Struggling with medical expenses during Covid - 19 - Here are optionsWith the second wave of Covid-19 pandemic in 2021, the health conditions have worsened even more than the last year. Immediate medical expenses can arise anytime for covid positive patients and their families. The common man earning low to medium income is struggling through medical expenses during this major crisis. Lack of work, cut off in payments, timely clearance of EMIs, payment of house rent etc. have burdened individuals who have very little savings or almost no savings to manage the medical expenses for covid.
The repeated lockdown scenario has forced people to shut their work or reduce the number of working hours. This causes financial scarcity to face the deadly disease. But do not panic! Make use of medical personal loans sanctioned within 24hours via instant personal loan apps online. This can give you the financial strength required during challenging times.
In case you are struggling financially during the ongoing covid crisis, there are several options provided by the financial institutions and NBFCs to deal with the emergency medical expenses and fight this life-threatening virus.
Listed below are the options to meet the medical expenses for covid patients:
Credit cardDuring a medical emergency, the majority of the hospitals will accept credit cards. It is one of the fastest methods to clear the medical bills on the spot. Depending on the limit of the credit card you will be able to pay the medical cost immediately. But remember that the interest rate charged on credit cards will be high and if you are unable to repay, your credit score might get affected. So, make sure you are capable of paying the interest rate on time before using the credit card for paying medical bills.
Loan against securitiesConsider mutual funds, shares and bonds. You have the option to apply for a loan against securities. While you cannot borrow money directly from your mutual funds and stocks, it can be used as a collateral for loans. You can get up to 50-80 percent of the value against your securities.
Loan against fixed depositsA loan against fixed deposits doesn't require you to break the fixed amount of savings, instead you can get a loan against the fixed deposit to cope up with urgent medical expenses.
Gold loanAnother way to arrange liquid cash in times of emergency is by taking a loan against gold. There are several public and private financial institutions that offer loans against gold instantly within minutes, with the required documents in order. So, if taking a gold loan serves your purpose of paying off the medical expenses for covid treatments, go ahead with it.
Personal loanThis is one of the speediest financial options available. Being unsecured loan and collateral-free, the approval is given on the same loan application. The online process of taking a personal loan is simple with paperless document verification that gives borrowers the ease of applying for a loan anywhere, anytime.
Do not get stressed about EMIs as you can calculate the instalments to be paid using the EMI calculator. Only if you are satisfied with the EMI amount, you can further apply for a loan.
There is no certainty as to when will the Covid wave reduce or vanish. Till then, we all have to brace ourselves financially, choosing the right credit option to raise timely funds and manage the heavy medical expenses.