The previous year saw a steep rise in healthcare inflation, which increased from 4.39% to 7.14% further adding to the already rising discomfort of millions of individuals. The unpredictable nature of medical emergencies combined with the expenses associated with related services can lead to cost-intensive bills and severe financial repercussions for any individual concerned.

Here are a few ways a medical emergency loan can save you from jeopardizing your financial security.

Instant approval

Instant approval makes a medical emergency loan a viable financial option. Top financial institutions can disburse funds to your account within 24 hours of application, provided you meet their eligibility criteria.

Some hospitals and nursing homes require advance payment before admitting the patient. Accumulating the necessary funds during a crisis can be challenging, and a personal loan can help you during such medical emergencies.

Minimal documentation

Minimal documentation is one of the crucial benefits of availing a personal loan. You can even avoid the lengthy application process often required by financial institutions by maintaining a –

  • High credit score.
  • Low fixed to income ratio (FOIR).

In order to avail of personal loans with minimal documentation, keep an eye on your credit report. Check it before you apply so that you do not miss out on errors within it which may be negatively affecting your CIBIL score.

Some financial service providers also offer online features which let you complete the application process in a matter of minutes.

Flexible tenors

An instant personal loan comes with a flexible repayment tenor of up to 60 months. A suitable tenor helps to pay your EMIs conveniently in time. You can use an EMI calculator to arrive at a tenor that keeps EMIs within your repayment capacity and apply accordingly.

Tenor flexibility thus allows you to repay comfortably, just why these short term loans can help you during an emergency, such as a sudden medical emergency.

Opting for the best healthcare services

The ever-increasing bills have become a source of concern for the average individual, and the best treatment facilities are anything but cheap.

Considering that personal loans from top financiers can offer up to Rs.25 lakh, the borrower can easily opt for the best possible healthcare services.

Moreover, critical medical issues might need to be dealt with long-term healthcare, necessitating substantial funds.

Collateral-free loans

Personal loans do not require you to provide collateral. Once you have the funds, you can thus start with a suitable medical treatment without the impending worry of losing your property.

Get a loan for any ailment

While health insurance policies are often the go-to option when it comes to funding medical emergencies, they do not always come with coverage for all illnesses. For example, many critical illnesses remain out of the scope of the average health insurance coverage. Plus, it may not be available if you have a pre-existing medical condition.

In that case, availing a medical emergency loan can serve the purpose. These are high-value advances and you can utilize the sanctioned amount to fund emergency treatment or diagnosis of any ailment.

Top financial institutions provide online platforms to avail of personal loans. Further, Bajaj Finserv provides pre-approved offers that make availing personal loans quick and straightforward. These offers are available across various financial products such as business loans, home loans, personal loans, etc. Check your pre-approved offer today by submitting only your name and number.

The steady increase in medical expenses makes personal loans an effective way of dealing with medical emergencies. All you need to know about personal loans is that it:

  • It can be acquired almost instantly.
  • Offers features such as no collateral, flexible repayment tenor, minimal documentation, etc.
  • It provides you with various treatment options.

Refrain from inquiring individual financial institutions regarding eligibility to prevent hard inquiries on your credit history. Try comparing online to sift through various offers until you find one that suits your requirements. Note that a low-interest personal loan may reduce your interest payable but come with other charges such as higher processing fees, statement charges, etc. leaving you with a reduced loan amount.

Also, make sure to check eligibility criteria before applying for a medical emergency loan to improve your chances of instant loan approval. Apart from medical expenses, personal loans also fulfill diverse funding requirements of an individual, thus making them a suitable advance for multiple financing needs.