In a post-pandemic world, we all know how uncertain and unpredictable life can be. All of us have learned to live with uncertainty almost on a daily and weekly basis. The pandemic that started in 2020 and continues in 2022 as we write this, also brought to the forefront how vulnerable our financial lives are and how under-prepared we are for things such as sudden medical expenses.
So, what are the options one must answer life’s unpredictable financial challenges such as a large medical expenses? The obvious answers are:
Health insurance is an agreement between an insurer and an individual or group of people, whereby the insurer agrees to pay part or all of the costs associated with the health care of those insured. It can be obtained through private insurers, such as employers, or purchased individually.
Why is Health Insurance important?
There are several reasons why Health insurance is important.
- It can help protect you from high medical costs.
- It can help you maintain your health by providing you with access to preventive care.
- Health insurance can help you avoid financial hardship if you experience a medical emergency.
- Health Insurance policies are subject to tax exemption. The exemption amount ranges from Rs. 25,000 to Rs. 75,000, depending on the state and policy you choose.
A credit card is like an automatic credit line issued to you by banks. You can use the card to spend up to a maximum amount of money every month as long as you repay the amount due within the stipulated timelines. Credit cards are the fastest way to avail of additional funds in case of emergencies since you can literally just pay on the spot.
Credit cards are a convenient way to pay for goods and services. They can also help you build a credit history, which is important if you want to borrow money in the future.
So why are credit cards important?
- Credit cards can help you build a credit history through regular spending and repayments. Good credit history can make it easier to borrow money in the future.
- Credit cards offer protection if your purchase is not eligible for a refund or if the merchant goes out of business.
- There are numerous variables that affect the credit limit of a given card.
Did you know that some credit card companies offer you built-in health insurance cover? In these cases when you get the card, you can automatically get covered under health insurance too!
Friends and family can be a big help in meeting medical expenses. They may be able to help you pay your medical bills and also provide you with emotional support.
There are several ways that friends and family can help you during a medical emergency:
Financial Assistance: If you need financial assistance, it is important to ask friends and family for help. They may be able to provide more assistance than you expect.
Friends and family may be able to help you pay your medical bills. The amount of financial assistance they can provide depends on their individual circumstances. Some friends and family members may be willing to pay for your medical expenses outright. Others may be willing to lend you money that you can repay over time. Still, others may be willing to pay your medical bills on a monthly or annual basis.
Emotional Support: Friends and family can provide you with emotional support during a difficult time. When you are dealing with a medical emergency, it can be helpful to have someone you can rely on.
Friends and family members can provide emotional support by listening to your concerns, providing practical help, and offering words of encouragement. They may also be able to connect you with resources in your community.
If you need emotional support, friends and family are a great place to turn. They will be there for you when you need them the most.
When you are dealing with a medical emergency, it can be helpful to have access to money. An instant loan through a mobile-first lender may be the best option for you to get money immediately.
An instant loan is a type of personal loan that can be approved quickly. You can use an instant loan to pay your medical bills or cover other expenses related to your medical expense.
Instant loans are available from a variety of lenders, including banks and online lenders. You can usually get an instant loan with very minimal information.
The 5th and probably least understood funding option in a medical emergency is a Loan Against Property.
We all know that medical expenses can crop up without any warning and can be very costly. If you are facing a medical expense and don’t have enough savings to cover the cost, you may want to consider getting a loan against your property.
A loan against property can provide the funds you need quickly and easily. This type of loan can provide you with the capital you need to cover your medical expenses.
In cases such as planned surgery, planned or long-term care, hospitalization, etc. a loan Against Property may be the best option for you. The key here is how much time do you have in hand? Close to 4 weeks is the best time duration you should be ready for.
What makes Loan Against Property a great option if you have some time in hand:
A Loan Against Property is a secured loan and hence has a higher chance of sanction
One of the best ways to take a loan is through Loan Against Property. It’s secure and you can use it for any purpose you want. For example, in your medical needs, you may also have significant travel and stay expenses. You can use Loan Against Property same as your personal funds. No restrictions on any personal use.
If you have a planned medical expense that is not an emergency and falls within the purview of Loan Against Property usage, it makes sense to go for this option rather than any other loan available in the market.
Loan Against Property gives the best value for your property
If you have an upcoming medical emergency and need funds for it then selling your property to get the funds is not a very good idea.
- A ‘distress sale’ of your property will get you a very low value and not the actual market value of your property. Thus, you will lose a lot of money.
- Finding the right buyer, getting the right price, etc. takes a lot of time and legwork. If you have a medical emergency coming up, you don’t have the time to engage in all of that.
This is where a Loan Against Property is the perfect solution for your needs.
- As you are not selling your property, the paperwork is minimal and easy.
- Your lender (in this case, Shubham Housing Finance) has a team of professionals who will help with the entire process. This reduces your legwork and associated time and effort.
- Your lender has no incentive to reduce your loan amount or do anything else to undermine your interests. Hence you can freely share with them your requirement and the Loan Officers will help you with fast processing and even faster disbursal of your loan.
- The loan amount is based on the current market value of your property, so you can borrow as much as you need and repay the loan over time.
Longer repayment tenure on a Loan Against Property helps you repay the loan comfortably
With Shubham Housing Finance you can get a Loan Against Property with a maximum loan amount of 15lakhs and repayment tenure of up to 10 years. This is one of the longest tenures available in the market currently.
The amount and tenure make a Loan Against Property the perfect loan for medical expenses that might take a while to pay off.
You can borrow anywhere between Rs. 50,000 and Rs. 15lakhs, making this an extremely versatile option for medical expenses.
Faster approval of the loan makes Loan Against Property an attractive offering
What you need to know about taking a loan against a property is that the approval process is really fast. This can help if you are having trouble with cash flow and need some money fast, or if any planned emergency like a planned surgery or a long-term hospitalization, etc. for you or someone in your family is required. A Loan Against Property is a great way to get quick cash because it is fast and hassle-free so you can have your money quickly. This is another reason why it might make sense to opt for a Loan Against Property loan instead of, say, a personal loan or credit card debt when dealing with medical expenses.
If you’ve been wondering if it’s a good idea to apply for a loan against your property in the event of a medical emergency, we at Shubham Housing Finance may be able to help you with the right decision.
Our team at Shubham Housing Finance is ready and waiting to provide fast approvals on loans that are tailored specifically for these types of situations. We understand how difficult medical expenses can be – our goal is to make things easier by providing quick approval on loans against property that you may need.
To find out more about how we work with people who need financial assistance during tough times, contact us today!