Are medical bills stressing you out? Consider a personal loan

Life can be unpredictable, and medical emergencies often strike without warning. For many, the financial strain of mounting medical bills adds to the emotional and physical toll of dealing with a health crisis. Take the example of Priya, who recently underwent a successful surgery. While her health was on the mend, the growing stack of hospital bills was a constant source of worry. Despite having some insurance coverage, there were still gaps that needed to be addressed.

If you’re in a similar situation, know you’re not alone—and there’s a solution. A personal loan can provide the financial support you need, helping you focus on what truly matters—your recovery and well-being.

Let’s explore how a personal loan can ease the weight of medical bills and get you back on track.

Why medical bills can spiral out of control
 

In India, essential healthcare often carries a significant burden, while medical bills become a major cause of financial distress for many.

 Let's examine why medical expenses create such a burden.

1. Healthcare costs in India are rising rapidly
 

Medical expenses in India have been steadily increasing, making treatments, procedures, and medication more expensive. Even basic surgeries or routine check-ups can be expensive, especially in private hospitals. As healthcare prices continue to climb, medical bills often exceed what people anticipate, leaving them scrambling to cover costs.

2. Insurance doesn’t always cover everything
 

While health insurance policies are meant to help mitigate healthcare costs, they often come with limits, exclusions, or deductibles that leave many individuals with substantial medical bills. Certain treatments, specialised procedures, or out-of-network healthcare providers might not be fully covered, resulting in high out-of-pocket expenses.

3. Medical emergencies come with a warning
 

Medical emergencies can arise at any time. Whether it's an accident, sudden illness, or a critical condition, the costs associated with an emergency can escalate quickly. These situations often require immediate attention, leading to hospital bills that are difficult to manage without financial support.

4. Expensive long-term treatments and post-hospitalisation care
 

Some conditions require ongoing treatment or rehabilitation, leading to continuous medical costs even after hospitalisation. Regular visits to specialists, prescription medications, and post-surgery care can add up, making it even harder to stay on top of your finances.

Need funds fast? A personal loan can be the answer
 

In times of financial uncertainty, especially when faced with medical bills that need immediate attention, a personal loan can provide the quick access to funds you need. Here’s how it can help meet your medical expenses –

1. Get quick access to money when you need it most
 

When you're faced with unexpected medical bills, time is of the essence. A personal loan offers quick approval and disbursal, ensuring you can access the funds you need for treatment without delay. This can help you focus on getting better rather than worrying about paying for medical emergencies.

2. Protect your savings from unexpected expenses
 

Liquidating your savings or cashing out investments may not be ideal, especially if these funds are meant for long-term goals like your child’s education or retirement. A personal loan allows you to borrow the required amount without touching your existing savings, giving you the flexibility to keep your long-term financial plans intact.

3. Repay on your terms with flexible options
 

Personal loans have flexible repayment options. You can choose a tenure that suits your financial situation. With manageable monthly instalments, you can repay the loan without putting additional strain on your finances.

What to check before choosing a personal loan
 

When considering a personal loan to help with your medical expenses, it’s essential to find the loan that best suits your needs. Here are the key features to look for –

1. How much can you borrow?
 

Ensure that the loan amount you can borrow is sufficient to cover your medical bills. Lenders offer a range of loan amounts, and it’s important to know how much you are eligible for based on your income and creditworthiness.

For example, with FIRSTmoney from IDFC FIRST Bank, you can get loans starting from ₹50,000 and up to ₹10 lakhs, which can help you cover high medical bills with ease.

2. Are the interest rates and terms affordable?
 

The interest rate on your loan can significantly impact the overall cost. Be sure to compare rates across different lenders. Also, consider the repayment terms to ensure they are realistic for your monthly budget.

FIRSTmoney personal loan offers competitive interest rates starting at 10.99% p.a. and offers a flexible tenure from 9 months up to 60 months. It makes repayment manageable without excessive financial strain.

3. Will you get fast approvals and minimal paperwork?
 

In urgent situations, you’ll need quick access to funds. Choose a lender who offers fast processing. Typically, the documentation required for a personal loan is minimal, but ensure your identification, proof of income, and medical bills are ready.

FIRSTmoney ensures instant approvals with a 100% digital application process with zero paperwork for fast access to funds in case of medical emergencies.

4. Can you repay early without extra charges?
 

It’s a good idea to check whether the loan offers options for prepayment or foreclosure without penalties. This gives you the flexibility to pay off the loan earlier if you’re able to, reducing the overall interest burden.

Comparison of personal loan features for managing medical bills
 

Applying for a personal loan? Here’s what you need to know
 

Applying for a personal loan to cover your medical bills is simple, especially with financial institutions that prioritise a smooth and hassle-free experience. FIRSTmoney allows for a 100% digital and quick, instant personal loan application process.

Eligibility? Any salaried and self-employed individuals aged 21-60 with a CIBIL score of 730 and above.

Documentation? Just use your physical PAN card for the video KYC verification.

How to apply? Follow these simple steps to apply for a personal loan with FIRSTmoney –

1. Step 1  – Visit the FIRSTmoney portal using your smartphone to initiate the application.
2. Step 2 – Enter your mobile number and basic personal details to assess your loan eligibility.
3. Step 3 – Specify the desired loan amount and select repayment terms that align with your financial situation.
4. Step 4 – Connect the bank account where you wish to receive the loan funds.
5. Step 5 – Undergo a video verification– Know Your Customer, presenting your physical PAN card during the process.

Once your application and KYC are verified and your loan is approved, the funds will be disbursed instantly into your bank account. You can then use the money to manage your urgent medical bills without further delay. 

Smart ways to repay your loan without worry
 

After securing a personal loan, implementing a disciplined repayment plan will help you avoid future financial burdens. Here are some tips for managing your medical bills through your loan –

1. Choose the right equated monthly instalment (EMI) that aligns with your budget
2. Keep an emergency fund for unexpected medical expenses
3. Track all medical bills and plan monthly budgets accordingly
4. If possible, consider part-prepayments to reduce the loan burden over time
5. If you face financial difficulties, reach out to your lender early

FIRSTmoney offers flexible, personalised EMI options to support borrowers' financial stability.

Take control of your medical bills – apply for a personal loan today
 

If you are facing overwhelming medical bills and are unsure how to manage them, a personal loan could be the solution. It facilitates the management of medical costs through expedited fund disbursement and flexible repayment schedules.

If you’re looking for a quick and hassle-free solution with minimal documentation and competitive interest rates, FIRSTmoney can help cover your medical expenses, allowing you to focus on recovery. Explore and apply for FIRSTmoney today for a quick and hassle-free way to cover your medical bills.