14 MARCH, 2022

In a medical emergency, every second counts. You might know that the cost of medical emergencies can go up to lakhs of rupees, for which you might not be ready at all times. Often, if the patient is hospitalized, hospitals rarely give enough time to arrange for the cost of treatment. A personal loan can thus help you manage your medical expenses urgently. Read on to know more.

 

What is a personal loan?

Personal loans are unsecured loans that you can avail to meet your financial needs. It can be used for any purpose, be it travel, wedding, repairs, renovation, education, etc. Lenders review your age, work experience, income and credit score while processing a personal loan application to ensure you are eligible for the loan. 

 

Why is a personal loan best for meeting medical expenses?

 

Here are some reasons why personal loans are best to pay for your medical expenses.

 

  • Large loan amount

You never know how much you would need to pay for a medical emergency. You could need a few thousand rupees or lakhs of rupees. A personal loan thus can help you pay for the treatments without depleting your savings. With the availability of a high loan amount, you can pay for the medical expenses without liquidating your investments or borrowing from family or friends.

 

  • Quick disbursal

While every second is crucial during a medical emergency, you cannot waste time visiting banks or waiting for days for approval. A personal loan is approved within a few hours, and you lose no precious time. The process is fast, and you can even apply for a loan from the comfort of your house through the online interface.

 

  • Collateral free

While you are grappling with providing the best treatment for the patient, it could be challenging to look for collateral as well. The best thing with personal loans is, you need not furnish any collateral. This is an unsecured loan, and lenders do not ask for any security to lend you money.

 

  • Flexible repayment

Medical loans have flexible repayment tenure. So, while you are already stressed about the medical contingency, you need to think about paying the loan amount instantly. You can choose loan tenure as per your financial comfort and then repay the loan through flexible EMIs. You can pay the loan amount in 60 months and ensure that it does not hurt your monthly budget.

 

  • No end use

Personal loans have no end-use and can be utilized for any purpose. You can use the amount for medical expenses, medicines, therapies, sessions or even renovate your house to accommodate machines. There are no restrictions on how you use the fund.

 

While personal loans cannot reduce your medical issues, they can eliminate the stress of paying for medical expenses. However, before you apply for personal loans, ensure that you check your eligibility. Moreover, it would be best to check your affordability with a personal loan calculator. Apply now!

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make 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 empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the 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.