If you look at the cost of medical treatments today, it is enough to cause you to faint with shock. Health-related expenditures have risen so dramatically in our country. Even though foreign countries hold India in high regards when it comes to medical practice (both costs and expertise), the average Indian, who leads a paycheck to paycheck life, finds it quite difficult to afford decent health care for their families. How will they arrange cash when a sudden medical emergency crops up in the family?
The first thing that comes to your mind in such a situation would be health insurance, closely followed by medical loans. So how do you arrange for a medical loan, if you and/or the disease are not covered? Listed below are 3 places you can turn to:
i. Unsecured Personal Loans from Banks
All banks offer personal loans to trusted customers to finance wedding, medical emergency, home renovation or even an international vacation. But did you know that they cover only people working in A-category companies or self-employed people from specific fields? They also demand a CIBIL core of minimum 750. If you belong to this category, no doubt, personal loan is your way out of this financial crisis. If not, you should consider other options.
ii. Secured Personal Loans:
You may also apply for personal loan against LIC policy, gold, recurring deposit, shares and FDs among other assets. Credit Score will not be a major criteria and you can also haggle for a lesser interest rate- the loan manager might agree, based on your track record.
iii. Unsecured Personal Loans from Alternative lenders:
Alternative lenders cater to all those people working in B-category and below companies. The CIBIL Score and income cut are also way more relaxed. Their processing and disbursal time is also lesser, which helped to escalate their popularity among people. They too follow a risk-based system. Since these online lenders bear more risk, they also levy more interest compared to banks.