India has one of the lowest patients to doctor ratio as per a latest survey in 2018. The figures state for every 920 people, there is only one doctor. A statistics-driven survey on 2018 reported, nearly 29% of deaths in the country are from the negligence of medical attention.
Maintaining good health is one’s top priority. An increasing number of people are following a healthy lifestyle and joining fitness clubs to cope up with the challenging and tiresome routine. However, everyone may still face a medical emergency at times, whether on themselves or to an acquaintance. While some medical emergencies are pre-determined, others strike at the most unexpected times.
Lack of adequate financial support should be avoided in such scenarios. This is where emergency loans can provide the necessary financial back-up to cover the rising treatment expenses.
In such a medical emergency, a personal loan can be your best financial aid. It saves you from straining your finances and provides you with a sufficient sum to bear the high expenses. These are the 5 reasons for taking personal loans for medical emergencies –
A Medical Emergency Can be Expensive
Medical emergencies can often lead to prolonged hospitalisation, piled up medical bills and costly surgeries. Even a minor surgery can cost you anywhere between Rs.20,000-35,000 in India, excluding the hospital and associated charges. Also, if one has insurance, he/she still needs to pay the initial expenses which could pose as a financial hurdle. A loan for a medical emergency like personal loans can assist you to tackle with these diverse expenses.
You Do Not Require Discharging Your Savings
When medical emergencies hit, one reaches for his/her savings. Many do have emergency funds, but most do not. So, they might be forced to deplete their entire savings to fund this emergency need. This is harmful as you might have future planning with that savings or what if you get hit by any other emergency? Thus, emergency loans can help you to keep a hold on your savings. You do not require discharging your life’s savings to fund your immediate medical needs.
You Do Not Require Pledging Collateral
Availing personal loans to fund your medical emergency is your best option as it does not require you to pledge any collateral. You can procure this credit facility based on your repayment capability and CIBIL score. Lenders like Bajaj Finserv offer personal loans with zero-collateral.
Besides, you can benefit from its instant loan approval and fast disbursal facility. This ensures you can fund your emergency right away without going through the hassles of the complicated application procedure. Here is how you can apply for a personal loan for medical emergency.
Quick Loan Approval and Easy Repayment
In times of medical crisis, emergency loans are needed quickly to get the best of medical facilities available at the earliest. Financial institutions and NBFCs acknowledge this urgent requirement. Hence, lenders like Bajaj Finserv lend personal loans as quickly as within 24 hours from the time of application.
They also bring you pre-approved offers that make procuring loans quick and hassle-free. These pre-approved offers are applicable on unsecured credits like personal loans, business loans and secured advances such as home loans as well as on numerous other financial products. You can check out your pre-approved offer by sharing a few necessary details like your name and contact number.
This way, you can obtain a personal loan quickly and use it for your medical emergency right away. Moreover, you can also benefit from a flexible tenor of up to 5 to 7 years. Furthermore, you also have the option to repay the loan through part payment for added convenience. However, you must keep some of these things in mind before signing a personal loan agreement.
No Added Pressure On Your Budget
A medical emergency can hit you at any moment, disrupting your meticulously planned financial budget. Be it your savings or any investments – this uncalled emergency can disrupt your on-going plan. Besides, you could also be late for your other instalments and might have to liquidate your savings.
But a personal loan for medical emergency can help you avoid these situations. Essentially, you are adding only a minor repayment on this loan for your medical emergencies to your budget. This ensures you do not an extra burden on the finances.
By now, you know how personal loans can be of immense help in medical or other emergencies. So, if you require urgent funds, opt for a personal loan from your preferred lender.