Why are Personal Loans Ideal for Medical Emergencies? - An online health& Fitness Blog to know more about health, fitness & food.

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Why are Personal Loans Ideal for Medical Emergencies?

As they name it, medical emergencies do not appear with prior intimidation or indication, and it just happens. And the worth part is that when it happens, all of us are not prepared for the consequences, be it on the health-wise, mental state of mind wise or personal finance wise.

Yes, some people can mitigate the impact with the help of health insurance. But it is also true and unfortunate that not everyone affords to have a medical policy. So, what’s the solution?

Personal loans turn out to be a great saviour for all those facing medical emergencies. Opting for personal loans for medical reasons can address several issues that any health insurance fails to address or serve.

Eventually, borrowers get the opportunity to gain a lot from it.

This post talks about the perks of having personal loans for medical emergencies.

Treatment At Your Any Preferred Hospital

When you get a personal loan, you don’t have to worry about which hospital fist the panellist of the insurance company. With PL for a medical emergency, you are eligible to get treatment anywhere as per your convenience and just simply pay the bills with the amount.

Flexible Repayment Tenure

You need not to make any lump-sum repayments towards the loan amount. Personal loan for a medical emergency comes with extendedrepayment tenure of almost up to 60 months. This empowers you to manage your finances easily as you can repay the amount through easy EMIs. The best thing about flexible repayment tenure is that you can choose for an EMI amount you are comfortable with.

No Collateral

As it is an unsecured loan, there is no need to pledge collateral to avail personal loan for a health emergency. This is very important as it relieves you from the worries of losing out the collateral if you get the default. In addition to that, you don’t have to worry about looking or arranging for collateral in case of any medical emergency.

Quick Approvals and Disbursals

Financial institutions comprehend the nature of the emergency you are going through that leads you to apply for a personal loan for a medical emergency. This is one of the biggest reasons they follow a minimal documentation process and complete the whole process of disbursal within 24-48 hours of eligible applicants. There are many lenders offering pre-approved loans to existing customers, and it takes only minutes of disbursal.

Minimum Foreclosure Charges

When you avail a personal loan, you get the opportunity to foreclose the loan account just by paying a minimal amount as foreclosure charges. In some cases, it is seen that the foreclosure charges are waived off completely. This way,the borrower can repay the loan amount before the completion of the tenure and can also save money on the interest cost.

Interest Rates are Competitive

Along with quick disbursal, minimum disbursal charges and a lot more, ICICI personal loan and other loan options are available at highly competitive charges. Usually, it starts from as low as 10.75%. This way, you can rest assured that you are not burdened with the interest cost while making the repayments.

Along with that, a minimum rate of interest also helps you to repay the loan earlier.
With so many perks, having a personal loan during an emergency is indeed a great saviour for us, and we cannot miss this opportunity. Please feel free to share your thoughts with us below in the comment section.
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