In case an individual is willing to take up a loan in order to meet the medical emergency, there are a few options to take a look at ranging from credit card to gold loans, etc.
The pandemic of Covid-19 will be going down the history as one of the worst pandemics with people going through emotional turmoil as well as financial crunches.
However, taking an insurance cover can help an individual meet the cost of treatment for Covid-19, but there are situations when settlement might take place depending on if the insurer feels the hospital overcharged the customer.
The claims made by insurance policy depends on the different terms and conditions of the policy and depending on that insurer may also reject to pay certain components of the bill of hospital. Although, it has been asked by the insurance regular to fasten the settlement of Covid-19 claims.
In case of medical emergency many hospitals are willing to accept payment through the method of credit card. This is one of the fastest way to arrange for money but it is to be remembered that the cost of a credit card can also go up to 40% annually.
The bank offers a pre-approved personal loan depending on one’s credit history. Under such circumstances one can avail a pre-approved loan instantly through the help of net banking. The amount is to be credited to one’s account within a matter of few seconds.
Another way to get a financial help is by taking a gold loan. There are many such NBFCs that offer an individual gold loan facilities in a span of one hour if the documents of the borrower are in order. In the pandemic situation, some lenders are also going to the extent of sending executives to the borrower’s location.
Even though availing loans should be one’s last resort and one should always have emergency funds in order to deal with suc health crises but if an individual id forced to opt from one of these options, it is to be made sure that he or she has a plan in place to repay the debt as early as possible.