Financial Assistance For People Affected By a Severe Medical Crisis

Market research shows that the Indian healthcare industry is projected to rise to $372 billion by 2022. With the growing healthcare requirements, the demand for insurances is also increasing. Despite all that, addressing a medical emergency is still an expensive affair for patients. The primary reason behind it is the out-of-pocket expense of patients that forms the lion’s share of treatment costs in India. 

• Rs.22,56,000 – National average for liver transplant in India.

• Rs.1.5 lakh – Rs.4.5 lakh – Overall treatment cost for cardiovascular diseases in India.

• 1.5 lakh – Average cost for treatment of cancer and care in private hospitals.

Evidently, treatment for any severe medical crisis in India requires a hefty pecuniary involvement. To that end, several individuals resort to external sources of finance like a personal loan for a medical emergency to defray unprecedented medical expenditure that might otherwise leave a substantial dent on a patient’s financial standing.

Financial assistance for medical crises

Given the steep treatment costs for critical diseases in India and the factor of out-of-pocket expense, it is beneficial to consider external financial assistance that can mitigate your burden and enable you to address any medical emergency promptly.  

A emergency loan, in that respect, can be useful to meet unprecedented and substantial medical costs. It is a straightforward credit facility with minimal hassle and is, therefore, often described by financial experts as an immediate injection of funds. 

The below-mentioned pointers elucidate all you need to know about a personal loan for a medical emergency – 

1. Substantial loan quantum

Depending on your eligibility and the financial institution you approach, you can avail a substantial amount as a personal loan. For instance, from NBFCs, you can avail a personal loan of up to Rs.25 lakh. 

Moreover, a personal loan does not entail any end-use restriction; therefore, it becomes simpler to use the considerable financial backing to meet multiple aspects that are directly and indirectly related to the treatment of a severe health crisis. 

If you are travelling to some other part of the country or abroad for treatment of congenital cardiovascular disease, a personal loan will help you manage travelling and lodging costs alongside hospitalisation and medicinal expenses. 

2. Straightforward loan approval process

The emergence of technology and its incessant evolution has allowed financial institutions to make the process of loan application and approval a much simpler and perhaps straightforward method. The promptness that dictates contemporary application, approval and disbursal process of personal loans holds crucial significance in the context of a medical emergency. 

Moreover, financial institutions like Bajaj Finserv provide the facility of pre-approved offers on loans that help in expediting the application process and reducing the disbursement time. These offers are also applicable to other financial products such as credit cards, business loan, and home loans. You can provide your name and phone number to check your pre-approved offer. 

This promptness and convenience in availing a personal loan have resultantly led to its growing popularity among consumers. 

3. Minimal documentation process and eligibility criteria 

A primary reason why multitudes of individuals consider a personal loan for medical emergency is the minimal documentation formality it entails. You are only required to produce a handful of crucial documents necessary to verify your credentials for applying for a personal loan. 

Documents required for a personal loan are – 

• KYC documents such as Aadhaar card and PAN card.

• Income proof, including salary slips and bank account statements.

You must note that this is not a blanket document list and representatives of different lenders might ask for additional papers. 

Nevertheless, alongside minimising on documentation, prominent financial institutions also have relaxed eligibility criteria for a personal loan to make it more accessible to consumers. Some standard criteria followed across the Indian financial market are – 

• 750 or above CIBIL score for personal loan

• Indian resident

• Employed in the private or public sector

• Age between 23 and 55 years 

You should bear in mind that your CIBIL score is a critical ground on which lenders assess your repayment potential. Check online CIBIL score before applying for a personal loan. You can avail a personal loan with a poor credit score by adopting measures like providing collateral.

4. Completely online process

Eminent financial institutions have simulated the entire process from loan application to fund management online. Therefore, you can avail this loan with just a few clicks, get the approval online and then continue managing those funds through an online account. That way, you can save essential time by applying for personal loan.

A personal loan for medical emergency does not eliminate the factor of out-of-pocket expense for treatment. However, it certainly facilitates in mitigating the all-at-once financial burden and allows you to divide the high-end medical expense into convenient EMIs.

Must Read: How to Get a Personal Loan Without Security?