Top 5 Advantages Of Obtaining A Personal Medical Loan

Top 5 Advantages Of Obtaining A Personal Medical Loan

Written by Deepak Bhagat, In finance, Updated On
April 27th, 2024

We never know when and how health issues will strike. So, purchasing health insurance and adopting a healthy lifestyle are the most significant ways to be prepared for an unplanned health issue.

It may, however, be easier said than done. Unfortunately, people are becoming unwell at a younger age due to work-related stress, personal troubles, unhealthy eating habits, lack of physical activity, and a variety of other lifestyle choices. As a result, you never know when you or a member of your family will be affected by a medical emergency.

Obviously, it would be best if you were admitted to a hospital to receive adequate care for your illness. With the escalating expense of high-quality medical care, you’ll need a lot of cash to pay for it. If you have medical insurance, such as a Mediclaim policy, it may cover some of the costs. However, even if you have health insurance, there are a number of issues that can prevent you from getting the therapy you need.

As a result, you cannot rely solely on a health insurance policy to cover unexpected medical costs. For such occasions, you’ll need a conveniently accessible alternate source of cash, such as a Personal Medical Loan for a Medical Emergency. As a result, you must always practice good credit repayment practices, maintain a high credit score, and maintain creditworthiness.

Top 5 Advantages Of Obtaining A Personal Medical Loan

Top 5 Advantages Of Obtaining A Personal Medical Loan1

Here are some of the most significant advantages of obtaining a Personal Medical Loan for medical expenses:

  • High-value loans:

Even if you have a Mediclaim policy worth Rs. 10 lakh, it may not cover the entire cost of treatment. A Personal Medical Loan might help you out in this case. Money will not get in the way of your health with high-value loans offered by financial institutions.

  • Treatment at any hospital:

You no longer have to worry about whether or not the hospital is on the insurance company’s panel. With a Medical Loan for a Medical Emergency, you can receive treatment anywhere and use the loan money to pay your bills.

  • All medical procedures are available:

With this loan, you can get any treatment for the illness that you or your family members are suffering from. The financial institutions have no restrictions on which therapies are offered to you and which are not. Otherwise, you may find yourself in a scenario where your insurance policy does not cover a medical operation.

  • Quick approvals and disbursements:

Financial institutions understand the urgency you are facing when you apply for a medical loan for a medical emergency. As a result, they follow a limited documentation process and finish the disbursal process for approved candidates within 24-48 hours. Many lenders also offer pre-approved loans to their existing customers, which can be disbursed in as little as a few minutes.

  • Repayment period:

No lump-sum payments to the loan account are required. A Medical Loan for a medical emergency can be repaid over up to 60 months. Because you must pay the money in easy EMIs, you can plan your finances accordingly. This customizable repayment term allows you to choose an EMI amount that suits your needs.

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