Is it possible to get a medical loan for cancer? Few important points to keep in mind

Any disease or illness is enough to disrupt our life and routine. But, some of the illnesses have such severe and devastating impact on a person’s health, psyche and well-being that their occurrence sends any person’s life into chaos. And, cancer tops the list of such life-changing and life-threatening diseases.

Cancer, as a disease, not only destroys a person’s physical and mental stability, but also their economic security. No disease or illness comes with a warning. And neither does shortage of money. Cancer takes a toll on any family anyway, but if the patient happens to be the earner for the family, then that becomes an additional burden on the wallet.

Why get a medical loan?

The question is simple. And, the answer is simpler. Yes, it is possible to get a medical loan for cancer treatment via a personal loan. But it is important to understand why medical loans or personal loans would be taken in spite of having medical insurances with hefty premiums. 

Investment in medical insurances provides a timely cover for many common ailments and procedures. However, like the cells during cancer, which go through unprecedented mutations and changes, the treatment of cancer changes shapes and processes too. Not all of them are covered under insurance policies. And that is where a personal loan for medical emergency acts as a saviour.

What is a medical emergency loan?

A medical emergency loan is a form of a personal loan that can be opted for to pay for treatment such as IVF, Bariatric surgery, ENT procedures, weight loss surgeries, expenses incurred during tests etc. These treatments do not fall under the cover of medical insurance. A personal loan for a medical emergency may also be sought for paying towards treatment costs that exceed the coverage amount.

Some key points to keep in mind about medical loans:


  • Coverage: 


The USP of a medical loan is its flexibility to be used for any particular health-related issue. From additional surgery expenditure, to pay for intensive house care, from chemotherapy bills to expensive alternative treatments, medical loans provide financial security and freedom to pursue all possible means of treatment.


  • Eligibility: 


A medical loan is an unsecured personal loan. To be eligible for this kind of loan, a minimum fixed monthly income of Rs 20,000 is required. Salary statement and basic documentation are required during the application process.


  • Interest rates


It is important to check low-interest rates and calculate your EMI before applying for a medical loan. Tata Capital provides online EMI calculators that help predict a monthly expenditure for a personal loan.


  • No collateral 


A guarantor or any collateral is not required when applying for a medical loan. Good credit history is essential for quicker and better processing of applications for medical emergency loans.

Medical Emergency Loans are especially important in times where quick cash might be needed with minimum questions asked. It’s important to take care of your health, and while maintaining the best, to be prepared for the worst.