9 Benefits of Taking a Personal loan For a Medical Emergency

Medical emergencies can often prove to be quite hassling from both a physical & a financial perspective. Not only does their sudden appearance leave you in a state of perceptible shock, but the potential cost of medical treatment also digs a deep hole into your pocket. So much so that despite the availability of health insurance, most people end up spending a major part of their total savings, on getting through this rough patch!

Under such grave circumstances, there remains the only streak of solace, which comes in the form of a low-interest, collateral-free and flexible - emergency personal loan.

What Is An Emergency Personal Loan?

Also referred to as a medical loan, an emergency personal loan is essentially an unsecured personal loan whose primary objective is to help you cover the cost of your exigent medical expenses. Being easy, convenient and fast, this loan provides you with multiple payment options backed by minimum paperwork, quick approval and instant disbursal.

However, this is just the tip of the iceberg!

An emergency personal loan also enables you to reap a plethora of benefits like:

1. Covers All Ailments

A medical loan can easily be used to cover a wide variety of ailments. You can use the loan amount to undertake treatments as varied as surgeries, dental procedures, general check-ups, full-body tests or even other pre-existing, fatal or non-fatal health conditions.

2. Get Treated Anywhere

Unlike their insurance counterparts, personal loans for a medical emergency, allow you to get treated at a hospital of your choice. You don't have to worry about visiting only an empanelled hospital. Instead, you can avail the best treatment, either domestically or abroad.

3. Cash-Based And Cashless

Medical emergency loans cater to both the cash-based and cashless segments. In case the hospital you are getting treated at does not entertain cashless payments, you can always fall back on the cash provided by your lender. This ensures that your treatment does not suffer even a moment's delay!

4. Flexible Repayment Tenure

Emergency Personal Loans have a highly flexible repayment tenure. For most lenders, it varies somewhere between a period of 12 to 60 months. However, if the need arises, you can speak to your lender and have the tenure further extended.

5. Collateral Free

The primary eligibility criteria for sanctioning a personal loan for a medical emergency is your total credit score. If that remains above 600, you wouldn't have to pledge any other asset to avail the loan. This would make it entirely collateral-free for you, in the long run!

6. Quick Approval

A medical emergency loan is usually approved within the time frame of a few minutes! All you have to do is visit the lender's website and apply for a loan, digitally. If found eligible, your loan will be approved without the hassle of long drawn waiting periods.

7. Instant Disbursal

Just like the quick approval, the disbursal process for such loans is also quite efficient. Within a span of 24 hours, you receive the total loan amount in your bank account! This instant disbursal allows you to begin your medical treatment immediately.

8. No Hidden Charges

Be it prepayment, issuance or extension - personal loans for medical emergency do not carry any hidden charges. Your lenders furnish you with a complete breakdown of the charges being incurred and nothing beyond what is visible to the eye, is levied on you.

9. Minimal Documentation

In cases of a medical emergency, the documents required for personal loans are truly minimal. You simply have to submit your identity, residential or income proof, and you are good to go! This lack of complexity in terms of paperwork makes these loans completely ideal for urgent situations.

To Conclude,

If you too are looking for an emergency medical fund in order to begin your treatment, you can seek assistance from credible online platforms like Fullerton. This people-first organization will ensure that your health needs are met in an effective, dynamic and innovative way.

So, what's the delay for? Apply here and get a personal loan for a medical emergency sanctioned today!

I am Rahul Kumar, a professional Financial Analyst. I have done MBA in finance and worked in various finance organisations. I have five years of working experience and I am also fond of writing about personal financing.