Personal Loans for Medical Emergencies: How to Use Them
5 min read | 5 months ago
How Can I Use Personal Loans For Medical Emergencies?
Medical emergencies do not come with warnings (at least in most cases). Along with managing the emotional impact of these situations, the financial burden also deserves a mention. A report by Plum reveals how India has one of Asia’s highest rates of medical inflation at 14%. This increase affects the working population, with 71% of employees personally meeting their healthcare costs. At the same time, the problem is compounded by the fact that only 15% of the workforce in the country gets health insurance coverage from employers. The report also shockingly reveals how rising healthcare costs impact more than 90 million people since they exceed 10% of their overall expenses.
When it comes to meeting the sudden costs of medical emergencies, it is not always a good idea to deplete your savings entirely. You can rely on personal loans online to fill up funding gaps and conveniently repay them later. Here is a guide to the same in this article.
What Are Medical Emergencies?
There are a variety of situations that may qualify as medical emergencies. A mishap/accident may lead to severe injuries and bleeding. There may be sudden breathing difficulties and pain. An individual might collapse and require instant medical attention or even suffer from an epileptic seizure or fit. Heart attacks and strokes are other emergencies, along with loss of consciousness. Any unforeseen medical deterioration or mishap may warrant immediate hospitalization and treatment.
Why It’s Important To Be Ready For Emergencies
Being ready for medical emergencies is the need of the hour today. With medical costs rising drastically, bracing for the financial impact of any such situation is essential. At the same time, it is crucial to have a network of hospital and doctor contacts that can help at these times. Providing access to high-quality treatment is also vital to ensure proper treatment and recovery of the patient. It also requires sizable financial legroom. Too many people have seen their loved ones suffer due to low-quality or inaccessible care due to a shortage of funds. Some have had to completely deplete their savings and investments to meet the medical costs of loved ones. Not being prepared for emergencies is thus the worst move that you can make today.
Using Personal Loans For Medical Emergencies
You can use personal loans online to meet the costs of medical emergencies. Here are some crucial points worth noting in this regard.
- Personal loans offer instant funding for medical emergencies. It is because they require minimal documentation and are processed faster.
- Choose a lender with an online application process that takes only a few minutes. You should fill out the form with your details and upload your KYC and income proof documents to complete the process.
- The bank/financial institution will process the application, verify your documents, and give you an instant loan offer.
- You can accept the same and complete setting up the payment modalities before receiving the funds into your account in a few hours.
- Select an optimal loan amount without going overboard. However, if you cannot accurately estimate the costs of treatment and hospitalization, take a little more than you may require. It will give you some much-needed breathing space.
- Choose a tenure that helps you comfortably repay the personal loan. Remember that a higher tenure equates to more interest and vice versa.
- You can use your loan for any medical cost, including doctor’s fees, hospital charges, treatment/surgery costs, diagnostic tests, post-treatment care, etc.
Using personal loans online for medical emergencies often helps fill funding gaps due to inadequate insurance. It is helpful since you do not have to dip into your emergency funds, savings, and investments.
Conclusion
Personal loans can be lifesavers during medical emergencies. Hence, be ready to apply for these funds in any situation where immediate hospitalization or treatment is required. Also read the terms and conditions carefully before finalizing the loan agreement and opt for a lender with a hassle-free application process.
FAQs
1. Can personal loans be used to pay for surgeries?
You can use personal loans to pay for all your medical costs, including surgeries. You do not have to justify the purpose of the loan to the lender.
2. Can I get a personal loan online?
Many banks, financial institutions, and lending platforms provide personal loans online to customers. You can apply with your basic details and documents in a few minutes.
About Unity Small Finance Bank
Unity Small Finance Bank is committed to making banking simpler and more accessible for everyone. Our services include Savings Account, NRI account, Current Account, Fixed Deposits, and Personal Loans offering flexible tenures and attractive interest rates. We also offer financing options like MSME Loans and Microfinance to support businesses and underserved communities. Learn more about Unity Small Finance Bank here.
