When a medical emergency arises it can be very challenging and scary. Running to the hospital is the only option left. But, the relief comes at great financial costs including money spent on prescriptions, treatments, facility hospital bills, tests and consultation fees. While having medical insurance is a fair suggestion, not everyone might be covered.
It makes several people susceptible to a financial crisis during medical emergencies. Under these circumstances, taking a medical loan will be a good opportunity. It provides many advantages that, ultimately, help reduce financial burden.
This post explores the five top reasons to consider a Personal Loan emergency for an immediate medical situation.
What is a medical loan?
A medical loan is a type of no-collateral loan you can get to pay your essential medical bills. The financial constraint of high medical costs, especially in cases of unexpected health emergencies, can be relieved through a medical loan. Through online Personal Loan applications, the ability to secure money during emergencies becomes faster and easier.
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Reasons why you should apply for a medical loan
Applying for a medical loan can be a viable option for individuals facing unexpected medical expenses or those seeking elective medical procedures. Below are five reasons to apply for an emergency medical loan.
Easy access to funds
In medical emergencies, time is crucial. It is even more important to have funds readily available to cover unforeseen medical expenses and prevent the delay in the provision of necessary treatment. On the plus side, Koatk811 now has an option of applying for Personal Loans online.
Through an online process, people can apply for emergency medical loans from any location, including home, and minimise the inconvenience of stressful periods. Additionally, quick review and disbursal accelerate the financial assistance process. By getting a Personal Loan for medical emergencies, people can focus on what matters - the health of their loved ones.
No collateral
Among other advantages of a loan for health is zero collateral. Unlike secured loans where you are supposed to present something tangible such as a house or a car as security, Personal Loans are unsecured. In other words, you will not have to worry about collateral or go through a lengthy documentation process.
Besides that, Personal Loan interest rates are fixed which means they do not change from the beginning to the end of loan tenure. Thus, you know when your instalments fall so you can plan your finances well. Despite having no collateral requirements and a fixed interest rate, Personal Loans stand out for their convenience and accessibility for simplifying medical costs in times of emergencies.
Flexible repayment tenure
Personal Loans allow borrowers to pick the repayment tenures that match their interests better. Individuals can make payments within a span of 12 to 60 months and can adjust this period according to their salaries and budget plans. Personal Loan EMI calculators are available so borrowers can calculate their monthly instalments beforehand.
It helps in managing finances along with boosting the morale of borrowers before applying for a loan. The borrowers can select between a shorter period for quicker repayment or a longer one for fewer monthly payments depending on their financial situations.
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Minimum eligibility requirements
It is an easy task to fulfil the minimum requirements for a Personal Loan in a medical emergency period. Having a stable income and a good credit score is enough to qualify for such loans. Banks offer pre-approved loans to their existing clients too. It makes the application process easier.
Such pre-approved loans usually require minimum documents and have lenient eligibility criteria. They are available to borrowers in a hurry for immediate provision of funds for medical emergencies. By completing the basic items of the checklist, individuals get the funds they need to cover medical fees within a short period, providing temporary relief for hard times.
Quick disbursal
Applying for a personal loan online ensures swift access to funds without enduring lengthy approval processes. Kotak811 approves and disburses funds promptly upon assessing your eligibility and verifying documents, minimising the waiting period and allowing you to address urgent medical needs without delay.
Keeps your relationships safe
People are often left in anxiety when they have to borrow money from friends and family to pay for unforeseen medical emergencies. It consequently creates discomfort and strains in relationships. Resorting to a personal loan lets you manage the situation without leaning on the family. Opting for a well-respected lender allows you to finance the amount needed to take care of your hospital bill while it is still relatively new.
With EMIs, you can spread out debt repayment without hurting your relationships with the people around you. Personal Loans give you a sense of independence and security during tough times because you can still pay for the medical services you need without straining the relationships around you.
Conclusion
A medical emergency is emotionally challenging for families. While providing necessary emotional support to your relatives, sourcing funds can be a challenging task. At this time, the Personal Loan with immediate approval and quick disbursement ensures that you save your family in their hour of need. Through a Personal Loan, you give them the required love and support without worrying about financial stresses.
If you require financial assistance during medical emergencies, explore Kotak811's Personal Loan. Along with speedy application processes and quick disbursals, Kotak811 offers attractive interest rates so the Personal Loan isn’t a burden during a medical emergency.
FAQs
1. What factors affect Personal Loan terms and interest rates?
A Personal Loan's duration and interest depend on several factors. It includes the loan amount borrowed, the borrower's creditworthiness, ability to repay it and the lender's terms.
2. Can I get a Personal Loan without fair credit?
Although credit fairness would affect the loan approval and terms, you can still take out a Personal Loan. Lenders likely look at information such as job stability, employment history and debt-to-income ratio when reviewing loan applications.
3. What medical expenses can be covered by a Personal Loan?
Personal Loans for medical emergencies are meant for a wide range of medical costs. You can use them for medical facilities such as hospitalisation charges, surgical treatments, diagnostic tests, medication and even post-treatment care.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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