When and Why to Use a Medical Loan for Medical Emergency

Featured Image Caption: Personal Loan for Medical Emergency

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The deteriorating lifestyle, uncertainty in life and escalating healthcare costs often push people to critical circumstances where the inability to access money can restrict appropriate medical assistance. Therefore, health insurance has become an excellent financial product to mitigate future risks.

Health insurance gives you financial support for treatments as per the policy coverage. For example, if you have a health insurance policy of Rs. 15 Lakh, your hospitalization and medical expenses for that amount will be covered by your health insurance policy. That said, during a medical emergency, things can get out of hand and the whole planning can go topsy-turvy.

During a medical emergency, time is precious. You are expected to make quick decisions and arrange for money to carry out the medical procedures on a short notice. But there could be situations where coming up with money can be challenging. Some of the situations are as follows:

When you don’t have a health insurance policy
When your medical costs are larger than the health insurance coverage
When you’ve a pre-existing disease that your insurance policy will cover only after a wait period
When the hospital where you are getting treated is not in the network of your insurance provider’s list for cashless hospitalization
When you don’t have an emergency fund to handle this stressful medical emergency

So, when you are facing the above situations, a medical loan can play an important role in giving access to money in the least time possible. A medical loan is simply a personal loan specifically designed to help you in medical emergencies.

Advantages of Using a Medical Loan in a Medical Emergency

No Collateral

A medical loan is an unsecured loan. That means it doesn’t need collateral or guarantor. You can get the loan based on your credit history and your repayment capacity. Such flexibility, especially during a medical emergency, can help you get quick access to funds when it is a matter of life and death.

Easy and Simple Application Procedure

The loan application process is hassle-free. It involves a simple online application process that saves your time, which during a medical emergency is absolutely precious. You just have to submit the form online with the basic KYC and other documents. The loan approval happens in real-time. And once the document verification is done, the amount is credited and ready to use.

Covers a Wide Range of Treatments

You can use a medical loan to cover any kind of treatments and therapies. Your doctor’s consultation fees, lab investigations, surgeries, post-operative care, and other medical expenses can be covered by a medical loan.

Easy Repayment of Loan

You can choose the repayment amount according to your financial situation. You can also choose the loan repayment tenure based on your repayment capacity.

A medical emergency can strike anytime. To arrange funds in the quickest time possible can be a challenge. A personal loan for a medical emergency is the quickest and easiest way to get access to funds.

By Shiv Nanda
who is a financial analyst and residing in Bangalore (refusing to acknowledge the name change) and working with MoneyTap which is India’s first app-based credit-line.

Member since December, 2019
View all the articles of Shiv Nanda.