A May 2020 report in the Economic Times stated that the availability of free medicines in India has declined from 31.2% to 8.9% over the past two decades. Healthcare facilities have also become significantly more expensive. While health insurance policies are available to offer coverage against medical emergencies, their affordability is still questionable, and only limited individuals have access to them.
Under such circumstances, another way to address health care emergencies is availing a medical loan that allows individuals to bear the expenses of different various medical services. Alternatively, individuals can also opt for a personal loan to finance their medical expenses instantly.
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Benefits of availing personal loan for medical emergencies
Medical emergencies are one of the most critical unforeseen incidents that individuals need to address without delay. With recurring medical expenses on the rise, it often becomes challenging for individuals belonging to the middle-class to pay expensive medical bills by draining their savings.
In such cases, a medical loan plays a vital role in funding essential medical healthcare. A personal loan can also serve the same purpose. It also proffers borrowers with the following benefits –
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Collateral-free credit
Owing to the collateral-free nature of this loan, individuals need to comply with a few requisite eligibility criteria to avail themselves. Such criteria include the beneficiary’s age, income, credit score and others.
One can avail an amount of up to Rs.25 lakh through this advance, which can help tackle any medical expense without hassle. Along with that, borrowers can also follow some easy approval tips for a personal loan to boost their chances of availing of the desired loan amount.
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Instant approval and disbursal
Another reason that makes a personal loan a suitable alternative to a medical loan is its instant disbursal process. This is one of the most beneficial features of this advance, especially during medical emergencies. Selected lending institutions ensure this instant approval and disbursal process via online application.
Furthermore, since a personal loan for an emergency situation comes with no end-use restriction, individuals can use the funds for varied necessities like medical consultation and tests, purchasing expensive medicines and seeking other routine medical treatments.
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Flexi loan facility
Every individual requires a thorough check-up from time to time. In the process, meeting diagnostic and pharmaceutical needs requires a substantial amount.
To meet such financial needs, top NBFCs offer the Flexi loan facility that allows borrowers to withdraw multiple times from a pre-sanctioned loan amount. With this facility, the personal loan interest rates are charged only on the amount withdrawn, significantly lowering the EMI payable. Financial institutions like Bajaj Finserv offer such facilities on a personal loan that you can utilize to meet healthcare costs.
The NBFC also helps in making the loan application process effortless and prompt with its pre-approved offers. Such offers are applicable for various financial products like business loans, personal loans, and so on. All you have to do is, enter your name and phone number to check your pre-approved offer.
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Easy repayment options
Personal loan repayment is also straightforward and swift, making it a useful emergency loan. The credits come with flexible repayment tenure of up to 60 months and other feasible terms of services. Therefore, even if you do not own a health insurance policy, you can finance immediate medical costs during emergencies without incurring an unnecessary financial burden.
It is, therefore, an excellent idea to use a personal loan to pay off your medical debt. Utilizing this option in lieu of a medical loan can help make availing expensive and quality healthcare facilities much easier. Borrowers must, however, check the eligibility and documentation requirements for this advance to facilitate a smooth and hassle-free application process.
