Stuck in a Medical Emergency? 4 Reasons Personal Loan May Be the Right Option
It is true that medical emergencies never come with prior notice but need instant funds for fast recovery. They can be extremely frightening specifically if you unprepared as the medical care costs are going through the roof in the UAE. Medical treatments can easily burn a hole in your pocket and drain your long-time savings easily. While a few people have started investing their hard-earned money in health insurance, there are still many people in the UAE who are uncovered and they are not prepared for medical emergencies. And at the time of emergency, even health insurance will not cover some of the medical expenses.
In such times, there is one thing that can protect you to exhaust your savings. And it is none other than a personal loan. A personal loan is an unsecured loan that provides you access to funding which has no spending restrictions, enabling you to access any medical treatment without any compromise.
Well, this is just one out of many advantages that the personal loan offers. Continue reading this article to know why opting for a personal loan for a medical emergency is a good idea.
1. Helps You Avail the Quality Medical Care at the Hospital of Your Choice
A very common disadvantage of health insurance policies is that you may not be covered for all ailments or you may find that the hospital that is near to you does not fall under the network of your medical insurance policy. Well, this can a major drawback and procuring the best personal loan in Dubai is indeed a great way to deal with this situation. The major reason behind this is personal loan offers access to funds that have no spending restraints and you can avail medical treatment at any hospital of your choice for a wide range of medical treatments.
In addition to this, the lack of money often makes people choose substandard hospitals in an event of a medical emergency. With the help of the best personal loan in UAE, you can ensure that you have chosen the top-class medical care provider to avail the best treatment.
2. Collateral Free
While loan options like gold loans that require you to pledge your gold, a personal loan does not require any kind of collateral or security. Since consumer finance is collateral-free, it eliminates the need for the personal loan borrowers to provide any sort of asset related documents to the bank or lender, otherwise, a process would have been very time-consuming and complicated.
3. Faster Availability of Funds during Medical Emergency
Time is everything during any sort of medical emergency. Big thanks to digitalization, you can now easily apply for the best personal loan in UAE online by sitting at the comfort of your home and get it quickly approved within a matter of a few minutes only. All you need to meet the eligibility criteria to get fast approval of your loan application.
Even the documentation process of some of the leading banks is simple and hassle-free, making a personal loan is the best choice for managing a medical emergency or any sort of financial emergencies. Moreover, the personal loan amount is directly disbursed into the borrower’s bank account in no time. In a medical emergency, having quick access to funds can help you avail the best medical treatment that you require without any costly delays.
4. Flexible Tenure Options & Easy Repayments
Once you have finally decided to opt for a personal loan, you should note that you can tailor repayment as per your convenience, provided you have chosen the best bank for personal loan in UAE. In order to choose the best one, compare banks and financial institutions on the basis of their personal loan interest rate, processing fees, tenure options, and other features & benefits. For example, Emirates NBD personal loan, Dubai Islamic Bank Personal Loan, RAKBANK personal loan, etc are an ideal option since they offer an attractive rate of interest on a personal loan and enable you to choose tenure for a maximum of 48 months. On the basis of this, you can choose to repay over a longer or shorter tenure as per your convenience.
The Bottom Line
Medical emergencies usually occur when you do not expect them. With the availability of personal loans for a medical emergency, you now have a convenient option on which you can count on for dealing with such situations. Make sure you choose the best bank for personal loan in UAE to experience great convenience and provide the best health care treatment to your loved ones.