What is an emergency? Is it “Abey bathroom sey bahaar nikal, emergency hai yaar”? or “Kuch paisey hain kya? Bohot emergency hai yaar life mein”.
The actual definition of ‘Emergency’ states it as a “serious, unexpected and often dangerous situation that requires immediate action”.
Here, we have put down 3 instances of real-life emergencies that compel us to shell out cash.
Just like uninvited guests, medical illness, ailments and travails come unannounced. A terminal disease like cancer or an accident can turn your regular life’s cycle into disarray. Most millennials are already covered thanks to insurance policies, but despite all the benefits that medical insurance provide, a medical personal loan can still trump a medical insurance. More on this later…
House repairs are quintessential when it comes to prevention from the torrential rain, faulty wiring, and cracks due to damage. These emergencies call for quick decisions. The more you delay, the worse your house will get. Insurance on your house can be claimed later, you need a quick fix to pay for this emergency. A home improvement or home renovation personal loan fits perfectly.
Learning has no cut-off age. One can learn every day as long he/she lives. The same happens at one’s workplace. In order to climb the rungs of the success ladder, you need to be skilled and knowledgeable enough to face different vocation-oriented challenges. The opportunity to shift to a higher position can come suddenly and it is an emergency in the context that, you need to be ready to get things on track (pun intended). You can apply for a personal loan.
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 you from all possible medical uncertainties. Medical expenses may include anything from medical 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 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 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 mind, 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 answer to these questions is…Loan Singh.
Medical 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 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
Medical Insurance Benefits
Medical insurance has a number of benefits. There is no doubt about that. Some benefits that can be availed by a medical insurance policy holder are…
- A medical insurance can also cover alternative treatments such as Ayurveda or Homeopath. This however is covered with only some medical insurance providers.
- Health plans in India also cover free medical checkups, but it needs to be within the predetermined limit of the medical plan chosen.
- Day care treatment is sometimes covered within a medical plan. This includes medical supervision at home. This can be availed in case a ward is not available at a hospital. But there is a limit on the amount and number of days for which the day care option is chosen.
- Some medical health insurers offer additional coverage for expenses other than the mainstream treatment. This can include hospital visits and food. This is also available with some insurers and not all.
- Lifelong renewability is provided if you are prompt with the premium payments. But, then what if you never actually have to make use of the insurance? You will continue paying premium amounts all your life.
- Certain medical health plans will reimburse outpatient expenses such as pathological tests, medicine cost and doctor’s consultation fees.
- Attendant’s allowance for children are added to some medical plan, but the number of days and amount is predefined.
Online Medical Loan Over Medical Insurance
A medical loan is easily the speedier of the two, in terms of application and in terms of disbursement. Some more benefits of medical loan over medical insurance are:
- Quick Approval
You don’t have to search for the insurance agent’s number on your phone or travel to their respective offices to start with the insurance paperwork. You simply apply for an online medical personal loan from Loan Singh’s digital lending platform. You can do all this and get the approval within minutes if all goes well that is.
Another advantage that a personal loan holds over medical insurance is the coverage. Majority of insurances don’t cover sexually transmitted diseases such as AIDS or critical illnesses such as brain tumor or leukemia. An online medical personal loan can cover almost any sort of medical expenses.
- Lengthy Disbursement Period
Health insurances normally include longer wait periods for certain ailments. A medical personal loan online however, can be availed off quickly and used for medical expenses. No waiting period is involved with a personal loan online.
- Financials Only
An online medical loan can be availed irrespective of the applicant’s current medical condition, age, or health history.
About Loan Singh
Loan Singh is a digital lending platform that prides in providing online personal loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs.50,000 and Rs.5,00,000 taken for purposes such as:
- Home improvement loan/Home renovation loan
- Marriage loan/ Wedding loan
- Medical loan
- Used vehicle loan
- Consumer durable loan
- Vacation loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Travel loan
- Festival loan
- Shopping loan
- Lifestyle loan
You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement, PAN, and Aadhaar for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Finance Blog’ is one of the best finance blogs in India.
Loan Singh’s Online Presence
Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. You can find us on Loan Singh Facebook, Loan Singh Twitter, Loan Singh YouTube, Loan Singh Pinterest, Loan Singh Instagram, Loan Singh LinkedIn, Loan Singh Blogarama, Loan Singh Google Review, Loan Singh Medium, Loan Singh Reddit, Loan Singh Tumblr, Loan Singh Scoop It, Loan Singh Storify, Loan Singh Digg and Loan Singh Blogger.