A medical exigency not only requires your complete attention but also needs adequate funds. Upon facing such a scenario, analyzing the right way to arrange the required funds is the key. No matter whether the treatment or expenses are covered partially through medical insurance or savings for medical purposes, liquidating your investments may not be the right decision. Instead, you may instantly avail the required funds through a medical loan, a personal loan variant.
A medical loan is nothing but a personal loan for medical emergency that can be availed simply through the online mode. Read on to know the important benefits of a medical emergency loan –
- Addresses your medical needs instantly
In the scenario of a medical exigency, time is a crucial factor. You must act extremely fast and avail the funds on time to save your family member’s life. As you need instant funds in such cases, you can fill up the medical loan application on the lender’s website at any time from any location. Many lenders tend to approve and disburse your medical emergency loan on the same day of placing the application.
- Endows sufficient funds for distinct healthcare requirements
No matter whether the treatment is done at home or in the hospital, check-ups, injections, medicines, and a variety of tests consume a massive amount of money. Instead of delaying your treatment or compromising on a few important tests or medicines, availing a medical emergency loan can help in such times. As a medical loan is a variant of personal loans, it has no restriction on their end-usage. This means you can use the proceeds for any medical purpose. Note that the loan proceeds for a medical loan can go up to Rs 25 lakh.
- Permits you to meet your unpredictable expenditures through flexi option
In most scenarios, expenses attached to medical exigencies might be unpredictable in nature. You require funds as per your healthcare needs, which may include specific costly diagnostic tests and medications. Facing such erratic financing needs is simple with some lenders who permit you to take up funds online from your personal loan limit via flexi option. As per this option, you have the choice to withdraw multiple times depending upon your needs and bear the interest on only the used amount.
- Allows you to repay depending upon your convenience
A medical loan comes with a repayment tenure of as high as 5 years. Thus, you can select the tenure as per your repayment potential and cash flow. In case you are confused as to how to decide your suitable repayment tenure, you can take the help of a personal loan EMI calculator. It is an online calculator wherein you only need to input your required loan amount, feasible tenure, and preferred interest rate to compute your EMI and adjust it as per the tenure that you are comfortable with.
While in times of medical emergencies, the need for funds is immediate but you must still conduct a brief evaluation to zero on a suitable lender before you hit on the personal loan apply button for medical funds. In case you want to expedite your processing time, you may opt for pre-approved medical loans. Such loans are usually disbursed on the same day of placing the application owing to their pre-approved nature.