The Pros and Cons of Medical Loans
Medical emergencies can strike without warning, leaving individuals and families grappling with not only emotional and physical distress but also significant financial burdens. In India, where healthcare costs are escalating, paying for medical treatments out-of-pocket can be daunting. The lack of adequate health insurance coverage exacerbates this issue, pushing many to seek alternative funding options. One such option is a medical loan. But what exactly are medical loans, and how do they work? Medical loans are personal loans specifically designed to cover medical expenses. They can be used for a range of medical needs, from surgeries and hospital stays to dental work and cosmetic procedures. However, like any financial product, medical loans come with their own set of advantages and disadvantages. The Reality Check of Medical Loans To understand the real impact of medical loans, let’s consider the case of Rajesh, a 45-year-old from Mumbai, who faced an unexpected medical emergency ...