Last-minute funding options for medical emergencies

Medical emergencies can come unannounced. The best way to tackle such an emergency is to have an existing health insurance cover. However, if you don’t have a health insurance policy, if the illness you’re treated for is not covered by your existing policy, or if your hospital bill exceeds the coverage amount, you could struggle to arrange for the money at short notice. In such a case, here are some options that could work out for you:

Last-minute funding options for medical emergencies

  1. Medical loan


A medical loan is designed to meet your urgent health-related expenses. Processed and disbursed in a fast manner, medical loans can be availed at attractive interest rates and on flexible repayment terms. A medical loan is available for all medical, cosmetic, and dental procedures and is provided by most leading banks and institutions.

  1. Pre-approved loan

Your bank may have a pre-approved loan amount against your name. This curtails the approval process of the loan and can easily be used as a personal loan for medical emergency. Such loans may also be offered by fintech companies and lending apps that base the approval amount on your credit history. Do check a personal loan EMI calculator if you have multiple options to decide from.

  1. Gold loan

Gold loan is another reliable source of urgent cash. The purity of the gold is the primary criteria for these loans. If your banker has verified KYC documents, you can actually get approved for the loan in a couple of hours.

  1. Secured loan

To cut down on your interest rate, you can apply for a secured loan instead of a personal loan for medical emergency. A secured loan can be applied against fixed deposits and similar other debt-saving instruments. Many institutions also offer secured loans against mutual funds and shares.

  1. Credit card

Easily the quickest way to arrange last-minute funds, credit cards can be one of the most accessible ways to arrange for instant funds. However, they can charge much higher than personal loan interest rates. If you are paying by credit card, it is advisable to take a look at the interest rate to see if you can afford it. If you are paying a large amount, you could consider EMI repayments to ease your burden.

  1. Medical crowdfunding

One of the more recent methods, crowdfunding platforms help raise funds for you after verification of the medical documents. By asking your friends to donate and share, you can raise the funds you need in no time for serious medical ailments and treatments.

While options like medical loans and crowdfunding are tailor-made for this purpose, options like credit cards and personal loans can be used for any purpose. However, the cost of borrowing is an important factor. Therefore, always check a credit card or personal loan EMI calculator before applying.

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