Disclaimer: 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. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. 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 the Bank. The Bank, 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. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
11 APRIL, 2022
You could encounter a medical emergency anytime, be it for yourself or your family. Unfortunately, running to hospitals and pharmacies can be stressful, both emotionally and financially. While medical insurance can help you pay for the treatments, often they are not enough. Moreover, insurance schemes do not cover all diseases and ailments. You might have to use your savings and, if the ailment is critical, you could exhaust all your money. Instead, a medical loan from Kotak Bank can be a better option. Take a look.
Benefits of Using a Medical Loan for Your Medical Emergency Treatments
While you are dealing with a medical emergency, you might have no time to wait for loan approval or stand in the queues of the lender’s office. With Kotak Banks’ medical loan, you get approved instantly. The entire application process is online, making it easier for you to apply for it even when tending to your loved ones. Once you fill out the application form and furnish the documents, you can get approval within a few minutes.
A medical emergency itself can create panic and tension. Amidst that, arranging collateral can be challenging. However, with the medical loan, you need not worry about collateral. It is an unsecured loan, and lenders do not ask for a security or guarantor to approve the loan.
To claim a medical insurance policy, you would have to face restrictions on the hospital choice. However, with medical loans, there are no such issues. You can choose any hospital that provides the best facilities and treatment. You could probably pick a multispecialty hospital that can get heavy on your pocket. Kotak Mahindra Bank’s medical loan can handle all the expenses of treatments and medicines. Moreover, the loan amount can be used for any purpose. You can use it for purchasing medicines or paying the hospital fees and operation costs. You can also use the amount to hire therapists or nurses after the patient is discharged.
While dealing with a medical emergency, you need not stress about urgent repayment when you avail a medical loan. Kotak offers a flexible repayment option, where you can choose a tenure that is financially comfortable for you. You can opt for a tenure ranging between one year to five years. Availing a shorter tenure would give you high EMI and help you repay the loan faster. However, a longer tenure would mean smaller tenure but higher interest outgo.
A medical emergency loan has convenient terms. You do not have to meet stringent eligibility criteria, nor do you need to deal with complex paperwork. Moreover, it is offered at a much lower rate than credit cards.
A medical emergency can faze you and your family. Dealing with a financial crunch on top of it can be stressful. However, you can fund the entire cost of hospitals and medicines with a medical loan without depleting your savings. Apply for personal loan, today.
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