20 JULY, 2022

Health is the most important asset that one has, and it deserves the utmost protection and care. Medical-related emergencies can occur at any time, and the last thing you want to worry about is how to pay for your care. That's where medical loans can be useful.

 

Medical loans are unsecured personal loans that you can avail to cover sudden and unforeseen medical expenses. These expenses can include hospital bills, prescription bills, surgery costs, chemotherapy costs, etc. Moreover, a medical emergency loan can ensure that you receive the best treatment possible and clear out all bills in case of a cash crunch. Here are some more reasons why a medical loan can be helpful in health-related emergencies:

 

  • No collateral needed

 

Unlike most other types of loans, a medical emergency loan does not require you to provide collateral. It means you do not have to provide any form of security to the lender to get your loan approved. All you need to do is fill out an online application form with basic personal and financial details. The lender will then assess your eligibility and offer a personal loan for medical emergency accordingly.

 

  • Covers any type of ailment

 

Medical loans can help you cover various types of treatment costs, be it for a routine procedure or a major health crisis. You can use a medical loan without any restrictions and pay for things like hospital bills, dental work, chemotherapy, diagnostic tests, and more. This also gives you the option to get the best treatment at any hospital of your choice.

 

  • Hassle- and stress-free process

 

There are just a few basic requirements required for a medical loan such as certain age and income criteria that you as an applicant must meet. Some lenders may also check your credit score and history. Additionally, applying for a personal medical loan does not require complex paperwork. Simply apply for a personal loan online and submit a few essential documents to get the loan instantly.

 

  • Adjustable loan repayment option

 

A medical loan comes with a flexible repayment tenure and so you can determine an Equated Monthly Instalment (EMI) that is affordable for you. Simply figure out how much you can afford to pay each month by using a personal loan EMI calculator. This tool will help you determine your monthly payment based on the required loan amount, interest rate, and repayment period. By doing so, you can outline your finances more reliably and repay the loan amount timely.

 

  • Quick disbursal

 

Medical emergencies are time sensitive, so you may have to arrange the funds as quickly as possible. By applying for a personal loan online, you do not have to wait for long hours for the loan to be approved and for the funds to be disbursed. Generally, online lenders approve and disburse the funds instantly after assessing your eligibility and verifying your documents.

 

To sum up

 

Medical emergencies may hit anyone at any point and paying off medical bills instantly may not be easy to deal with. And while it’s prudent to always have an emergency fund to deal with unexpected expenses, it may not always be possible. In such cases when your savings are not enough, a medical emergency loan is a handy option. When you apply for a medical loan, make sure to compare the interest rates of different lenders. This way, you can choose a medical loan with the most affordable rates and keep your cost of borrowing low.

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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.