It is a fact that healthcare costs today are high. Medical emergencies do not just affect the patient. They can leave a lasting impact on the family. During emergency medical admission, it is the family that needs to arrange funds. Ailments like stroke or organ failure require a large amount of funds for treatment and surgery.
The advent of personal loan is a boon for families caught in a medical emergency. With instant medical loans, things are different. However, the word medical loan may have some social stigma attached to it. Why take a personal loan for hospital expense, many ask. Well, there are 10 reasons why should take. Read on to know more.
- Personal loans are given for up to Rs 25 lakh
Medical emergencies treated in super-speciality hospitals are costly. These hospitals provide the best of treatment as well. On the flip side, the costs of treating patients there are high. If medical costs are scaring you, don’t be. Take a personal loan and repay later. Tata Capital provides up to Rs 25 lakh personal loan.
- Take treatment at the hospital of your choice
The cost of treatment should not force you to go to an inferior hospital. Money matters, but so does life. The number one reason why people shift to low-cost hospitals in terms of medical emergencies is a lack of adequate funds. With a medical loan, there is no longer that problem. A personal loan allows you to give your best shot when it comes to saving your loved ones, just as they would do it for you.
- You can easily apply online
Taking a personal loan for medical emergencies is easy with an online route. Use the ‘quick apply’ option if you are in a hurry or use the formal application page on the website to easily let the personal loan provider know of your requirement. With technological advancements, all it takes is a click.
- Minimal documentation
Instant medical loans in the form of personal loan can be obtained with minimal documentation. If you are in the age group of 22-58 years, have a minimum monthly income of Rs 15,000, and are in the same job for six months with overall one-year work experience, you are eligible. Just 5 documents are all it takes to make a swift loan application at Tata Capital.
- You don’t need to give any collateral
A personal loan is an unsecured product, which means there is no need to give any collateral like bank FD, property/car papers with the loan provider. Your assets remain yours. Being an unsecured loan, a medical loan taken in this way is also one of the fastest. Time is of the essence in medical emergencies. Since you don’t need to provide any collateral or guarantor, you can rest easy.
- You get funds very quickly
Once the personal loan provider has all your documents and the verification process is completed, money comes into your account very fast. For instance, Tata Capital generally takes about 72 hours for the medical loan amount to be credited to the borrower’s bank account. So, don’t delay the application. Use the online route to apply time of the day and the night, call customer support or walk into any nearest branch to apply for instant medical loans.
- You can keep your savings intact
Treating a family member or loved one does not need to destroy your savings. With a personal loan for medical emergency treatment, you do not need to liquidate all your savings like bank FDs, mutual funds, stocks, property, car and jewellery. Your savings remain intact since the money is given by the loan provider. Just remember to repay on time and stick to your repayment schedule.
- No undue pressure on your financial plan
There are informal moneylenders who also give medical loans. But these charge exorbitant interest rates. Credit cards are also an option, but they are expensive if you withdraw cash or use the credit card limit. Credit cards charge 40-48% annual interest. Using these routes to raise money for medical emergency treatment will upset your family budget. Do the smart thing. You can choose to take a personal loan from Tata Capital, starting at 11.25% interest.
- You can repay with flexible EMI options
Choosing the right EMI option is a critical decision. With flexible EMI options that cater to your needs, your timeline and your budget, a medical loan is easy to handle. Tata Capital’s Step-Up Flexi EMI Plan offers great flexibility. This repayment option allows you to pay lower EMIs at the beginning and as your salary increases, you pay higher EMIs. So, you repay more of medical loan when you can afford.
- No need to ask for money from friends, colleagues
When your back is against the wall, people seek financial help from everybody. But getting money from friends and colleagues is a social problem. Some people help but taking money from them hurts your pride. During medical emergencies, some people might help but they can reveal this to others and tarnish your social status. With instant medical loans from us at Tata Capital, there is no such risk. Your loan information is 100% private and is never shared with anyone.