Personal Loan for Surgery: Cover Medical Costs Easily | Unity Bank
5 min read | 3 months ago
Using a Personal Loan to Cover an Upcoming Surgery
Surgeries and medical treatments are often a spanner in the works, not just for their health and lifestyle implications, but also for their financial costs. More pressing is the fact that lack of funds often hinders access to quality medical care. For instance, the Lancet Commission for Global Surgery has estimated how 5,000 surgeries are necessary to meet the disease burden of around 1 lakh people in India and similar countries. However, as per reports, just 1,463 surgeries take place for every lakh of people, which is only 29% of the necessary count. At the same time, there were two crore surgeries performed in FY2019-20 with C-sections being the most-performed procedures.
Sounds confusing? It gets even more interesting when you consider reports that indicate how almost 27% of total deaths in our country take place due to the lack of medical attention. The core insight in this case is that funding is highly necessary in order to ensure good-quality medical treatment, particularly considering the rising costs of the same, particularly surgeries at top hospitals. So how do you cover the costs of an upcoming surgery? Here’s a guide to using an instant personal loan for the same.
Can You Use a Personal Loan for Medical Costs?
Demand has gone up for immediate loans online like personal loans, when it comes to meeting sudden costs and financial emergencies. The same holds true for medical costs like surgeries. In fact, personal loans can be used for any purpose, right from home renovations and repairs and higher education costs to weddings, buying gadgets, and more. Hence, you can easily apply for a personal loan to cover upcoming surgeries and other medical costs. Rather, this will help you arrange funding to meet these costs urgently without having to dip into your savings and investments or face financial hurdles. Often health insurance has several clauses and may be insufficient to cover surgery and associated costs. This is where you can swiftly apply for these loans to fill up the gaps with ease.
Here are some other aspects that you need to keep in mind:
- Personal loans are unsecured loans, meaning that you do not require collateral or security for the same.
- You can easily apply for your loan online or by visiting the nearest branch of the bank.
- You will mostly require your KYC documents, i.e. identity and address proof, along with your income proof (salary slips and bank statements), and proof of employment.
- Check your credit score (making sure that it is high enough) before applying for the personal loan.
- Compare multiple lenders based on their eligibility criteria, tenures, interest rates, and other terms and conditions.
- You can submit the application by uploading your documents and filling up the requisite forms, while also setting up your repayment mode.
- The bank will verify your application and offer approvals swiftly, before disbursing the funds into your account.
- Make sure you apply for a suitable amount that will cover your medical costs adequately along with choosing a suitable tenure and checking the processing fees and other charges carefully.
This is how you can easily apply for instant personal loans to cover upcoming surgeries and related expenses.
Types of Major Surgeries that Are Usually Required
There are various types of surgeries for which you can raise funds to cover their costs via personal loans. Some of them include the following:
- General Surgeries- Hernia, Laparoscopy, Cholecystectomy, Haemorrhoidectomy, and trauma
- Gynecology Surgeries including C-Sections
- Oncology Procedures
- Cardiology- This includes coronary artery bypass grafting, minimally invasive cardiac surgery, valve replacement, pediatric cardiac surgeries, and more
- Gastrointestinal Surgeries and procedures like endoscopy, inflammatory bowel disease treatment, hepatitis treatment, and liver cirrhosis management
- Neurology Surgeries- Epilepsy management, brain tumor surgeries, deep brain stimulation, and stroke management procedures
- Orthopedic Surgeries- This category includes spine surgeries, joint replacement, arthroscopies, and computer-navigated surgeries
- Organ transplants- Kidney transplants, liver transplants, heart transplants, etc.
- Cancer Therapy- Radiation therapy, chemotherapy, surgical oncology, and targeted therapies
- Cosmetic and plastic surgery- Liposuction, rhinoplasty, breast augmentation, and facelifts
- Dermatological surgeries
- Ophthalmology treatments- Cataract surgeries, glaucoma treatments, LASIK, retinal treatments, etc.
- IVF and infertility treatments- IVF, egg and sperm donation, and surrogacy
These are some of the major treatments for which you may require funds, while there are many others which are not covered in this list.
Conclusion
You can easily apply for personal loans to cover the costs of upcoming surgeries and their associated costs. However, you should make sure that you have a good credit score in order to get your loan sanctioned comfortably and with better terms and interest rates. At the same time, make sure you apply for a loan amount that will cover all costs of the surgery and even post-operative expenditure if necessary. You can keep a 10-20% additional margin within your loan amount in order to meet unexpected costs in this regard. On that note, here’s to financially taking care of surgeries with a strategic personal loan.
FAQs
1. What are some post-surgery costs that I may have to budget for?
If you are taking a loan to cover medical costs of surgeries, then you should consider post-operative expenses including transportation back home, doctor’s consultations, nurses and other personnel expenses, and medicine and rehabilitation costs.
2. Can I apply instantly for a personal loan online for medical emergencies?
Yes, if you meet the eligibility criteria, then you can instantly apply for a personal loan in case of any medical emergency. The lender will swiftly verify your application and sanction the loan accordingly.
3. Does the credit score matter for a personal loan?
Yes, the credit score is very important since it is scrutinized closely by lenders while verifying personal loan applications. You should aim for 750 or higher in this case.
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.
