An average 15% yearly inflation in hospital expenses and pharmaceutical bills often pose a direct threat to an individual’s financial position. As a result, individuals often find themselves perplexed, either during or right before undertaking emergency medical expenses.
However, with the popularity of an instant personal loan on the rise, individuals are wondering whether this could be a solution to increasing medical expenses. This following, therefore, takes into account a few ways in which a borrower can make emergency medical expenses with a personal loan.
How a personal loan to manage medical expenses is beneficial?
Borrowers can avail a personal loan to aid their medical emergencies for the following reasons –
- High loan amounts – It becomes quite challenging to estimate the exact amount of medical expense liabilities that one may incur. On the other hand, it’s also financially troublesome to bear the entire medical cost without any external credit assistance. Therefore, individuals undergoing a medical emergency have the option to avail a personal loan up to Rs.25 lakh. With these significantly higher loan amounts, they can finance admission into an efficient institution for medical care. Also, they can fund consistent visits to doctors and such professionals after surgery.
- Quick approvals – Individuals applying for an instant personal loan usually receive the disbursed amounts within 24 hours. As a result, they can finance their medical expenses without substantial delays or burning a hole in their own pockets. On top of that, reputed NBFCs lay down a significantly short time window for approval. For instance, an applicant may get the necessary approvals in as less as five minutes. It ensures that patients in morbid conditions do not have to wait for long to receive adequate medical attention.
- Pre-approved offers – NBFCs like Bajaj Finserv extends pre-approved offers to individuals so that they can boost the speed for loan approval by a considerable amount of time. These offers are available on several financial products that include personal loans, business loans, credit cards, among others. You can check your pre-approved offer by simply entering basic details such as your name and current mobile number.
- Flexible tenor – Reputed lending agencies provide the option of flexible tenors to individuals as per their financial convenience. Therefore, a borrower can choose a tenor between 12 months and 60 months to repay the personal loan comfortably. This feature allows an individual to channelize funds towards medical expenses without being too bothered about unreasonable repayment obligations.
- Lack of collaterals – A personal medical loan, in most cases, does not require an applicant to offer an immovable property for security. It thus helps even those individuals who have the credentials to apply for a personal loan, yet lack the assets to offer them as securities. Personal loans without collateral enable an individual to receive funds without waiting for delays in the processing of property documents. Consequently, one can finance his/her urgent medical requirements and emergencies without worrying about converting their assets into securities.
Therefore, the pointers mentioned above shed light on the ways a personal loan can help an individual meet with financial needs during a medical emergency.
How to apply for instant personal loans?
The process to apply for an instant personal loan for medical purposes is as follows –
- Visit the official website of a financial institution.
- Navigate to the ‘Personal Loan’ section.
- Enter identification, financial, and employment information in the designated fields of the online application form.
- Await confirmation from a representative regarding the status of the application.
- Receive the loan amount within 24 hours from approval.
Therefore, an instant personal loan proves to be a financially beneficial option for individuals who are battling with soaring medical expenses. It also allows them to preserve their own finances in the future.
Additionally, these loans from established lenders do not carry hidden charges. As a result, individuals do not have to worry about unexpected financial liabilities from a personal loan for a medical emergency.