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    Home » Need help with sudden medical expenses? A personal loan may be the answer
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    Need help with sudden medical expenses? A personal loan may be the answer

    userBy userJuly 1, 2025No Comments3 Mins Read
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    Unanticipated medical emergencies provide no time for financial indecision. With healthcare costs in India rapidly rising, a personal loan (for an emergency) can be a lifesaver. These loans ensure that your concerns are only about getting well, whether for an unexpected surgery, an unforeseen accident, or a long course of treatment.

    Why choose a personal loan for medical emergencies?

    Because a personal loan is an unsecured credit product, it is ideal for emergencies where time and flexibility are essential.

    Key benefits:

    • Instant payment in a day or two.
    • No restrictions on the type of treatment based on end-use.
    • Available to self-employed and salaried individuals.
    • In most cases, online paperwork and doorstep approval are available.

    Does a personal loan for a medical emergency come without collateral?

    Yes, no collateral is needed for personal loans for medical emergencies. As an unsecured loan, the following is considered when the lender evaluates the applicant:

    • Income profile.
    • Credit score.
    • Employment status.
    • Relationship with the lender.

    This type of loan allows quick access to money since you do not need to pledge gold, real estate, or other valuables, making it ideal for time-sensitive medical emergencies.

    Is it right to take a personal loan for a medical emergency?

    Anand K Rathi, co-founder of MIRA Money, explains why opting for a personal loan during a medical emergency is a good choice. He says, “Taking a personal loan for a medical emergency can be a prudent choice, especially when you’re confident the insurer will reimburse the expense soon. Liquidating investments like mutual funds or debt funds for a short-term requirement can trigger taxes and may result in missed market opportunities.”

    “A short-term loan, ideally backed by a lien on existing investments, helps bridge that gap without disrupting your portfolio. However, if there’s any uncertainty around insurance reimbursement, it’s wiser to sell your holdings than bear the cost of a loan,” he added.

    Note: Readers are advised to check the relevant bank’s website for the latest updates as interest rates, fees & charges are subjected to change.

    In conclusion, in times of need, personal loans for medical emergencies are more than just a financial tool; they are your lifeline. Personal loans help close the gap between crisis and care by offering an unsecured loan, flexible repayment terms, and instant cash access. 

    Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.



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