Perhaps the best lesson learnt from the COVID-19 pandemic is that a medical emergency arrives without forewarning. Though no-one falls prey to illness on purpose, even healthy individuals cannot be said to be completely immune to disease. Recent years have witnessed a surge in lifestyle-related disorders, particularly in young people. Given the exorbitant costs of quality medical care, many people buy medical insurance lest an unforeseen health emergency should arise. What anyone needs in a situation of medical emergency is access to instant funds for meeting crucial hospital and medication expenses. This is why a personal loan can be an ideal option during a medical emergency. Here are five reasons elucidating why:
1. No Restriction on Hospital & Medical Procedure
A personal loan can be used for multiple purposes such as a wedding, higher education, or medical expenses. Likewise, if utilized to meet a medical emergency, the funds from your personal loan – unlike a medical insurance policy – can be used to seek the treatment you, or a loved one, may require at any hospital of your choice. Additionally, there is no restriction on the type of medical procedure either.
2. Easy Application & Swift Disbursal
The application procedure for a personal loan online is quick, easy, and completely hassle-free. With minimal documentation and quick approval, a personal loan saves you the inevitable stress associated with running from pillar to post to arrange funds during a medical emergency.
3. Flexible Repayment Options
A meticulous plan for your future finances is the last thing on anyone’s mind in the event of a sudden medical issue. A personal loan allows you to repay the amount in easy, affordable, Equated Monthly Instalments (EMIs) that are tailored to suit your budget. Banks typically offer an extended repayment tenor of up to 60 months.
4. Collateral-Free Funds
A personal loan is an unsecured loan, which basically means there is no need to pledge any collateral for availing yourself of such a loan. This frees you of the worry of having to arrange for collateral in the hour of crisis. It also means there is no wastage of precious time spent on identifying the cost of various assets or waiting for them to be evaluated by the lender to obtain a loan.
5. Meet Additional Expenses
With so many benefits, a personal loan availed during a medical emergency can indeed be a life-saver. Just try to make sure that you do not avail too much more than the amount you would tentatively require. If you are looking to apply for a personal loan online, one of the best options is the Indus Easy Credit personal loan from IndusInd Bank. With features like instant verification and super-fast approval within minutes, this loan has a 100% digital, paperless application procedure, ensuring instant and smooth access to funds even via your smartphone.