Last Updated on May 19, 2023 by hassan abbas
In the corporate world, most employees get health insurance from their employers. But those who get insurance cover for themselves know how expensive it can be. Additionally, there are challenges like paying insurance premiums on time, availing of your insurance whenever needed, etc. There are also several types of payments and bills that a health insurance policy doesn’t cover. So, what happens when you don’t have health insurance coverage or if you have several bills that you cannot claim? No matter what, your health is not an area where you should have to compromise. But it is not uncommon for people to ignore or put medical procedures on hold after realizing how much they will cost. They also forego any processes, tests, or medications that are not covered under their insurance plan. If you are or know someone who does the same, there is a way to put your health first without blowing through your savings in one go. Well, we are talking about Personal Loans for Medical emergencies, better known as Medical Loans.
Today, Medical Emergency Loans have become the top choice for people who foresee medical emergencies. With the cost of medicines and medical procedures skyrocketing, basic health insurance no longer covers all the necessary expenses.
Benefits of Taking a Medical Loan
There are situations when you urgently need a loan for medical treatment, as you may not have sufficient coverage through your insurance. Here you can connect to new-age NBFCs like Clix Capital, who can help you offer you a personal loan for a medical emergency with minimum documentation online with quicker approvals.
There are several benefits of a Medical Loan.
1. Immediate fund access:
After you avail of a Medical Emergency Loan, you get the funds immediately instead of waiting days or weeks for disbursal. Such a loan can instantly help with your medical needs and provide immediate bill reimbursement.
2. Covers all medical conditions and processes:
Health insurance plans generally limit the types of illnesses or processes they cover. Most health insurance plans exclude sinus infections, cancer, heart attacks, and other diseases. Taking a Personal Loan for Medical Emergency helps you cover all your medical expenses without restriction.
3. No-cost EMI options:
Several lending institutions provide instant fund access along with a no-cost EMI option. Every loan EMI has two key components – the principal amount and the interest payable. In a no-cost EMI plan, the borrower only needs to pay the principal without the interest. This significantly reduces your loan expense. Personal Loans have one of the highest rates of interest in the market. With a no-cost EMI, the benefits of a Medical Emergency Loan increase significantly.
4. Easy installments for repayment:
The borrower can repay a Medical Emergency Loan in installments spread over a tenure ranging between 12 and 48 months. The longer your loan tenure, the smaller your monthly payment will be. However, ensure you don’t opt for the longest loan tenure possible. Longer loan tenures usually have the highest interest rates, meaning you will pay a higher total at the end of your tenure.
5. Unsecured loans, no collateral needed:
Most loans like Gold Loans, House Loans, etc., demand some form of collateral as security before providing a loan. But Personal Loans don’t require any collateral. If you default on your payments, you don’t need to worry about your assets being seized as one of the repercussions. A Personal Loan for a Medical Emergency is sanctioned based on a person’s credit score, KYC details, and proof of income.
6. Minimal loan documentation:
While applying for a Personal Loan, the need for documentation is minimal. No asset or collateral is involved, so you don’t need to provide any documentation for them. This means all the documents required for a Medical Emergency Loan are
- KYC details
- Credit history
- Income statements
7. Cashless payment methods:
Once your application for a Medical Emergency Loan is approved, the funds get sanctioned to the clinic or hospital instantly. This eliminates the requirement for physical cash and any chances of fund wastage.
The interest rates a financial institution offers instant personal loans apply for Medical emergencies will vary based on your credit score and current financial position. Make sure you keep your credit history clean by paying your loan EMIs and credit card bills on time. Since your credit is the leading deciding factor, make sure you take steps to improve your chances of loan approval at the low-interest rate possible.