Last Updated on March 3, 2024 by Ali Hamza
Personal Loans accounted for 77% of all loans that borrowers applied for in 2021. Out of these, medical crises, weddings, and children’s education were identified as the prime reasons people took out Personal Loans in India and 28% of all Personal Loans were taken out for medical emergencies.
Life is unpredictable, and one unexpected medical bill can send a person into debt for years. Over and above being an exceptionally hard time for anybody, a medical emergency can pose a serious financial threat as well and get caught off guard can create severe duress. Without insurance or savings, a person may be unable to pay for procedures and treatments.
Medical Loans are a great option if you must come up against an unexpected medical bill, and the loan amount can help pay off the bills quicker while leaving you with some respite and spare money. Such loans cover the costs of medical treatments, hospitalisation, rehabilitation, and other expenses.
What Are The Primary Advantages Of Obtaining A Medical Loan?
There are numerous advantages of obtaining a Medical Loan; a few of them are shown below:
1. Instant Disbursal Of Funds
The most significant advantage of getting a Medical Loan in an emergency is that a borrower will not need to go through the hassle of waiting for long when they apply.
The Medical Loan is disbursed immediately upon approval, which is a huge advantage for patients who have urgent medical requirements and other financial needs that just cannot wait.
With Poonawalla Fincorp, a trustworthy lender, borrowers can avail of Personal Loans for medical emergencies up to ₹30 Lakh with an instant disbursal and minimum documentation process.
2. Quality Treatment
The best thing about a Medical Loan is that it helps a person get quality treatment; you can afford the suggested treatment without any hassle.
3. No Collateral Is Required
The third advantage of getting a Medical Loan in an emergency is zero collateral requirement. This means that even if borrowers have no property or assets to give as collateral, they can still access funds from their Medical Loan without any problem.
4. Easy Application Process
Another huge advantage of getting a Medical Loan is its application process. Since Medical Loans are meant to assist those in need, most lenders provide 100% online applications, resulting in a hassle-free process.
Therefore, the application process for Medical Loans is simple, and borrowers require only a few documents for approval.
With Poonawalla Fincorp, applicants can get Personal Loans at competitive interest rates with instant approval and a 100% digital process.
5. Flexible Repayment Terms
A Personal Loan also comes with flexible repayment tenures to help borrowers easily repay the loan.
Many lenders now offer online EMI calculators to help borrowers estimate their EMI before applying for a loan. This gives them more confidence when applying for a loan and making sound decisions.
With Poonawalla Fincorp, borrowers can easily opt for a Medical Loan, choose a loan term of up to 60 months, and never exceed their budget when repaying it.
6. Avail Treatment Which Your Standard Insurance Doesn’t Cover
A person with health insurance might be subject to a waiting period or specified conditions. Furthermore, some procedures, such as cosmetic or dental surgery, therapy, or alternative treatments, may not be covered by your insurance.
Here, a Medical Loan can help as there are no conditions for how one uses the loan amount.
7. Keep savings intact
People work hard to save money to fulfil their aspirations and dreams. Medical emergencies can eat up a person’s savings. It is preferable to take out a Medical Loan to keep savings intact for the future.
Taking out a loan is a wise decision for both the future and the present; thus, it will keep one’s savings intact.
Medical Loans can be an excellent option for anyone who has trouble paying their bills because of illness or injury, as they provide instant funds.
However, compare the pros and cons of every Medical Loan carefully before deciding which one would best suit your needs: before you apply for a specific loan.
Moreover, read the terms of the loan agreement very well. In this manner, borrowers can repay the loan on time and avoid paying late interest fees.