Medical emergencies are by their very nature, unpredictable. Treatments may take longer than expected and often new complications are diagnosed, due to which healthcare bills can cost more than you may have estimated. While securing a personal loan for medical emergency is a great way to cover expenses, having a loan that’s as flexible as your needs makes borrowing cost-effective. It allows you to pay doctor’s fees, surgery charges, hospital room bills, and also keeps repayment within reach. Here are 5 reasons why a flexi personal loan is a good way to cover your medical expenses.
Borrow on the go as per the diagnosis
Having a loan like Bajaj Finserv Flexi Personal Loan, gives you the freedom to borrow from your approved sanction in parts as per your needs. It allows you to manage your finances in such a way that you neither borrow too much nor fall short of money. Since various scans and surgical procedures may need to be conducted at any time, a flexi loan serves as a handy medical emergency loan.
Make huge savings on interest payments
By borrowing funds in portions, you save on interest payments. This way, you do not pay interest on the entire sanction, but just on the amount used. Additionally, Bajaj Finserv’s Flexi Loan gives you the option of paying interest-only EMIs through 12- to 60-month tenor and the principal solely at the end. This in itself helps you bring down your EMIs by up to 45% and helps you devote your present finances for treating the ailment.
Meet urgent needs without fresh applications
When having recourse to a personal loan to meet medical expenses, a crucial factor that comes into play is how fast you can get access to finances. Since medical emergencies can crop up at any time and cannot be delayed without detriment to the patient, it’s best that you have quick access to borrowed finances. As such, a flexi loan allows you to borrow from the remainder of your approved sanction without needing to make fresh applications or furnish personal loan documents again. You can thus pay for treatments and foot bills seamlessly.
Prepay without any added financial burden
It’s advisable that when you find surplus finances in your hands, you prepay a portion of your loan. Normally, prepayments involve a fee of around 2% or more. However, if you take a flexi personal loan for your medical emergency then you avoid this penalty and can prepay your loan at no added charges whatsoever. This feature helps you lighten the strain on your finances.
Redraw amounts if a new complication is discovered
Sometimes, medical issues crop up unexpectedly, after you have used a chunk of your loan and made several prepayments as well. The advantage of having a flexi loan is that you can continuously prepay and redraw amounts from your sanction as per your liquidity needs. This allows you to pay for additional tests, procedures, and consultations without worry.
Now that you have seen how you can benefit from flexi personal loans, do not delay in availing yourself of one. To get a flexi personal loan of up to Rs.25 lakh on simple personal loan eligibility criteria, check your pre-approved personal loan offer from Bajaj Finserv. Doing so will give you instant approval and a chance to apply via a customised deal.