Everyone needs great healthcare. We all want to receive the best medical facilities when we or anyone from our family gets ill. One factor that plays a big role in determining the medical facilities you’ll get when you need them is your financial condition. 

A good quality treatment comes at a dear cost. With ever-increasing medical inflation and the surge in healthcare costs due to the pandemic, the cost of medical facilities has increased greatly. And sometimes, even health insurance can’t cover the huge medical bills and costs of hospitalisation. In such crucial times, you can turn to medical loans. 

Even when you have savings that can pay for a medical emergency, you can consider using a medical loan to keep your savings intact. Medical emergency loans make sure that you receive the best medical treatment possible. Let us learn about medical emergency loans and how they can help reduce your stress during emergencies.

Medical emergency loan definition

A personal loan borrowed to cover medical emergencies is called a medical loan. Medical emergency loans offer sufficient funds and can help you get the best medical treatment in times of an emergency.

Medical emergency loan is a type of personal loan used to finance sudden, unforeseen medical expenses. For example, you can use the funds to pay for medical bills, doctor appointments, therapies, hospitalisation expenses, etc.

Medical emergencies are inevitable in most individuals’ lives. Unfortunately, many individuals do not have a proper financial plan in place for such instances and feel helpless during a medical crisis. Know that, in such trying times, you can borrow medical emergency loans.

How is a medical loan beneficial in the time of a medical emergency?

Advanced medical treatments can cause a fortune. Also, the healthcare inflation rate in India is among the highest. For a significant part of the Indian population, even an average hospitalisation cost is exorbitant. 

During a medical emergency, one needs to take care of many different things like hospital bills, doctor’s fees, medical costs, and related expenses. Moreover, if it’s a critical illness, the treatment cost increases by multiple folds. 

Not all have enough savings to support the sudden expenses of a medical emergency. Therefore, many times, getting an emergency loan is the only option. An emergency loan thus offers required monetary assistance to save the day.

Advantages of availing medical emergency loans

An insurance policy may cover your expenses at the time of a medical emergency. However, the cover provided by your insurer might not be enough to get the best treatment. A medical loan can thus help you get the best medical facilities and treatment. 

Following are the advantages of availing of a medical loan:

  • There is no restriction on where you can or cannot use your medical loan. You can use it to pay expenses resulting from chemotherapy to cosmetic surgery. Also, you can get a medical emergency loan for any medical condition
  • When you take an emergency loan, the funds are disbursed instantly into your bank account
  • Unlike health insurance, with a medical loan, you are free to get the best medical treatment at the hospital of your choice
  • The lenders offering medical loans like PaySense offer flexible tenure
  • Even if you have relevant health insurance, not all hospitals support cashless transactions. In such a situation, you can avail of a medical loan to pay for the medical expenses
  • Online lenders like PaySense ask for minimal documents such as your ID proofs, bank statements, etc. to grant you a personal loan 
  • An online lender quickly approves medical loans. This way, you can start the treatment immediately
  • You do not need to provide any collateral to avail of a personal loan for a medical emergency
  • The prepayment of medical loans is possible

How to avail of a medical emergency loan during an emergency?

Getting a medical emergency loan has become easy and fast thanks to digitalisation in the finance sector. Most of the top lenders in the nation have mobile apps and websites. You can simply use them to check your eligibility and apply for a quick loan during an emergency. 

Below are the steps by which you can avail of a medical loan:

  • Download the loan app or visit the website of your preferred lender
  • Register yourself on the app and fill in your basic details
  • Check your credit line and decide how much loan you want to take
  • Apply for a loan by selecting the loan amount and tenure that suits you well
  • Upload the required essential documents and bank details
  • Get approval for the loan the same day
  • Get the medical loan disbursed into your account in days after approval



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Features of online medichttps://www.gopaysense.com/blog/best-instant-personal-loan-apps-in-india/al emergency loans

An online medical emergency loan can be of great use to you. It has many features that set it apart from traditional medical loans from banks. For example, you have features like flexible tenure, quick disbursal, easy repayment options, no end-use restriction, etc.

Below are some of the features of online medical emergency loans:

  • Extra funds: At times, you may want funds greater than what your credit card limit may allow you. You might require more money for the medical expenditure. And during such times, you may not get an extended credit limit immediately. So, when you have a personal emergency and want to avail of a medical loan, you can get it from online lenders.
  • Quick and easy disbursal: You can get a quick medical loan to deal with an emergency. Online lenders approve loans almost instantly and disburse them within days of document submission.
  • Instant funds: Online medical loans are perfect for figuring out the finance part of a medical emergency. As you can get funds almost instantly, you can use them for your urgent needs.
  • Flexible loan tenure: An online medical emergency loan has a flexible repayment tenure of between 3 months to 60 months. You can avail an amount between Rs 5,000 to Rs 5 lakh from PaySense to meet your financial needs in case of a medical emergency.
  • Minimal documentation: Getting a medical emergency loan from PaySense is hassle-free with minimal documentation. You can download the app, apply for a loan online, upload required documents and photos, and get updates on your loan from home.
  • Flexible EMIs: With online medical loans, you have an option to choose the duration of the loan as you like. For longer loan terms, the monthly instalments of your medical loans reduce. You can plan your tenure and EMIs based on your financial needs and monthly income. PaySense offers loan tenures from 3 to 60 months, based on which you can choose your monthly EMI outgo. So, you do not have to take any stress of repaying big amounts immediately with online medical loans. Moreover, affordable EMIs ensure that the repayments are easy for you
  • Hassle-free loan application: When you have a medical emergency and take a personal loan to get money, you would want the process to be as paper-free as possible. Medical emergency loans from PaySense are hassle-free and quick. You need minimal documents and can apply for a loan in minutes.
  • No end-use restriction: You can use a medical emergency loan from PaySense to fund any type of medical expenses. You can even use it for any other kind of expense.
  • Easy repayment in monthly instalments: With PaySense medical loans, you have the option to plan your loan tenure and EMIs based on your monthly income. Thus, you are free of high pressure to repay the loan immediately. With loan tenures of 3to 60 months and affordable EMIs, the medical loan is easy on your pocket. You can pay your bills as per your wish.

Again, some hospitals may not accept payments made from credit cards. In such a situation, you can apply for a medical loan and get instant funds. You can use the loan money disbursed in your bank account and pay for your medical needs in cash or transfer money online.


Medical emergency loans can prove to be extremely helpful in taxing financial situations arising from a medical emergency. You can avail of a medical loan from PaySense and clear out the medical bills in a cash crunch. You can fulfil all your medical needs with a medical emergency loan.

Anil Sumra

Anil Sumra is a Digital Marketing Expert with more than 10 years of experience. He loves to write on various financial topics online to create financial awareness. He holds a bachelor’s degree in Finance & Management.

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