Why is a Personal Loan Considered as Better Option During Medical Emergencies

A Medical Emergencies may take place at any time throwing your finances off-track. In the event that you or a family member are diagnosed with a life-threatening disease, paying hefty medical bills can put a serious strain on your savings. While a health insurance policy might cover you against most health issues, sometimes the situation demands more.

Unfortunately, health insurance does not cover all types of Medical Emergencies conditions. To add to the muddle, claiming insurance is a time-consuming process and it requires meticulous paperwork and verification before you get the claim disbursal. Also, remember that you get the financial support for Medical Emergencies treatment according to the policy coverage.

Assuming you have taken a health insurance policy with a sum insured of Rs.10 lakh, it means you’ll be reimbursed only up to Rs.10 lakh. But what if your treatment bills are higher than the policy limit and you don’t have the necessary liquid funds to settle the difference? This is where a Medical Loan can come to your aid. Read on to know how this will help you during medical emergencies:

Instant Money in your Bank Account Medical Emergencies
 Money Medical Emergencies

A medical loan takes almost no time for approval. It ensures that money is not a hurdle in your way of getting the best treatment possible for you or your loved ones. For instance, with Bajaj Finserv’s Personal Loan for Medical Emergencies, you can get approval within 5 minutes of submitting your application.

Post document verification, you can get the loan amount disbursed to your bank account within 24 hours.

Minimum Documentation and Eligibility Criteria
Minimum Documentation

It generally has easy eligibility criteria and minimum documentation to facilitate timely disbursal of funds. Often, these loans are unsecured in nature which means you don’t need to pledge any collateral.

Flexible Tenor and Easy Repayment Options

Easy Repayment Options

You can choose a convenient tenor for your Loan amount and repay the loan with ease without straining your finances. You can get the best of Medical Emergencies treatment without worrying about the finances and repay the loans once you return to better health.

For instance, NBFCs offers a medical emergency loan with Flexi Loan facility, which allows you to borrow funds as per your needs from an approved loan limit. It also allows you to pre-pay funds as per your convenience.

You can use the EMI calculator to evaluate your EMIs in advance and manage your loan account as per your repayment capability.

A High Loan Amount

While your health insurance may cover hospitalization expenses up to an extent, your financial requisites are not confined to hospital charges only. You are burdened with many pre-treatment and post-treatment financial obligations in case you fall ill. If your family is dependent on your income, they may face a financial crunch to meet daily expenses while you are undergoing treatment.

It gives you a high loan amount to meet various costs associated with the medical emergency. You can use the amount as required. For instance, NBFCs gives you a loan amount up to Rs.25 lakh.

Few NBFCs like Bajaj Finserv also provides special pre-approved offers on Medical Emergencies Loan. You can check your pre-approved offer by sharing a few basic details.

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