Though healthcare in India is cheap, it’s still not affordable for most Indians. About 23% of sick can’t even afford healthcare expenses that are too steep for their budget.
Even if you’re earning decently, a medical emergency can occur anytime. It could be a major life-threatening event like an accident or a sudden cardiac arrest. Such medical emergencies can wipe away your financial savings.
A personal loan for a medical emergency can be a lifesaver in such situations. You can apply for a personal loan and get instant funds to meet your medical expenses. Thanks to low-interest rates and flexible repayment terms, you can repay your personal loan without any hassle.
Here’s all you need to know about financing your medical expenses with a personal loan.
Why Should You Get a Personal Loan for Medical Expenses?
People tend to save money to ensure they’re financially prepared if a medical emergency arises. However, using your savings for healthcare is never a wise option. Let’s look at the average cost of the five most common critical illnesses in India.
- Cancer: Rs. 2,000 to Rs. 15,000 per test, followed by over Rs. 8 lakh on treatment.
- Heart Attack: Over Rs. 4 lakh for bypass surgery, followed by Rs. 5,000-10,000 for medication.
- Angioplasty: Rs. 40,000 to Rs. 2.5 lakh, depending on the hospital
- Stroke: Over Rs. 10 lakh
- Kidney Transplant: Up to Rs. 7 lakh
Source: Treatment cost for 5 most common critical illnesses (futuregenerali. in)
Clearly, the cost of healthcare can be high, and for most people, these costs can exhaust a substantial amount of their savings. A medical emergency loan enables you to protect your savings while ensuring that you receive the best medical treatment. You can pay off all your medical bills with the loan amount and then repay the loan at your own pace.
Benefits of a Personal Loan for Medical Expenses
Taking a personal loan to meet your medical expenses have many benefits. Here’s why you should get a personal loan.
- Quick Approval: An instant loan online follows a paperless application and approval process with minimal documentation which makes it quicker to obtain approval. Once you submit all the needed documents and meet the eligibility criteria, the approval takes less than 72 hours. Hence, you can fund your urgent medical expenses.
- Generous Loan Amount: Leading and trusted loan providers, like Early Salary, offer personal loans ranging between Rs. 8,000 and Rs. 5 lakhs. A high loan amount like this is adequate to fund the treatment of any medical emergency.
- Coverage for All Conditions: You have complete control over the loan amount you receive. You can use it for all types of medical conditions and expenses — doctor fees, surgery, medicines, and more.
- Low-Interest Rates: You can get a personal loan for a low-interest rate of 9-10%. Early Salary offers loans at interest rates as low as Rs. 9 per month. If you have a decent income and a high credit score, you can lock in lower interest rates easily from any lender.
- Flexible Repayment Terms: You can select the repayment tenure between 12 and 36 months as per your convenience and repay the loan on your terms.
- No Collateral Needed: Since a personal loan is an unsecured loan, you don’t need any collateral to get the loan. Therefore, you can have peace of mind during an emergency without having to worry about arranging for collateral.
How to Apply for a Personal Loan for Medical Expenses?
Early Salary offers a seamless loan application process. All you need to do is fill out an online application and provide the required documents.
Follow these steps to get a personal loan.
- Visit our Personal Loan for Medical Emergency page. Click on Start Your Application.
- Enter your phone number and OTP to begin your application.
- Fill in the application details, including your personal details, loan amount, interest rate, repayment tenure, etc.
- Provide the required documents. You’ll need to produce your PAN card, Aadhar card, photo ID proof, address proof, bank statement, salary slip (if salaried), or income tax returns (if self-employed).
- Ensure a healthy credit score. Your credit score will play a vital role in determining your loan amount and interest rate. Ideally, your credit score should be over 750.
Medical expenses are inevitable and unplanned. It’s important to be financially prepared to handle your medical bills while ensuring you don’t wipe your savings. A personal loan is an excellent option to fulfill all your medical costs while protecting your savings.
Early Salary offers a personal loan up to Rs. 5 lakh instantly at an interest rate of as low as Rs. 9 per day.
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