry about repaying the loan amount instantly as the tenure provided for returning the amount will be ample. The interest rate will depend on the time allocated for repayment. If you’re worried about the loan amount or the tenure of repayment, sit back and relax because you get to pick both.
Short surgery or drawn-out cure
Whether it’s the case of an ailment (short or long term) that will require therapy to provide a cure, or a disorder requiring surgery, taking a Personal Loan for medical treatment can help. You can make the initial payment to get the treatment underway, and pay for other expenses as they arise. Repayment of the loan will not be an issue as it can be done by opting for the EMI mode of payment.
Breaking down the Personal Loan process
You’re probably convinced by now that a Personal Loan offers you so much more than regular medical insurance. Here are a few more things to keep in mind regarding Personal Loans for medical procedures. This will give you a clear idea about the process.
Are you credit-worthy?
One of the hurdles you face while securing a Personal Loan for medical emergenciesis proving your credit worthiness and assuring the lender of your ability to repay the loan. This is dependent on your income and credit history.
For example, unpaid bills from previous consultations visible on your credit history will be subject to scrutiny by your lender. Although taking Personal Loans for medical expenses in advance can be beneficial, unpaid bills and expenses in your credit history might hamper its approval.
Deliver all the proof needed
Providing proof that you have a steady source of income during the loan application process might be a problem. For an individual earning on an hourly basis, frequent doctor visits and leave of absence for medical reasons can affect the pay unless the company provides paid vacation time or sick leaves for the hours lost.
If you’re applying for a Personal Loan after a major surgery with a long-term recovery schedule, your income might constitute a small amount of your salary depending on the disability benefits provided by your employer. Not just that, your loan application might be rejected if the injury sustained by you might result in you quitting your job.
Clear all your doubts
Getting in touch with a reputed financial organisation for a Personal Loan in advance might prove beneficial in dodging any burden or crunch. Before you decide to go under the surgeon’s knife or enrol in a treatment schedule for the malady, discuss all costs and the coverage your Personal Loan will bear.
It’s also beneficial to talk to your employers about the disability benefits, and the income you’re going to receive if you’re going to be sidelined in case of surgery or a long-term treatment plan.
This way, you can assure your lender about your income, preventing rejection of your Personal Loan application. Communication is your ally.
Personal Loans are versatile
In addition to Personal Loans for general medical expenses, some lenders provide specialised loans to pay for your medical costs. Some of the loans that fall under this category are listed below.
Cosmetic surgery loans
Some loans are used to fund elective procedures such as liposuction, breast reductions or implants, and nose jobs. Such procedures demand tremendous financial investment, but a Personal Loan will be able to withstand all the costs associated.
Loans for dental procedures
You can take a loan to pay for dental procedures like surgery, braces or other cases involving reconstruction of your teeth. Some of the dental procedures fall under the elective procedure category, but you won’t have to worry as the loan can cover the expenses, be it elective or simply a surgery.
Medical tourism loans
If you’re planning to get yourself checked in at any hospital or medical centre abroad for specialised treatment or surgery, some banks provide customised Personal Loans to cover both travel and medical expenses.
Taking a Personal Loan for medical bills shouldn’t keep you from opting for medical insurance. It’s simply a contingency plan for medical emergencies. It’s important to stay informed about other ways you can tackle these unexpected problems.