Concerned that your savings will be depleted during a medical emergency? Apply for a Medical Loan to Get Financial Help!

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A medical loan can come to your aidwhen you or your loved one faces a serious health crisis. In the time of a medical situation, finance is the big question that stares at your face. Though you may have a medical insurance, the policy does not offer you end to end coverage of all the costs that come with a medical emergency. In addition to this, your emergency funds might also fail to suffice the need. As such, you are left with two options, either liquidate your investments or apply for a personal loan. In most cases, availing an instant cash loan is a smarter choice.

A salary loan has many benefits over liquidating your assets or selling off your properties. Firstly, it is easy to avail an instant cash loanĀ usingan online loan app.Secondly; it requires minimal paperwork and no branch visits that make it much easier for someone stuck at the hospital. Third, the interest rates on your personal loan are much lower than the interest rates you are getting on your investments, given you have made your investments smartly. Thus, many such factors make a medical loan the most suitable financial tool to handle an emergency.

Read on to know more about medical loans.

Medical Loans: What are they?

Medical loans are unsecured personal loans that you can use to cover the costs of a medical emergency. Simply put, such loans offer coverage for any expenses related to your medical treatment. Unlike a health insurance policy, there are no end-use restrictions with a medical loan. This means you can choose the healthcare provider of your choice, go for alternate treatment like Ayurveda or homeopathy, and get dental or cosmetic surgeries, IVF or weight loss surgeries without giving any explanation. It also does not require you to submit your medical documents which make the process much simpler.

Medical Loans: Who should apply for them?

A person having a solid credit history, stable monthly incomeand low debt-to-income ratio is eligible for medical loans. Also, people who work with reputed organizations like in a government jobor with an MNC, they can enjoy the most favorable terms on the loan. So, if you satisfy the eligibility rules of the lender and have the capacity to adjust the EMI in your monthly income effortlessly, then going for a medical loan can be a smart decision.

Also, availing a medical loan makes sense when your treatment cost is not covered by your medical policy. For example dental treatment, cosmetic treatments, IVF or mental health illnesses are not covered by many health policies. In such cases, an instant cash loan can come to your aid.

You insurance may not cover the hospital of your choice or the treatment you want. For example many insurance policies do not cover Ayurvedic therapies or naturopathy treatments. In such cases also you can avail a medical loan.

Though you can avail a medical loan to take care of your medical expenses, it should never be treated as a replacement for a health insurance. Having the right health insurance is a must for every individual.

Medical Loans: Things to Consider when opting for them

Here are some considerations before applying for a medical loan.

  • Rate Comparison is a must

Interest rates for a salary loan vary from lender to lender. Note, the gaps in interest rates are big sometimes. This is why, you must always compare the interest rates offered by different financial institutions before applying for a loan. You can then pick the one that best matches your budget and requirements.

Since a medical crisis can hit you at the worst of times and the stress can impair your decision making capacity, it is always recommended to be prepared with a list of preferred lenders. You must download a loan app and do the necessary analysis beforehand. So, you can apply for an instant cash loan with the most favourable terms when the emergency hits without wasting time.

  • Opt for affordable EMIs

Before you submit your loan application, there are a few crucial calculations that you must do. These include the loan amount you want to apply; the EMI that you can fit in your budget and a loan tenure that would keep your interest pay outs affordable.You can use an online loan calculator to make these calculations.

You can make your EMIs more affordable by lowering the loan amount or increasing the loan tenure. But you have to make sure that the loan amount suffices your needs and the loan tenure is not too long. Long loan tenure increases your interest rate, increases your loan burden for a longer duration and impacts your future credits.

  • Having a good credit score helps

You must always keep a tab on your credit score. Having a good credit score not only helps in availing a salary loan but it also gives you the power to negotiate the terms of your loan. You can avail the loan at a reduced interest rate and ask the lender to waive off the processing fees.

In case, your credit score suffered because of negligence in the past, you can work towards improving your credit score. Make sure to be regular with your EMI payments, avoid defaulting on your loan, keep your credit card utilization less than 30 per cent and avoid applying for multiple loans at once.

  • Choose a reputed lender

If you are applying for a salary loan to cover the medical expenses make sure to go for a reputed lender. This is very important to choose the right lender to have a smooth borrowing experience. The right lender assists you with timely reminders on your EMI, they assist you with payments and answer all your enquiries. Most importantly, they update the credit bureau with the right details and give you the NOC without fail.

Online loan apps offer great customer service as they offer maximum flexibility in terms of loan repayment. They also keep you updated with the latest information, deals and promotions. They also offer complete transparency on your loan account. This makes your borrowing experience very smooth.

  • Check the Miscellaneous Charges

Financial institutions levy a host of charges, including processing fees, loan application fees, pre-closure charges, loan transfer charges, late pay penalties etc. It is very important to check these charges as some lender levies very high charge on these. Compare these charges from different lenders and go for the one that offers you the most affordable charges.

Medical Loans: Features and Benefits

The various features and benefits of medical loans are listed below:

  • Fast Approvals

To apply for an instant cash loan, you should start by first checking your eligibility. If you are eligible, you should fill out the form and upload the mandatory documents. If your paperwork is in order, you can get a medical loan within 24 hours.

  • Attractive Interest Rates

If you compare the different medical loans, you are sure to find a cost-effective option. Use a loan EMI calculator to know the monthly instalment amount. Remember, your EMI could vary depending on the loan amount and tenure.

  • No Collateral Requirement

If you are taking a salary loan for meeting medical emergency expenses, there is no need to provide any collateral. The lender offers this loan just based on your past credit profile and your monthly income.

  • Cheaper than Credit Cards

If you swipe your credit card for paying medical bills, you could end up paying a very high interest rate. On the other hand, if you take a medical loan, your interest rate would be much lower than the credit card.

  • Wide Choice in Loan Terms

Medical loans come with repayment terms ranging from 36 months to 60 months. Going by your budget, you can choose a loan tenure that best matches your interests. You can also choose the date and time on which you would want the EMI to be deducted. Thus, if your salary gets credited on 7th, you can have your EMI deduction date as 10th.


Medical diagnosis or treatment should never be delayed. You must cater to these emergencies on priority. With an instant cash loan, you can easily accommodate the cost of medical tests and treatments without straining your monthly budget. A medical loan allows you easy repayment option in terms of equated monthly instalments. However, before you avail a salary loan, you must do your due diligence and put some efforts to choose the right loan offer.


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