Advantages of Availing a Personal Loan For Medical Emergency

In the face of a medical emergency, you have two options for financial assistance: an insurance policy or a medical loan. These can greatly complement your emergency fund and keep you from exhausting your savings. However, it isn’t uncommon to rely on a policy only to realise that the required illness isn’t covered for. This is where other instruments like a personal loan or a medical emergency loan come in handy. Such loans give you access to funding that has no spending restraints, essentially allowing you to access any treatment, without compromises.

This is just one of the many benefits that this loan offers. Keep reading to understand why a personal loan is apt for handling medical emergencies.

Grants Access to Funding in a Collateral Free Manner

When you’re considering a medical loan, the first thing to look for is accessibility. If you have to fund time-sensitive treatments, then a personal loan is your best bet as you aren’t required to pledge any asset as collateral. This makes it easy for you to get access to the amount that you need without waiting for additional verification and long-winding procedures. A particularly notable option is the Bajaj Finserv Personal Loan for Medical Emergency, as you can get up to Rs.25 lakh, which allows you to cater to medical emergencies comfortably.

Gives You The Benefit of Near Instant Finance Owing to Quick Disbursals

Another advantage of borrowing via a personal loan is the fact you can get instant funds through speedy disbursals, provided you choose the right lender. This is a given with Bajaj Finserv as you get approval in 5 minutes and have the entire approved sanction disbursed to your bank account within 24 hours. In a medical emergency, having instant access to cash can help you get the treatment you require in time without any costly delays.

Allows You to Get Treatment at a Hospital of Your Choice For All Ailments

A common shortcoming with insurance policies is that you may not always get coverage for all treatments or you may find that the hospital nearest to you doesn’t fall under the policy’s network. This is a major inconvenience and opting for a personal loan is a great way to combat it. This is because the funds have no spending restrictions and you can get medical assistance at any hospital for a range of treatments.

Simplifies Repayment thanks to flexible tenor options

Once you’ve decided to go with a medical loan, you should also note that you can tailor repayment to your convenience, provided you pick a good lender. To identify one, compare lenders based on their personal loan interest rates, tenors they offer, and value-added features. For instance, Bajaj Finserv Personal Loan is ideal as it has competitive personal loan interest rates and allows you to opt for a tenor of up to 60 months. Based on this, you can choose to repay over a short or long tenor, based on your capabilities. By using the personal loan EMI calculator, you can streamline repayment by planning beforehand.

Addresses Recurring Cash Needs With the Flexi Loan Feature

Not all medical emergencies can be treated in one visit and in many cases, you may have to pay for multiple treatments over a period of time. In such instances, opting for the Bajaj Finserv Flexi Personal Loan facility is a smart choice as you can draw from your sanction as many times as you require, while paying interest only on the portion that you’ve withdrawn. This allows you to keep your costs in check and meet your recurring needs with ease, without submitting paperwork each time. 

The aforementioned features are proof that it makes sense for you to get a personal loan from a leading lender like Bajaj Finserv when faced with a medical emergency to handle all the expenses that come your way. Not only does this medical loan offer an ample sanction, but it also provides you with much-needed financial flexibility. Additionally, applying for it is straightforward. To get started, you can check your pre-approved offer for a customised loan deal.