Medical emergencies do not come knocking on the door carrying help on its back. About 30% of the people in India die alone due to a lack of funds or not getting the required medical care. So, what do you do when you are hit by one such emergency?
Do you splurge all your savings for a loved one or rely on cash loans online that come bearing high-interest rates and get you into the vicious cycle of debt? Cash loans online are big-time red alerts as they affect your credit score and further loosen up your ability to take other types of loans.
The best solution is to take a medical emergency loan in India in such medical emergencies. You also might want to avail of medical insurance, but these insurances do not come with a silver spoon and do not cover up all the expenses leaving you empty-handed at times.
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Here is a small guide on why a Medical Loan can be more effective than using your hard-earned savings can save your life:
1. Keep Your Savings for Future Use
As medical emergency loan in India is readily available up to any limit, you don’t need to use your savings fund. In this way, your savings remain intact, and you can be less burdened as medical emergencies can put you through great pain and agony. You can use the medical loan to cover a wide range of expenses and not have to think twice as in the case of savings.
2. Access to Better Healthcare Facilities
A medical loan allows you to explore top-notch facilities for you and your loved ones as the expense is already being taken care of. The Covid -19 is one of the finest examples of why emergency loans in India are no less than genie. You can never save enough for medical expenses, which are highly unpredictable.
3. No Collateral Required
Unlike any other loan, a medical loan is free from collateral. Hence, you do not have to fear keeping your assets at risk while going through a medical emergency. The lender will not demand any asset of value against the loan taken. The required loan amount is disbursed to you without putting in any security.
4. Smooth Documentation Process
The process of taking a medical-related emergency loan in India involves minimum documentation. To apply for a medical loan, you will require only a few documents. Here are they:
i. Aadhar card
ii. Address and Identity proof
iii. Income Certificate
Keep these documents readily available, as you might not plan emergencies, but you can always plan the process.
5. Fast Approval
A medical loan gets faster approval than any other loan, and no time is wasted for getting the application approved across departments. The different calculations and procedures happen alongside applying for the loan, getting you instant approval without wasting any second.
Loan applying = Instant approval.
6. Customizable Repayment Options
As it might happen during medical emergencies, your saving might get washed up, and you might need to beg or borrow. Medical loans come with easy repayment options with an average 12-60 months tenure. You can always use a medical EMI calculator to help you check on your repayment capacity.
7. Choose the Best Hospital for Your Loved One
The best services come at a cost, and a medical loan can help you overcome the cost. We all want our best for our loved ones, and it is alright to go high-end when life is in question. However, your savings might not provide you with the best, so this emergency loan in India will safeguard you.
Medical emergencies can be extremely tiring and taxing. They will test your endurance and intelligence at once. The repeated waves of the COVID -19 pandemic are appropriate warnings that you should keep your finance game A-grade.
We can never plan medical emergencies, and hence if you do not have enough savings, medical loans can be a great alternative to putting all your faith in savings or cash loans online. Medical loans have saved more lives than ever and answer all prayers.
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