Medical emergencies often come unprecedented, and many of us are not prepared to face it. Due to the careless lifestyle that most youngsters follow, such crises are becoming more probable than before and can affect the physical, as well as the emotional well-being of a person. Fortunately, with a personal loan for a medical emergency, such situations can be faced with confidence.
Here are ten reasons why a personal loan is the best option to depend on when faced with medical emergencies, even if you have health insurance or not.
- Avail Treatment from Any Hospital
Health insurance is a necessity as it ensures you can get the treatments covered without worrying about the cost. But, sometimes, the insurance may not cover the full cost of the treatment. In such a case, you can opt for an instant personal loan from your lender. You can apply for the loan online or via an app and get the loan amount approved instantly as long as you are meeting the requirement of the lender, and submit the requisite documents.
- Gain Quick Access to Funds
In cases of emergencies, time plays a crucial role. The faster you get hold of funds, the sooner hospitalisation and treatment will be. An individual can apply online for a personal loan and can get approval almost instantly. Further, these funds are directly deposited into your bank account, making it even more convenient.
- Requires no Collateral
Unlike other forms of loans, personal loans don’t require any collateral for you to pledge. An individual can avail a personal loan almost instantly as they need minimum documentation and zero asset-related verification, making it easier to access funds during emergencies. You can check for the loan amount you are eligible for using an online personal loan calculator.
- Get Quality Treatment
Healthcare insurances might have limitations on the amount and nature of the treatments it covers. With a personal loan, you don’t have to compromise on the quality of treatment your loved ones receive and can fully utilise the amount for their betterment.
- Get Higher Funds Than Your Existing Credit Limit
Even if you are a responsible spender, there will always be a limitation to raising your credit card limit. Also, if you are eligible for a higher credit category, it might take days before you can access it. However, personal loans are approved almost immediately, and you don’t have to worry about meeting hospital expenses.
- Requires Minimum Documentation
When faced with a medical emergency, filling documents would be the last thing you want to do. Fortunately, personal loan for medical emergency from lenders such as Fullerton India requires minimal documentation.
- Affordable Interest Rates
If you are using a credit card to meet emergency expenses, the interest rate associated with it can be higher, which will be evident when you avail large amounts. In the case of personal loans, the interest rate is significantly lower and won’t be a burden for you in the long run. You can get an estimate of interest rates using an online personal loan calculator.
- Repay Your Expenses as Monthly Instalments
One of the most significant advantages of a personal loan is the flexible repayment model it follows. You can conveniently spread the loan repayment across several months, enabling you to have a stress-free experience throughout the tenure.
- Minimum Foreclosure Charges
Once you avail the personal loan, you can pay off the entire loan amount and close it without any hassle with a nominal foreclosure charge.
- Avail Discounts
If you are paying the medical expenses in cash, several hospitals may offer you a discount for doing so as they can readily get hold of your funds, unlike health insurances.
