Are you financially prepped up for a medical emergency? Think of an instance where one of your family member’s has been hospitalized and is about to undergo a major surgery. What would you do if the expenses are too high and there’s no health insurance to cover you? In such a scenario, a medical loan ensures, you are not drained of finances.
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Advances in technology and the rise in diseases affecting the common man, have contributed to a significant rise in health care costs. The hospitals that provide quality healthcare, offer treatment at very high cost. Health insurance policies are availed by a limited section of the population.
In India most of the patients prefer to pay in cash for hospital visits and appointments. Most of the country’s population does not avail health insurance policies, leading to high out-of-pocket expenditure during emergencies. However, in some extreme cases like prolonged treatment or extensive procedures, you need to look at other avenues. In such an emergency a quick medical loan or a personal loan can save you from a lot of hassles.
If an unexpected emergency hits you, availing a loan is the best way out. These are options to explore during medical emergencies:
Medical loan: A loan that is extended by a bank or a financial institution under the category of personal loans. The loan can be a life saver in unexpected situations like a medical emergency. It can be availed for surgery, costly treatment and extensive procedures. The interest rates and eligibility criteria on these loans depends on various factors and differ across financial institutions.
Personal loan: It is a type of unsecured loan that can be availed to help meet financial needs. Generally no collateral or security is needed to avail a personal loan. The interest charged on these loans depends on the salary, amount borrowed and the city you reside.
Check your eligibility: Before you think of availing a loan, it is always advisable to check eligibility criteria. Otherwise, it might lead to disappointment. A person needs to be in the age group of 21-58 years to avail this loan. There are other some basic criteria that need to be fulfilled. Both salaried and non salaried individuals are eligible with distinctive options. Check out the different clauses and find out the loan application details before applying for the medical loan.
Socio economic demographics: An individual must specify age, city of residence, gender and salary details before applying for medical loans. These are some basic criteria that are rigorously scrutinized by the lenders before sanctioning the loan. As these are unsecured loans, you do not need to provide collateral to avail them.
Credibility of the lender: The lender must have a good reputation in the market. Look at a credible source of finance. Create a list of reliable and reputed lenders and do research thoroughly. If you avail finances from unreliable sources and lenders who don’t have a good name in the market, you might land in deep trouble. Unreliable financers might harass you with terms and conditions, wavering policies, fines on late payments and so on.
Easy repayment option: Some financers might stretch loans for a longer period of time to get a higher return. You could also choose a long term payment option for easy re-payment. Look for simple repayment options with moderate interest rates to reduce the financial burden. Make sure to check the interest rates, the EMIs, the tenure and the penalty before availing the medical loan. Knowing all these details will help you plan and repay medical loans easily.
Medical condition: Medical loans may differ based on the medical condition of the patient. If the individual is diagnosed with some critical or life threatening disease, the loan amounts will differ from the ones sanctioned for minor health issues. Some banks avail special coverage for life threatening diseases. Banks are open to the concept of lending for long term treatment. Make sure to research on various aspects before availing such a loan.
Meet your expenses: Go ahead and avail a medical loan. It is easy, convenient and can be availed instantly. You can also apply through apps and enjoy instant disbursal to your bank account.
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