Can a personal loan help with an unexpected medical expense?

Posted on Tuesday, November 28th, 2023 | By IndusInd Bank

Have you ever been caught off guard by unexpected events? Stressful, right? More so, when it is a medical emergency. Whether it’s an unforeseen illness or an accident, these situations can put immense financial strain on you and your family. Fortunately, a personal loan can be a lifeline for managing unexpected medical expenses. In this blog, we will explore how a personal loan can help reduce your financial burden during medical crisis.

How can a personal loan help you with medical expenses?

Sudden medical bills can take a toll on your savings. If you are wondering how to cover these costs without resorting to high-interest credit options while also protecting your savings, a personal loan is your answer. Here’s why?

1. Quick access to funds: An instant personal loan offers speedy access to funds. During medical emergencies, time is of the essence. With features like instant approval and quick amount disbursal, IndusInd Bank Instant Personal Loan ensures that you and your loved ones receive the necessary medical attention without delay.
   
   
2. Flexible loan amounts: A personal loan offers flexibility in loan amounts, allowing you to borrow as per your requirements. Whether it is a minor procedure or a major surgery, an IndusInd Bank Instant Personal Loan can help you pay for the expenses, preventing over borrowing and unnecessary debt.
   
   
3. Keeps your savings intact: A personal loan helps you pay for your urgent medical expenses without disturbing your life savings. You can continue saving for your future without having to compromise on immediate medical needs.

Why use a personal loan to meet your unexpected medical expenses?

While there are various financing options available, using a personal loan for unexpected medical expenses offers several distinct advantages:

1. Lower Interest Rates: A personal loan typically has lower interest rates compared to credit cards. This means less interest payments over the long term, making repayment easier.
   
   
2. Structured repayment: Repayment of a personal loan is done via fixed monthly instalments. This decreases the loan repayment burden and makes it easier to manage medical expenses. A personal loan EMI calculator can help you calculate your monthly payments and choose a repayment plan that suits your financial situation.
   
   
3. Preserve savings: Using a personal loan allows you to preserve your savings and emergency funds for other essential needs or future contingencies. It helps in protecting your financial cushion during a medical crisis.
   
   
4. No collateral required: Most personal loans are unsecured, meaning you do not need to provide any collateral (such as a house or car) against the loan. This reduces the risk associated with borrowing, making a personal loan a safer choice.

Benefits of IndusInd Bank Personal Loans

Now that we have established the benefits of using a personal loan for medical expenses, let us take a closer look at the features that make IndusInd Bank’s Personal Loan a preferred choice:

1. Competitive interest rates: IndusInd Bank offers competitive interest rates on personal loans to help you access funds at affordable costs. The personal loan interest rates start as low as 10.49% p.a.
   
   
2. Easy online application: Applying for an IndusInd Bank Personal Loan is a hassle-free process. You can apply for a personal loan online. The application process is 100% digital and paperless, allowing you to initiate the loan application from the comfort of your home.
   
   
3. Quick approval: IndusInd Bank understands that medical emergencies are time-sensitive. The bank strives for hassle-free, instant approvals, allowing you to access funds when you need them the most. You only need valid PAN and Aadhaar details to start your loan application.
   
   
4. High loan amounts: Depending on your eligibility, IndusInd Bank provides loan amounts starting from ₹30,000 and up to ₹5 lakhs instantly. IndusInd Bank’s Personal Loan can help you cover even the most financially straining medical expenses.
   
   
5. Flexible repayment options: An IndusInd Bank Personal Loan has flexible repayment tenures ranging from 12 to 48 months, allowing you to choose a duration that aligns with your financial capabilities. The instant personal loan provides flexibility, ensuring comfortable repayment of the loan without emptying your savings.
   
   
6. Transparent terms and conditions: IndusInd Bank maintains transparency in its loan terms and conditions, ensuring that you have a clear understanding of your rights and obligations.

There are several situations where a personal loan can be a life saviour. However, medical emergencies are time-sensitive and arranging funds urgently without complications is crucial. So, it is important to choose a reliable institution like IndusInd Bank that offers quick and hassle-free applications while you focus on other important responsibilities.

Tips to consider when applying for a personal loan

• Your credit score significantly influences the interest rate you are offered. You are more likely to get a better interest rate if your credit score is strong. 
  
  
• To process your loan application, lenders need specific documents such as proof of income, identification, and proof of address. IndusInd Bank, however, offers a 100% paperless and digital application process. You do not need to visit a bank branch and can apply for a personal loan from the comfort of your home.
  
  
• To select the loan option that best meets your needs, get quotations from several lenders and compare interest rates, payback terms, and loan features.

Conclusion

Unexpected medical expenses can arise at any time. And when it does, a personal loan can be your saviour. IndusInd Bank Instant Personal Loan provides quick access to funds, flexible repayment options, and competitive interest rates, allowing you to preserve your savings and financial stability. It can be a lifesaver for you and your family, should you ever face medical emergencies, helping you with the financial support you need to focus on what truly matters — your health and well-being.

Apply for the IndusInd Bank Personal Loan for medical expenses here! 

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.