Medical loans are the most important kind of financial instrument that comes to your aid in emergency. Whether you are going for a full-body check-up or you need to undergo a surgery, met with an accident or need to see a senior specialist, you can easily afford high-quality healthcare with a personal loan. Though there are health insurances to cover your medical needs, there are certain costs that are not covered by your health insurance. Also, if you do not have the cashless facility then you have to bear the entire cost and then claim for refund. In these scenarios, a medical loan stands as your best option for quick finance. You can easily apply for the loan on your personal loan app and within hours the loan amount will be credited in your account.
Benefits of a Medical Loan during Emergencies
- Medical Loan is much more flexible than health insurance
Most people think that having a health insurance is enough for medical emergencies. No doubt, having a medical insurance is a smart financial decision, but you must know that it will not give you end-to-end coverage. The cost of travel, expenses of your attendant, and other such miscellaneous costs are not covered by your health insurance.
Further, medical insurance is very restrictive and limits you in multiple manners, particularly on getting treatment in their network of hospitals. Thus, opting for a personal loan can offer you the freedom of managing your medical expenses on your term. You are completely free to choose hospital you want and spend the money as per your need. You can later raise a claim with your insurer.
- Medical Loan does not restrict the kind of emergencies covered
Medical insurance is very restrictive in terms of the scope of the cover. There are a number of terms and conditions that you need to fulfil. If you have an existing illness then the insurer may impose a waiting period. Also, there are a number of things that are not covered under health insurance. For example, dental care, cosmetic care, mental health care, or Ayurvedic treatments are not covered by health insurance.
Thus, opting for a personal loan for such medical emergencies makes sense. The best advantage of a personal loan for medical purposes is that there is no restriction. You get the money in your bank account from the lender and you can use it as per your own needs.
- Medical Loan is much cheaper than credit cards
Many people consider their credit card to be a good option for paying medical bills. But when the amount is higher and you cannot repay your credit card bill in one instalment, the interest levied on that is much higher than a medical loan. Your credit card may charge 20 to 30 per cent interest on your principal amount which is way more than your medical loan. Also, credit cards are revolving debt and unless you have enough money to pay at the end of the cycle, you will end up paying a lot of interest. A personal loan app offers you funds at much lower interest rates and as per a set plan for repayment.
- Medical Loan has much wider acceptance than credit cards
Credit card is a payment instrument and not a debt instrument. Unlike debit cards, credit cards operate within their own payment networks. This means that while you can withdraw cash easily from your debit card, withdrawing cash from credit card attracts high charges. When you take money from a personal loan app, you can take that money out from your account and use the cash anywhere you want or need. No need for special machines of any kind.
- Medical Loan is much faster than liquidating your investments
Liquidating your investments like selling off your stocks, withdrawing your fixed deposits or selling your property were popular ways in which people used to fund medical emergencies in the past. But the problem with these means is that they may take a lot of time and you might have to suffer a huge loss. Time is very crucial when it comes to medical emergencies. A personal loan app will provide you money almost instantly. Install the app, fill in your data, and you will have money in your account in a matter of minutes.
- Medical Loan allows you to keep your savings safe for future
You may think that using your savings is better than opting for a loan, but in reality, a medical loan is a smart way to handle your current crisis. You should never exhaust all your savings. It can help you in covering your other expenses or help you in case of an unforeseen event. Thus, rather than spending your savings you can invest it smartly and earn more interest on your investment than the interest on your loan.
- Medical Loan is much more reliable
As the last resort you may turn to your friends or family for the money. But whether they are able to help you or not is very unpredictable. Mostly people do not keep huge amounts in liquid cash. They also have their liabilities to take care of. As such, you cannot completely depend on your friends or family to help you cover the entire cost of your medical expense.
Finally, you have to consider the fact that a medical loan is much easier to repay than almost every other option. With easy monthly instalment you don’t have to worry about repaying your loan. You can choose the auto-debit option and the EMI amount will be auto debited from your account automatically.