Jun 21 • 2 mins read
Why Should You Use a Medical Loan for Health-Related Emergencies?
While India is one of the more affordable locations for medical treatment in the world, the cost of health-related expenses has been on the rise in recent years. Everything from dental procedures and surgeries to emergency treatment for accidents and heart attacks can put a huge dent in your wallet these days, and that’s just hospital bills and charges.
When you take the cost of medicines and healthcare products into account, good health seems to become more expensive every day. And with a chronic condition such as diabetes or cancer, the bills can run up so high that taking a loan for medical treatment is often the only choice left!
If you’re facing a medical emergency or need extra funds to pay for healthcare expenses, seeking financial assistance might actually be your best move.
Here’s why you should consider a personal loan through MoneyTap:
- Easier Approval – Traditional bank loans are usually approved based on the credit history of an individual. This can be a problem if the patient is the sole or primary breadwinner for a family. MoneyTap’s emergency loans, on the other hand, are based on the entire family’s ability to make repayments.
- No Limitation – You may think that medical insurance will cover all health-related expenses, but that’s not always the case. Coverage is often limited for terminal illnesses such as cancer, and may run out before treatment is complete. A personal loan can help you pay for expenses that insurance doesn’t cover.
- Low Interest – If you urgently need cash for medical treatment, using your credit card for cash withdrawals or seeking loans from moneylenders will mean a huge amount of interest. A personal line of credit, however, has affordable interest rates and you will only pay interest on the amount you actually use.
- Instant Access – Even in an emergency situation, a traditional loan can take days to first be approved and then disbursed. This is time you cannot afford to waste. After you have been approved for a credit limit with MoneyTap, however, funds are available through your phone anytime and anywhere.
- Easy Repayment – Using a credit line from MoneyTap as a medical loan allows you to choose a repayment option that fits your financial situation. And unlike a traditional loan, you will not be charged any prepayment penalties in case you decide to pay more than the EMI or clear the full amount in one go.
- No-Usage, No-Interest – A bank loan starts incurring interest on the full loan amount right from approval. Medical expenses may not occur all at once, since treatments such as dialysis or chemotherapy are spread out over a long period. It really doesn’t make sense to be paying for money you haven’t used!
Don’t wait till a medical emergency strikes before you start looking for a way to pay for it. Download the MoneyTap app and get pre-approved for emergency loans, so you will always have money when you really need it!