Critical illness does not present itself with a warning, much like a disaster. Along with your physical and mental wellbeing, it takes a toll on your financial wellbeing as well. These significantly impact your lifestyle, earning capacity, and can also prove fatal in some cases.
With increased medical expenses, this problem only gets worse. During times of medical emergencies, households are often forced to resort to their savings to cover the expenses or borrow from friends and family, especially if the patient is the sole breadwinner. If such a situation arises, it is wise to opt for a personal loan for medical expenses instead of dipping into your savings.
Benefits of Taking a Personal Loan for Medical Emergencies
Getting a personal loan is the best and most convenient option to fund medical emergencies and get quick access to funds. Here are 5 reasons why you should consider taking a loan for medical expenses –
- Get Access to Funds Quickly
A serious medical emergency can be time-sensitive. Therefore, you must arrange the required funds quickly to ensure timely medical care for your loved ones. Thanks to rapid digitization, many lenders allow you to apply for a loan online. They also have a quick processing time and disburse funds within a single day, ensuring you can access them quickly whenever you need them.
Personal loans are unsecured loans. This means you don’t need to pledge any asset as collateral to apply for one. This eliminates the need of arranging collateral and related documents and enables you to access funds conveniently.
Personal loans come with fixed interest rates. This means your EMI remains the same throughout the loan tenure. Knowing your fixed EMIs in advance helps you repay the loan conveniently and manage your finances better.
- Minimum Eligibility Requirement
You don’t have to fulfil lengthy eligibility criteria to avail of a personal loan. With a stable income and a good credit score, you can easily get the lender’s approval for your loan application.
- Manage Your Relationships Better
In times of financial emergency, friends or relatives are the go-to options. But if not handled well, such transactions can spoil your relationships. Therefore, getting a personal loan in times of a medical emergency will be a smart move in the long run.
Top 5 Medical Emergencies Where You Can Opt for a Personal Loan
Here we look at some of the critical illnesses that are pushing people into incurring heavy expenses:
1. Coronary Heart Diseases
Heart ailments have been on a rise in India and are known to be one of the leading causes of fatalities in India. Obesity, stress, hypertension, alcohol and cigarette consumption, and unhealthy lifestyle are some of the causes behind these ailments. Congenital heart disease, Coronary Artery Disease, Dilated Cardiomyopathy, etc. are some of the heart ailments that are common and the expenses for these ailments amount to lakhs of rupees.
2. Cancer
Known as the silent mass killer of our century, Cancer involves the unnatural growth of cells within the body/a body part. It is both emotionally and physically challenging to treat, especially if the patient is the sole breadwinner of the household. It can affect any part of the body – lung, bone, blood, liver, colon, prostate, etc. – and the treatment and aftercare for this ailment involve unending costs.
3. Kidney Diseases
According to statistics, 1 in 10 persons in India suffers from some form of chronic kidney ailment, leading to dialysis or kidney transplant, both of which are expensive treatments. On top of that, these are followed by a lifelong prescription of steroids, supplements, and immunosuppressants.
4. Liver Cirrhosis
According to the World Health Organisation (WHO), Liver cirrhosis is the 10th most rampant cause of deaths in India. Once the liver is damaged, there are very few chances of reversing the effects, and the only option left is a transplant. Like in the case of kidney failure, a liver transplant is an expensive procedure to conduct. Finding the right donor, the regulatory requirements, and the post-procedure medication, all add to the high expense.
5. Lung Diseases
Lung diseases are rampant and on the rise in India including Tuberculosis, Asthma, Chronic Obstructive Pulmonary Disease (COPD), Lung Collapse, etc. The lung is also one of the most affected organs when we talk about cancer. The cost of direct treatment and healthcare services and medication could range from a few thousand to lakhs in some cases.
To Sum Up
To meet the cost requirements of such critical illnesses, it is essential to not only plan expenses but also to reach out to a trusted financial institution before scourging through your savings. With interest rates starting at 11.25% and amounts as high as Rs. 25 lakhs, Tata Capital’s personal loans are there to take care of your financial needs. If you’re looking for finances for a medical exigency, apply for a personal loan today from Tata Capital, with easy personal loan repayments, and let us take care of the medical needs of you and your loved ones.
11 November 2022
5 mins read
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