Healthcare in Singapore may turn out to be costly, especially when there is surgery involved. You may not have sufficient funds ready and the Medisave isn’t adequate, hence obtaining a personal loan to meet the medical bills may be a practical solution. Getting a personal loan for the medical emergencies will ensure that you don’t face financial imbalance.
Mostly, medical expenses turn out to be expensive and might literally drain all your money. Thus the best solution in this situation would be taking a personal loan that is easily accessible.
Although your medical insurance will cover some medical emergencies, it doe not cater for all the bills. Additionally, formalities for medical insurance are meticulous and time-consuming and during emergencies, you might be short of patience and time.
It can be disappointing to find out that the medical insurance alone won’t cover much especially when you are faced with all the doctors’ fees, medical, and diagnostic bills. This is might be the best time that you consider utilizing the personal loan for the medical emergency.
Below Listed Are 3 Medical Situations That A Personal Loan Comes In Handy
Covering Medical Bills before the Insurance Payout
Some medical policies require that you pay the medical bills upfront then they reimburse you. When you hold a similar policy, you will need to find means of making the payment before filing a claim. Luckily most lending institutions offer principle-in-approval for personal loan requests within 24 hours. Thus you are able to determine how you’ll pay the medical bills.
To Cover Medical Conditions Not Covered By Your Insurance
Some insurance policies have withdrawal limits depending on the types of treatment. Thus it’s likely that your insurance policy can only cover a fraction of the medical bill. When what is not covered or is remaining isn’t affordable, you won’t be able to use your savings to offset the medical bill. Therefore, you need an alternative source of funding such as the personal loan to clear the pending bill.
To Clear A Family Member’s Medical Bills
Most people forget to make savings for family medical emergencies. To help you pay for a family member’s treatment you will need cash—and you will need it fast. In such a situation a personal loan can be useful for you, and especially when you’ll need to do dialysis and other frequent treatments that cost more than thousands each month.
Some Benefits Of Getting A Personal Loan For Medical Emergency
- Terms of Both Long-Term And Short-Term Medical Ailment
You can use a personal loan for medical emergencies, regardless of whether it’s a surgery, care post-surgery, a short-term treatment or a long-drawn cure. This loan type will help you cover the initial payments to begin the treatment immediately, though you can carry on paying for the other bills as and when you incur them. The repayment is simple to handle since you could opt to repay in monthly instalments.
- Easy Application
Personal loans application process for medical emergencies is easy and pretty straight-forward. You could access this loan type online once you have registered through the lender’s official portal. You’ll require input all your details and once its completed, next would be awaiting the approval from your lender. The money lender will take a maximum of tops 24 hours. But, there are specific eligibility conditions that you have to fulfil in order to obtain the personal loan for your medical expenses. It’s advisable to confirm your CIBIL rating along with other terms in advance to ensure you avoid being turned down by the lender.
- Stress-Free Payment Process
The repayment of the personal loans for your medical emergencies is easy to manage since the loan period is sufficiently long. The rates are relatively comparative to this loan repayment period offered by your bank.
- No Collateral
Personal loans for medical expenses, when taken in good time, might prove to be helpful since it’s unsecured and you aren’t required to give any asset for security towards your loan. It will save you from any additional problem of presenting documents of your property to your moneylender.
Taking out a Personal Loan for Medical Emergency
Important things that you need to keep in mind as you apply for a personal loan for your medical emergency are:
Presentation Of Your Documents
It’s essential that you make sure to have all the necessary documents required by your lender ready. Proving that you hold a steady income needs to be presented to the lender for processing your loan.
When you are requesting a personal loan for an important surgery that will take long recovery time, you need to realize that your income might decrease depending on the disability and benefits your employer offers and when you sustain injuries that might make you unprepared for your work, the loan application might be rejected.
Doing Your Research
It’s always advisable that you stay informed beforehand. In contacting a reliable financial institution, you will find out regarding benefits offered by the loan and also compare it to other loans in the market. This eventually will help you get the best deal. It’s prudent to find out about all costs as well as the coverage of your loan, before going into surgery or entering in treatment.
The most important step in getting a personal loan is your being credit-worthy and having to prove this to your lender. Giving assurance to your moneylender for loan repayment is thought as very important for them to approve your personal loan.
Your credit record and your income will determine your credit-worthiness. Delayed payments and unpaid bills in the credit history will reflect poorly thus affect negatively the process of providing you with a loan for your medical emergency.
Even though medical insurance is essential in the present day, a personal loan for your medical emergencies acts as a contingency plan. Medical expenses during emergencies might seem endless thus it’s a good idea that you be informed regarding other alternative ways to help you handle such situations.