Advantages of a Medical Loan

Ideally, we all want to remain healthy and happy. But the scenario often differs in the real world, as medical emergencies or health issues may creep in at any time. So it is critical to get ourselves financially well prepared to help face the situation in the best possible way.

Apart from giving us emotional and physical trauma, medical emergencies need a large sum of amounts most of the time. However, there are ways to handle a medical emergency without draining your life savings. Banks and non-banking finance companies (NBFCs) offer financial help for medical treatment in Pune. Another approach is to go for a health insurance policy.

In this article, we will discuss the advantages of going for a medical loan.

Comparison between Health Insurance and Medical loans in Pune

Medical loans are a kind of personal loan that can be obtained to meet the expenses for various health-related problems or urgent medical needs. With the help of a medical loan in Pune, you can pay for operations, surgical procedures, or treatment for other health-related ailments.

Health insurance, on the other hand, can cover expenses for the full or part of an illness of a person. Depending on the terms, health insurance can be cashless, where the insurance provider pays directly to the hospital, or the insured pays for the expenses, which are later reimbursed.

The main difference between the two

A medical loan is often taken when a person suffers from an unforeseen illness or for planned treatment to cover medical expenses. In contrast, health insurance is generally purchased as a precautionary measure.

A medical loan from GMoney can be used for any medical-related expenses, including hospitalization, prescription, medical bills, surgery cost, etc. On the contrary, health insurance covers an illness depending on the type of insurance plan and the sum insured.

What is not covered in health insurance?

Every health insurance policy has certain terms and conditions and may not cover some illnesses. Below is the list of the common exclusions in most health policies.

● Don’t cover pre-existing illnesses.
● Suicidal attempts and self-inflicted injuries are not covered in a mediclaim policy.
● Cosmetic treatments, surgeries, and implants are also not covered.
● Infertility treatment, including IVF and pregnancy expenses are not covered in most health policies.
● Injuries due to the consumption of drugs or alcohol also stand uncovered.
●
Advantages of getting financial help for medical treatment in Pune

There are many benefits of getting a medical loan from GMoney. Some of the most significant are:

● Easy approval and quick disbursal: A medical emergency requires immediate funds. You can easily apply by logging in to the GMoney website and sharing your basic details. The loan amount is approved within seconds, and the amount is disbursed within 30 minutes, subject to the eligibility of the applicant.
● Pay for any ailment: GMoney doesn't restrict payment for an illness. You can use the funds for any ailment, ranging from long-term treatment like chemotherapy to dental and cosmetic surgery.
● Flexible repayment tenure: GMoney provides you the liberty to choose a repayment schedule to chose from 3 to 18 months. The total loan amount can be repaid in easy monthly medical EMIs, according to your selected period.
● Zero-cost EMI: Medical loans in Pune from GMoney are collateral and interest-free. You need to repay only the principal amount, with no interest on the EMI.

Conclusion

Medical loans help you meet medical expenses for yourself and your near and dear ones, when their is a medical emergency. GMoney offers you financial medical assistance as and when required, and allows you to repay the loan amount with flexible tenure and zero interest.