Should You Choose A Personal Loan To Manage Your Large Medical Bills?


Medical emergencies come at unpredictable times, and if you are unprepared for them, they will wipe your savings and investments. Due to the rising prices of hospital expenses, one can not be fully prepared to cover the medical bills. In such cases, you have no choice but to take a loan to meet your financial requirements. 

Applying for quick personal loans to ensure financial security and take care of your medical emergencies would be a wise decision to take. Regardless of the total amount of your medical invoice, quick personal loans can take care of all your medical bills, as you can get as high as Rs. 25 lakhs as a loan. The affordable interest rates and flexible terms can help you manage your expenses without defaulting on your loan payments. Here is how quick personal loans help you manage your medical bills: 

How Quick Personal Loans Helps to Manage Medical Bills:

  • Quick application process

When you apply for quick personal loans, you go through a completely online application process that is easy, hassle-free, and requires minimal documentation. Since the entire process is online, you do not need to visit any physical location to apply for a loan. All you need to do is, fill in your application, submit your documents online, and get your loan application approved within a few hours of submission.

It is worth noting that having proper documents scanned and ready, and meeting all the eligibility requirements of your lenders will not only lead to approval but also speed up your application process. So, check your lender’s eligibility criteria along with their terms and conditions to avoid rejection or delay. 

  • Ample fund to meet all your medical expenses 

The best part about quick personal loans is that you can cater to all your medical bills. Whether you want to do check-ups, tests, injections, or surgeries, a quick personal loan can take care of all your expenses without putting any burden on your pocket.

Some lenders may offer up to Rs. 25 lakhs as a loan to help you meet your medical emergencies. It enables you to look after yourself or a loved one without worrying about medical bills. You can repay the loan amount within a flexible tenure of 12 to 48 months. 

  • Collateral-free

A personal loan is an unsecured loan, which means that you do not require to pledge your asset to pledge as security as collateral. If you have a stable income and a good credit score, you are eligible for a personal loan to finance your medical expenditure without offering your assets as collateral.

However, several factors are considered before offering you a quick personal loan. For instance, your lender may check your credit score to determine your creditworthiness and your source of income to understand your repayment capacity. Having a healthy credit score and a good relationship with your lender can help you avail of a loan based on your terms. 

  • There are flexible tenure and repayment options available

Another benefit of quick personal loans is that it enables you to choose a flexible repayment option to avoid straining your savings. So, you can focus on your medical treatment without worrying about the bills, and you can repay the loan amount once you are healthy. 

However, it would be wise to determine your monthly EMI through an online personal loan calculator. It allows you to know how much you can afford to pay as EMIs and manage your loan convenience. So, make sure to use the personal loan calculator before applying for a personal loan to figure out your EMI affordability. 


Opting for a personal loan to fund your medical bills without putting any burden on your pocket is the best way to manage your finances. Since you require funds urgently, you can get your loan disbursed within hours of your approval. However, make sure to determine your EMI affordability through a personal loan calculator before applying for a loan.

ayushi sharma
written by: ayushi sharma
English EN Hindi HI