Healthcare can be an expensive affair in present times, especially if you don’t have sufficient health insurance cover. Further, if you don’t even have adequate funds to fall back on, you’ll find yourself in a tight spot. In such a case, what you need is a medical personal loan. With the rise of new-age lenders who leverage technology for speed & convenience, availing online medical loans has never been easier. Getting a loan for medical treatment can be a tedious task if you approach a traditional lender, especially because of their slow, outdated process. In times of need, a medical emergency personal loan from online player saves you time and hassle of running around for money. One such new-age lender is CrediFiable that offers fast personal loans for medical procedure at competitive interest rates.
What is a Medical Emergency Personal Loan?
A personal loan for medical treatment is an unsecured credit which you repay with interest over a pre-determined period of time. This is different from the health insurance cover where you pay a fixed annual (or monthly) premium andthe insurance provider then foots the bill whenever you or the insured family members undergo a medical treatment that requires hospitalisation.
Most of the salaried customers usually have a medical insurance cover provided by their employer. Even if not salaried, you can always buy the health insurance. But most of the medical treatments that require intensive care are expensive and a mere insurance cover may not suffice. Also, there are several exclusions in the health insurance plans. This is where online medical loans come into play.
What Sort of Treatments Can Online Medical Loans Cover?
The best thing about a loan for medical treatment is that it covers about every medical need that may arise in the time of need. You can use a medical emergency personal loan for just about anything. From the expenses of medicines, to room-rent and definitely for the medical procedures. Once we sanction the loan to you, we do not ask you to support the use of funds with any documentary proof.
Why Should I Opt for a Loan for Medical Treatment When I Already Have a Health Insurance Cover?
Health insurances generally tend to cover expenses only for in-patient treatments. And even for the medical procedures where a patient needs to get admitted, most of the health insurance policies have reservation clauses. We list below 5 reasons why it makes perfect sense to take medical personal loan in times of needs, even when you have a health insurance:
1. Fast Personal Loans for Medical Procedure Can Help You Finance the Co-Payment Component
Most of the health insurance policies come with a “co-payment” clause. Generally, the extent of co-payment at your end is towards 20% of total bill. Now, for any of the sophisticated surgeries the bill can run upward of Rs. 5 lakhs. If you have sufficient medical cover, at 20% co-payment clause you would still need to foot the bill of Rs.1 lakh from your own funds.
With expenses anyways soaring during time of medical emergency, opting for a medical personal loan makes sense with the option to repay in easy monthly installments later.
2. Medical Emergency Personal Loan Does Not Come With “Waiting Period” Clause
Whenever you take a health insurance plan, you are not covered from day-1. Most of the policies typically have a waiting period of 30-90 days before they would cover the medial expenses.
Medical emergencies don’t come with as per plan and can strike anytime. In such instances, you can resort to fast personal loans for medical procedure without disrupting all your financial planning.
3. Medical Personal Loan Covers Pre-Existing Diseases Too
Apart from the generic waiting period clause, the medical insurance policies also come with a waiting period for pre-existing medical conditions. Most of the policies will not provide for medical expenses incurred due to a pre-existing disease for a period of 2-4 years. Say an insured person had high blood pressure at the time of buying the policy. Now if he gets a stroke then his policy will not cover for the treatment before the pre-existing disease waiting period window gets over.
But one does need money for medical expenses. Think of online medical loans from CrediFiable as a fast & hassle-free source of funds in all such situations.
4. Loan for Medical Treatment Can Cover the Expenses out of your insurance cover
Even if you are well-past the waiting period of the insurance policy, it is not necessary that your health insurance cover would be sufficient to meet the total expenses. Moreover, there are pre- & post hospitalization expenses such as regular check-ups, in-home treatments and expensive medications. A significant financial outlay is required for all medical overheads. A medical emergency personal loan comes in handy when you face such situations.
5. Online Medical Loans Can Cover Just Any Expense
You can put the funds from medical personal loan to any use. Once we have sanctioned the loan, we do not ask for documentary evidence to justify the use of funds. Most of the health insurance plans do not cover specific illnesses such as cosmetic surgery, dental implants, fertility treatments etc.
But you can take a loan for medical treatment for all such procedures and breathe easy on your finances.
What are the other things I need to know about fast personal loans for medical procedure?
As a general guiding principle, you must make note of the following loan terms before you take medical personal loan:
Interest Rates on Your Loan for Medical Treatment
Just like your insurance cover comes at a premium, the loan also comes with the interest cost. CrediFiable offers you unsecured online medical loans for an interest rate fom 10.99% to 23.5% charged on reducing balance. We would carry out a holistic risk appraisal to give you the best interest rate as per your profile.
Amount of the Medical Emergency Personal Loan
Personal loans are unsecured in nature and usually come with an upward cap. CrediFiable offers medical personal loan for an amount between Rs. 1 lakh – Rs.5 lakhs. So, it is always a best practice to have a health insurance cover and take a personal loan as an additional source of funds in times of medical emergencies.
EMIs and Tenures of the Medical Personal Loan
Whenever you take the medical emergency personal loan, make sure that the loan repayment suits your financial plan. Choose an optimum loan tenure for repayment. Too long a tenure and you end up paying higher total interest. Smaller tenure means higher monthly instalments. So, choose the repayment tenure accordingly. At CrediFiable, we offer a loan tenure between 6 months – 36 months to suit requirements of different borrowers.
Disbursal TAT of Online Medical Loans
Whenever you need loan for medical treatment, the speed of money disbursement is key. CrediFiable has a fully online loan process. You just need to fill a simple online application form, and then upload relevant documents. After you upload the necessary documents it takes us just 3 working days to credit money into your account. Thus, we give you access to fast personal loans for medical procedure.
As the last word, make sure you buy a health insurance plan. It is one of the essential elements of your overall financial budgeting. But whenever the medical emergency strikes and you find the insurance cover insufficient, you can always opt for online medical loans.