Let’s face it. We all have been stumped by the hike in cost for medical treatments in India. Many of us are so busy with work, seldom falling sick, to actually know what are the costs for medicines and medical procedures. Some of us may own a health cover, but we would hardly bother checking what the plan entails or what are the benefits we receive from it?
We buy these expensive heath covers without even estimating how much would actually be required in times of a medical emergency. It’s like buying smaller sized jeans, not knowing that you might need a stretchable one.
Rising Medical Cost in India
With pollution, lifestyle changes and common vices lead many among us to visit the hospital for medical treatment. The idea to check on your health and get well is the right one, but that does not necessarily go well on the wallet.
We know that technology has reduced the time taken for certain medical procedures to be conducted. But, it has also increased the cost of maintenance and procurement in hospitals. Add to that, the expertise to run these medical machines means only skilled technicians have to be employed. This expertise is again scarce. Most of the machines are imported, which makes it hard to find local skilled technicians.
The doctor fee has gone high due to the level of experience commanded by specialist doctors and surgeons. These high prices and medical costs won’t do any favor to India’s massive uninsured population. The Modi government’s push for the National Health Protection Scheme, which provides cover of up to Rs. 100000 per family, has not yet gained steam. With Rs. 100000, you can barely be able to pay for the consultation fees and a month’s treatment put together.
We hear about the grievances of the common man with regards to either the cost of medicines being high or surgeons performing multiple surgeries, when the patient actually does not need that much in terms of treatment.
The cost soars even higher when patients occupy a higher category of wards or when the patient has an extended stay at the hospital. At this rate, a medical insurance cover will fall short in covering the entire treatment cost. So what can be done to tackle the high medical cost in India? Is there any avenue or remedy to cure the sudden emerging of a medical emergency? Can a medical personal loan help? If yes, then who is the best medical loan provider in India?
Medical Loan in India
Majority of salaried individuals do not receive a medical insurance from their employers. Many of us don’t feel the need to get medically insured at an age where we feel we are hale and hearty. What’s the point of medical insurance? Many of us think, “Why should we spend a part of our monthly savings on a medical insurance?” That cash can be spent elsewhere.
When going for a medical insurance, the applicant’s age, health history, past diseases and present medical condition is taken into account. That does not happen for a medical personal loan. Another issue cropping up is the extent of coverage offered for terminal illnesses such as cancer. Midway through the treatment, the medical insurance cover could run out.
Many of us are salaried and have never given a serious thought to medical expenses or an emergency fund. We know life is unpredictable, there are highs and lows. High is when we see our career and personal life get a green day, and low is when we are struck with ailment or an accident that hampers our chances of reaching our life’s goals.
A financial cocoon is therefore needed in order to help us get out of tricky medical emergency situations. A medical loan falls under the category of a personal loan. They can be availed for obvious medical contingencies such as health scares, medical needs, surgery procedures, therapy or any other grave health concerns.
Being an unsecured type of loan makes a medical loan apt for emergency situations. Not everyone can afford a really solid health insurance plan which will protect them from all possible medical uncertainties. Medical expenses may include anything from prescription bills to hospitalization bills.
A work hard, party harder lifestyle might seem full of bliss, but a sudden health scare can knock your carefree attitude into oblivion. We all are working so hard in our professional lives trying to reach new heights in our career. We are working non-stop, looking at different opportunities in life where we can excel and do our best. We are engrossed so much in what is happening in our lives, that we turn a blind eye towards health – both ours and that of our loved ones.
Medical Personal Loan at Loan Singh
The unsecured aspect of a medical loan in itself makes it a potent financial solution in dire straits. Suppose you remove the offline paperwork, delayed verification, repeated trips to the bank and delayed approval, from the medical loan availing process.
And then you turn the process online, with only 3 documents (to be uploaded), an approximately 5-minute application process and doing all this from the confines of your home. These features, my friends, make an online medical loan even faster to avail.
An online medical personal loan is a fantastic option during times of medical duress. Sometimes, your savings might not cover an expensive medical procedure or a prolonged treatment. You might sometimes need to supplement your emergency fund with a shot of cash from other sources.
You might sell your hard-earned property or break some investments, and if all this does not work, then you might think about applying for an online medical personal loan. It is true that a number of traditional lending institutions provide medical loans. But, isn’t an emergency medical loan synonymous with quick, instant and requiring less paperwork?
The doctors might need you to pay the cash up-front or pay each day as the treatment goes. In such cases, applying for a medical loan through manual applications and waiting for a long overdue approval makes no sense.
In India, health insurance is definitely popular, compared to an online medical loan. This is simply because we have it in our minds, that a medical insurance is actually cheaper, but that is not the case. A medical loan can be availed and then paid to a doctor/medical institution upfront. This obviously makes a medical loan scalable for a number of health ailments.
So, what’s the best source of emergency medical funds during accidents? How can you pay the doctor’s fee towards lengthy treatment? How to apply for an instant medical loan? Are there any online medical loan providers in India? The single answer to all these questions is Loan Singh.
Medical Personal Loan Eligibility
The eligibility criteria for an online medical loan with Loan Singh are:
- Salaried (receiving a monthly salary directly into your bank account)
- Indian and above 21 years of age
- A credit-worthy repayment history
- No collateral needed
Benefits of Online Medical Personal Loan
The benefits of applying for an online medical personal loan are the same as that of applying for an unsecured personal loan online. And because you can apply for it online, you have the freedom for applying for it from the confines of your home, hospital lobby, outside the doctor’s consultation room or the operation theatre. Its benefits include:
- A medical loan is affordable
- You get an instant loan pre-approval
- There is no security deposit
- There is no collateral involved
- You pay easy EMI repayments
- The application process is fully online