Medical treatments and procedures are getting expensive day by day. Even the basic expenses such as prescription medicine, hospital payments etc, are hitting the roof. This has led to an emergence of medical loans. Medical loans are a form of unsecured personal loans. Ideally you will have an insurance cover which will cover the expenses of your treatment. Medical loans can be used to incur costs which an insurance cover will not. Availing a personal loan in India is relatively easy and fast. When there is a medical emergency you can avail a personal loan instantly and get money in minutes.
Health Insurance or Medical Loans? When to Use Which?
1. Instant Availability
When you are going through a medical emergency, you need access to instant funds. Personal loans for a medical emergency are easily available online. This saves you the time of visiting the lender’s office. You can visit the website or their mobile app and avail a loan instantly.
2. Finance any Kind of Ailment or Medical Procedure
Health insurance may not cover all kinds of treatments and ailments. You can finance any type of ailment or medical procedure with a medical loan.
3. Access to Treatments at Non-Cashless Hospitals or for Non-Cashless Procedures
Every health insurance provider will have a list of hospitals and treatments which offer cashless treatments or provide cashless procedures. There may be a chance that the hospital you are getting treated at, might not provide cashless treatments. These hassles are eliminated when you take a medical loan. You can use a medical loan for payments at your preferred hospital and for cashless or non-cashless procedures.
4. Short Term Flexible Repayments
The amount for the health insurance cover is predefined. If there is an emergency, then you can take a medical loan if you feel that the premiums of the health insurance cannot cover the expenses as of now. When you take a medical loan, you can take it for short term or long term and repay choosing a tenure which suits your needs.
5. No Collateral
A medical loan is an unsecured personal loan. Hence there is no need to keep any collateral with the lender.
Where can you avail Medical Loans?
You can avail a medical loan through a Bank or an NBFC. You can either visit the branch or apply online through their website or mobile app. You can avail it for a minimum amount of ₹ 1000 to a maximum amount of ₹ 15 Lakhs.
Should You Take a Medical Loan During Emergencies?
Whenever there is a medical emergency, the first thing that you need is to manage the funds so the treatment can start at the earliest. In such cases, you can opt for a personal loan. You need to invest only a minimum amount of time. Applying for a medical loan is convenient and simple. The loan approval and disbursal happens in minutes. There is minimal documentation which is paperless if you apply online.
A medical loan is a quick solution to your medical emergency. If you decide to take one then choose an offer which has competitive interest rates, low processing charges etc. You also get the option of calculating the EMIs using a EMI calculator for personal loan. This will help you get a clear picture of your repayment.