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Don't put off that medical procedure, get this loan to fund it

By Team NewsableFirst Published May 19, 2022, 6:33 PM IST
Highlights

Taking a loan to fund these medical expenses is the only way out at such times – the following sections explain how.

It is something you have never wished to think about, for yourself and your loved ones. You fear that you or a family member will develop some serious ailment that requires surgery, long treatment and an even longer period of rehabilitation. But however much you fear this situation, you must be monetarily prepared to meet it if it ever transcends from your mind to real life. And being prepared with the best financial option is important so that you don’t waste time scrambling for funds later on and wasting precious moments.

Medical treatment is costly…

It is well known that medicine and surgery costs are prohibitively expensive in India. The costs rise exponentially every couple of years. A single hospital stay comprising surgery and post-operative care can set you back by a few lakh Rupees. One may have medical insurance to cover the costs, but what happens when one does not have a mediclaim policy? Also, medical insurance has certain deductibles so the entire range of costs may not be covered. Not all policies offer comprehensive coverage, so several expense heads must be met out of pocket.

Taking a loan to fund these medical expenses is the only way out at such times – the following sections explain how.

How a ‘medical loan’ helps

At first glance, you might mistake the term ‘medical loan’ for some form of funding that the hospital provides. However, it is nothing but a personal loan that you can use to fund a medical procedure or treatment. The loan helps you pay the gamut of costs associated with a certain procedure, from diagnostic tests to hospital costs and daily medication. 

Taking a personal loan solves the dilemma of how to raise money for the procedure quickly. It is the best avenue to explore because:

  • The loan is disbursed quickly, sometimes in just a few hours from applying for it on a good personal loan app. This is useful during medical emergencies since not much time is lost 
  • The lending institution does not ask you why you need the money or whether you intend to use it in phases. The loan is disbursed in a lump sum amount upon checking the applicant’s credit score and other financial details. The money can be used immediately upon disbursal
  • The personal loan tenure is quite short, sometimes spanning a few months. Thus, the loan is repaid relatively quickly and you can become debt-free much faster
  • If you have never borrowed a personal loan before, you can avail of it from a leading personal loan app. This helps you build credit for future loans
  • You don’t need to dip into your savings, borrow money from friends, or liquidate any investments to raise the money for the procedure. The personal loan is able to meet your requirements fully on the strength of your personal financial credentials

How to get a personal loan for a medical procedure

The best instant loan apps work on smartphones and can be installed with ease. Once set up, you can apply for the medical loan and get the money disbursed in a few hours from the document acceptance and approval.

  • Start by checking the personal loan in detail. Check the loan’s interest rate, eligibility criteria, your loan eligibility, processing fees, late payment/default penalties, list of documents, repayment terms and modes. Initiate a call back if you have any questions.
  • Check your eligibility and apply for the required loan amount. Meanwhile, keep your documents’ set (self-attest the set) ready to be picked up from your residence. The documents are submitted to the app office and verified.
  • Once verified and the required background checks performed, the app approves the loan request and disburses the amount to your bank account.
  • Use the loan money to pay the hospital deposit, surgery fees, doctor fees, and other costs.
  • Repay the loan in flexible EMIs every month till its tenure. You can also make periodic repayments to close the loan faster. Never default on EMI payments since this will tag you as a defaulter and lower your credit score considerably. Future borrowings may be difficult to come by if your repayment history is scrutinised.

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