Personal Loan for Medical Emergencies: What’s Covered and How It Works

Personal loans offer quick funds for medical emergencies, covering surgery, treatment, and recovery without financial stress.

Personal Loan for Medical Emergencies: What’s Covered and How It Works

Medical personal loan.

A personal loan is beneficial when you need urgent funds, especially during a medical emergency when all you need is extra money. You may have Mediclaim or medical coverage, but it still does not guarantee complete financial help if you’ve chosen the wrong plan. Also, there are only a few medical insurance policies that cover necessary expenses, and they often come with hefty installments. So, when you experience a medical emergency, opting for a personal loan can be the wisest choice. It may have higher interest rates for being an unsecured loan, but its easy and quick access helps cover what you can’t manage in urgent situations. Whether it’s surgery or recovery expenses, personal loans for medical needs ensure you get timely support without financial stress.

How to Use a Personal Loan for a Medical Emergency?

The primary reason to get a medical loan is to cover additional or unexpected expenses without depleting your savings. Does this mean it can cover any costs from ambulance fees and surgery to post-medical expenses and more? Let’s learn which things are covered under urgent medical loans.

Well, if you’re borrowing funds for medical needs from a trusted financial institution or bank like IDFC FIRST Bank, you’ll be able to use them for several medical purposes.

A. Hospitalization and Surgery Expenses

A personal loan can help cover the high costs of hospitalization and major or minor surgeries. This ensures you or your loved ones receive timely treatment without worrying about arranging funds immediately. The best part is you can explore banks such as IDFC FIRST Bank that offer 100% digital medical loans through their FIRSTmoney offering without any collateral. By using its FIRSTmoney smart personal loan, you can access funds that help you handle unexpected situations without added stress.

B. Medical Treatments, Diagnostic Procedures, and Therapies

From diagnostic tests like MRI and CT scans to specialized therapies and ongoing treatments, personal loans provide financial support. This way, you can focus on recovery rather than expenses.

C. Medication and Post-Treatment Care

The cost of medicines, follow-up consultations, and rehabilitation care can add up quickly. A personal loan helps manage these expenses smoothly, ensuring complete and uninterrupted recovery.

D. Emergency Medical Expenses

Unexpected emergencies such as accidents or sudden health complications often demand immediate funds. Personal loans offer quick access to money, so you can meet urgent medical needs without delay.

How Personal Loans for Medical Emergency Works

The process of applying is simple and quick. You can apply online or through your bank’s branch by filling out an application form. Once submitted, the lender reviews your documents such as ID proof, address proof, and income details, and assesses your repayment capacity.

In many cases, if you meet the eligibility criteria, the loan can be approved within a few hours to a couple of days. Some banks also provide pre-approved medical loans to existing customers, making access to funds even faster.

FIRSTmoney personal loan for medical emergencies by IDFC FIRST Bank offers a 100% digital process that doesn’t require any document uploads. You can access the funds you need in as little as 30 minutes.

After approval, the sanctioned loan amount is directly credited to your bank account. You can then use this money to cover hospitalization bills, surgeries, diagnostic tests, medicines, or post-treatment care.

The flexibility of usage makes personal loans a suitable choice, as they are not restricted to specific medical expenses like some insurance policies. Now the question arises “how can you repay this urgent medical loan”, and here’s what you must know.

How Does Medical Loan Repayment Work?

Repaying a personal loan for medical emergencies is simple and structured, making it easier to manage even during stressful times. Once your loan is approved, you begin repayment through Equated Monthly Installments (EMIs), which include both the principal amount and the interest. This predictable structure helps you plan your monthly finances without surprises.

The loan tenure generally ranges between 1 to 5 years, giving you flexibility to select a repayment plan that fits your budget. Opting for a shorter tenure means paying higher EMIs but saving on interest, while a longer tenure reduces the EMI burden but increases the overall interest paid.

So, choose what aligns your capacity; consider your income, expenses, and financial comfort before choosing the repayment tenure.

Conclusion

When medical emergencies arise, personal loans serve as a financial lifeline, allowing you to access funds quickly and efficiently. From hospitalization and surgeries to medications and post-treatment care, they cover a wide range of expenses without depleting your savings. If you’re in need of a medical loan, explore FIRSTmoney emergency loan by IDFC FIRST Bank. The funds can be used for treatments, surgeries, medications, and more.

Disclaimer: The information provided on the Website does not constitute investment advice, financial advice, trading advice, or any other form of advice, and you should not interpret any of the financial content as such. Please conduct your own due diligence and consult with a financial advisor before making any investment decisions. Midday does not endorse or promote any such activities, and you access them at your own risk, fully understanding the monetary and legal consequences involved. Midday shall not be held responsible for any losses you may incur as a result of using any such apps or websites.