Medical emergencies does not knock before it comes. It is a sudden and unexpected situation that comes without warning. Apart from being mentally strong, what is more challenging is, how you arrange funds for managing the expenses for the treatment.
Consider the following options to raise the funds in your medical emergencies.
1) Look For Your Medical Cover
Consider your medical cover, has to be your first choice. Look if your medical emergency / treatment are covered under the medical policy / health insurance policy. Encash your policy. The company also do provide health insurance for their employees & families.
2) Online Medical Emergency Loans
For Medical emergencies you can avail online medical emergency loans provided by many NBFCs. They are quick, fast, require minimal documents and are instantly credited, but such instant money usually comes with high rate of interest.
3) Withdraw Your Savings
Savings is the most reliable source if you are not covered by any medical policies. After all you save money to take care of your future needs and unexpected expenses & emergencies. Withdraw your savings money from the bank and pay for the medical expenses.
You may also choose to go for a overdraft available on your savings account.
4) Borrowings From Friends And Relatives
“A friend in need is the friend indeed.” You may borrow money from your friends or relatives to pay for the medicines & medical utility bills. Later you may choose to repay them by cash or by taking out a loan from bank.
5) Encash Your Valuables
You may encash your valuables such as gold, property or investments in stocks, mutual funds, bonds, etc in your medical emergencies. You can also withdraw money from your life insurance policy or cash out your policy altogether, i.e. surrender the policy and take the surrender value.
Remember if you cash on stocks or bonds, you may have to pay taxes / even tax penalties, especially if those are in a retirement account.
You may even go for a loan against your valuables.
6) Swipe Your Credit cards
If you own a credit card then you need not worry to borrow from relatives and friends and paying back to them. You may simply swap your credit card for the required amount of your medical expenses and conveniently pay later with the grace period of 45 days. You need not pay interest for these 45 days. Later you may choose to repay whole outstanding amount of credit card or make monthly payments as per your capacity. Now days you also get offers from bank for converting your outstanding amount on your credit card into EMIs.
Credit card also allows you to withdraw cash against the card. If required you may withdraw cash from the cash limit available on the card but remember such withdrawal are highly chargeable.
You may also arrange quick funds by getting a personal loan against credit card.
7) Go For Instant Personal loan
If you are using bank’s mobile app, getting instant personal loan is not that difficult. Your bank app already has a pre-approved personal loan approved for you on the basis of your banking transactions. Simply set amount and tenure of the loan and the amount is credited to your account in fractions of second. But remember, such quick loans availed may come with hidden conditions such as high foreclose charges, considerably high rate of interest or no part payment allowed.
You may also choose to apply with the bank that provides comparatively low rate on personal loan, but such loan applications may be time processing.
8) Apply For Top-Up Loan
If you have existing home loan or a mortgage loan, arrange for your medical emergency money with the top-up loan amount. If you can afford a waiting period of 5-7 working days, opt for top-up loan. Top-ups may be time consuming but are cheaper in comparison to personal loan.
9) Apply For A Mortgage Loan
If you are looking for raising the funds through loans, secured loan – mortgage loan can be your evaluation, as it helps you to get loan with lowest rates in comparison to the unsecured loans – personal loan, credit card loans, etc. whose interest rates are very high. Also the mortgage loan comes with no penalties on pre and part payment of the loan. Hence it is more appropriate. However, processing period of such loan is time consuming, hence consider it only if you have sufficient time to arrange for your medical emergencies.
Conclusion: A medical emergency can be a matter of life and death. Therefore everyone has to ensure that they are financially sound and strong to tackle the treatment cost for medical emergencies. One has to evaluate the best possible option for him according to his requirements depending on the nature of the emergency.
To know more on how to get funds for:
Home Loan click- https://www.loanfasttrack.com/home-loan/apply-online-now.html
Loan Transfers click – https://www.loanfasttrack.com/balance-transfers.html
Business Loan – click-https://www.loanfasttrack.com/business-loan/apply-online-now.html