Here's How to Finance Medical Expenses with a Personal Loan!

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Nov 27, 2020Personal Loan

According to a study conducted by The Global Burden of Disease Study, critical illnesses comprise approximately 60% of all the deaths in India. Life threatening illnesses and medical conditions occur without warning and the lack of funds severely limits the ability to access quality medical care. In the absence of medical insurance/inadequate medical insurance, personal loan for medical emergencies is your saving grace and helps you access the funds required to finance medical expenses. 

This is why you should consider applying for an instant personal loan to finance your medical expenses:

  • Borrow to Meet Medical Expenses
    Lending institutions have not laid down restrictions on the purpose for which a personal loan can be borrowed as long as the funds are not used for illegitimate purposes. Amidst a medical emergency, a personal loan can be a life-saver because it can help you access the required funds ensuring your life savings are not lost in a flash. Personal loans are unsecured loans i.e. avail a loan without collateral.
    Avail an emergency personal loan to finance medical requirements right from the cost of medical procedures to the cost of funding post-treatment expenses.  
  • Quick Approval/Disbursal of Loans
    According to data collected by the National Survey Office, only approximately 19.1 percent of the urban population and 14.1 percent of the rural Indian population possess health insurance. Even for those insured, medical insurance does not cover certain conditions and the process of claiming insurance right from filing a claim to receiving funds can sometimes be extremely cumbersome. Personal loan lenders have simplified the process to ensure the convenience of the borrower.
    You can opt for a completely paperless procedure if you find it convenient. All you need to do is log into the website of the lender, fill in the required details and submit scanned copies of the documents required for a personal loan online. The borrowed amount will be disbursed to your account shortly after approval.
Must Read: Step by Step Process to Apply for a Personal Loan
  • Opt for a Loan that Best Suits Your Requirements
    You can choose to opt for a loan up to INR 25 lakhs at attractive rates of interest. Personal loans ensure that the high cost of medical expenses should not deter you from accessing quality medical care. Most loan providers offer an extremely flexible repayment tenure that extends to up to 60 months to ensure that you can repay the loan comfortably without compromising on your health or standard of living.  

What is the Procedure to Apply for a Loan for Medical Care?

The procedure to apply for a loan for medical care is as follows:

  1. Determine the approximate amount you require to finance your medical requirements and calculate the amount you are eligible for using the personal loan eligibility calculator. To help you plan your finances better, you can also use the personal loan EMI calculator to estimate the monthly EMI you may have to pay and then select a tenure that best suits your requirements. Compare the loan offerings of multiple loan providers as well as their eligibility criteria and select a lender that best suits your requirements.
    Check the list of required documents and keep them handy so that you can finish your application quickly.
  2. Fill the loan application and submit the personal loan documents required online and opt for an appropriate repayment tenure.
  3. If you are an existing customer of the lender, you can negotiate additional benefits. 
  4. The information submitted is cross-checked against the documents submitted. Other factors like your credit score are taken into consideration before deciding whether your loan application is accepted or rejected.
  5. The loan approval and terms and conditions of the loan are communicated to the applicant in writing before disbursing the funds to their account. 
Must Read: How to Finance IVF Treatment Cost with a Personal Loan?

No matter what your requirements, you can be assured that personal loans have your back. Ensure consistency in repaying your loan to ensure that the loan does not impact your credit score in the long run.

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