We don’t want to leave any chance when it comes to our own or loved ones’ health because we want them to receive the best medical treatment. Contrary to this, our financial situation often has a significant impact on the quality of medical care. A personal loan can be used to cover a variety of expenses in the event of a medical emergency. Hospitalization, medicine, rehabilitation, recuperation, equipment, medical expenses, nursing care, and other costs may be included.
Are you unsure which financing choices are available in a medical emergency? Then, let’s have a look at 5 Quick Loan Options for Medical Emergency.
1. Personal Loans
Personal Loans are often linked with people who seek short-term financial assistance in meeting their financial needs, such as acquiring a high-value item or renovating their home. However, if you’re having a medical emergency and need funds on an urgent basis, you can always opt for a Personal Loan. It is often a faster and more reliable source of funds in an emergency. You can get a loan as quickly as in a few hours if you are eligible for a personal loan. To see if you qualify for a personal loan, use the Personal Loan Eligibility Calculator, a free tool available on the Ruloans website.
Usually, you don’t need to provide any end-use justification for a personal loan so you can use it for any kind of medical procedure such as surgeries, rehabilitation, the costs of dental procedures, cosmetic surgery, accidents, and long-term and severe disease expenses, among other things. These loans are especially beneficial to people who have exhausted their insurance coverage or require funds for procedures not covered by insurance.
2. Credit Card
With credit cards, medical emergencies can be quickly funded by swiping their cards and then repaying the expenses by the next due date or you can convert them into easy EMIs depending upon your bank and card type. In addition, they can avoid steep interest charges in the form of credit card finance charges if they pay off their entire credit card bill by the due date. There are a lot of banks that provide instant loans against your card limits at very low rates during an emergency.
3. Gold Loan
You can apply for a gold loan if you have gold in the form of jewellery or coins. The interest rate is comparable to or even lower than that of personal loans. Gold loans are available from the majority of nationalized and private banks and a few non-banking financial institutions. The borrower gets funds immediately against their security in terms of Gold. The repayment period can range from 12 months to 3 years, depending on the financing partner.
4. Loan Against Shares, Mutual Funds And Insurance
In case of an unforeseen medical emergency, a loan may be your only option. While applying for a personal loan may seem like a natural urge, you may not always be eligible. The next best option is to take out a loan against assets, which allows you to rapidly monetize your securities without selling them to the insurance company.
When you apply for a Loan Against Securities at Ruloans, you choose to pledge a variety of financial instruments, including Stocks, Shares, Mutual Funds, Bonds, and more.
5. EPF Advance
You can seek a non-refundable advance on your EPF corpus for up to three months on basic pay (including DA) or 75 percent of your total credit balance against your EPF contributions, whichever is smaller. Though the EPF has a 20-day deadline to release the advance, automation has allowed the advances to be disbursed in just three days.
Undoubtedly, the most popular and handy loan choice for a medical emergency is a personal loan. However, making use of any of these funding options ensures that you are not compelled to dip into your savings or withdraw any investments before their maturity date. In some ways, it makes life easier for borrowers because funding through any of these channels takes care of the financial concerns associated with medical emergencies while not interfering with their financial plans.
Ruloans is India’s leading financial products distribution company that helps manage your financial needs be it Home Loans, Personal Loans, Loans against Property, Business Loans, Auto Loans, Credit Cards, Balance Transfers, and many more. Our vision is to be recognized for value creation, transparency, and the largest distribution capabilities in the financial industry. We also have an exclusive DSA Partner Program for several professionals to leverage their skills and make the most benefits. Ruloans is present across 1200+ locations with over 7000 employees, consultants, and referral partners. Ruloans association with ~150 financial institutions including banks, NBFCs, and Fin-tech gives a wide choice for customers to choose from. We help you borrow right.