Medical emergencies are unexpected, and at such times of need, not having the finances at hand can be troublesome. Medical loans in Singapore cover multiple types of loaner from people who need finances for emergencies to practitioners who want to purchase medical equipment. Medical loans are much like personnel loans. While most people have their medical finances cover by companies, however, that is not the case for everyone. In such cases, medical loan helps a lot in fulfilling medical expenses.
The medical loan falls in the category of personnel loan if they are used for emergencies. When medical loans are acquired for purchase of medical equipment, it falls in the type of an equipment loan or inventory loan. Such loans can be lifesavers in the time of need.
If you are thinking about applying for a medical loan in Singapore either for emergencies or as a practitioner, you are in the right place. In this article, we will cover the basic types of medical loan option available in the market along with competitive medical finances of different loans which include all the factors that you should consider before applying for the loan.
Personal loans for medical expenses:
A medical loan that is used for personal emergencies is called personnel loans. There are three types of personnel loans that are mostly used for medical expenses.
- Unsecured Personal loan: Personal loans can be used for any purpose, including medical emergencies. All you need to be eligible for unsecured personnel loan is a sound income/salary. You can get 2-4 times your existing salary/income from lenders/banks through this personal loan. The interest rates for such types of loan in Singapore are 2-8% depending on the policies of the lenders/banks.
- Short term loan: This is another type of personal loan that is used to bare medical expenses. The only downside to short term loans is the interest rates and fees which are comparatively higher to other loans.
- Credit Card: Another financing option that you can consider in Singapore is a credit card. If you have a credit card or if you are eligible for one, then you can use this option to cover your medical expenses. This option is particularly helpful when you have no idea how much money you will need for your expenses. You can also take advantage of the interest-free period of credit card, make sure that your medical expenses are eligible for interest-free purchases and that you have the adequate means to pay back the credit you are using.
Medical loans help to cover the expenses that are usually not covered by your insurance. It might happen when your copay is too large, or that particular type of procedure is not included in your insurance package. Some common procedures that are not included in the insurance packages are:
- Hair transplant surgery
- Reconstructive surgery
- Weight loss surgery
These are only a few procedures; you can find many other procedures that fall in the same category.
How to compare competitive medical financing of different loans?
Once your mind is made up about applying for the loan, ensure that you choose the right lender/bank. There are many factors that you should have a look before applying for a medical/personal loan. Such as:
- Application process: Look at the application process of each bank/lender. The application process can be quite hectic for some banks/lenders. Choose the one that has the shortest application process. It will save you both time and energy.
- Credit score: Each lender/bank has different requirements or conditions before they release finances. Take into account the credit score requirements of different bank/lenders and choose the one that is most feasible for you.
- Interest rates: Interest rates is the most important factor of them all. Interest rates are different for different lenders. Banks/lenders that have the most feasible condition for the loan tend to have the highest interest rate. Keep this in mind before you make your decision.
- Loan terms and condition: The term and condition of each bank are different from the other. You should compare the terms and conditions of different banks/lenders before you make your decision. Never agree on loans with baseless terms.
- Fees: Compare the fees that different money lenders/banks offer before you make your decision. Opt for the one that you think fits within your budget.
You should keep all these factors in mind before you go for a medical loan/personal loan from a bank/lender.