Using personal loans for medical expenses is a choice that demands thoughtful deliberation. This is because personal loans can present both advantages and drawbacks when used for medical purposes.
As personal loans are typically unsecured, there’s no need to release any assets from lien or hypothecation. Your personal loan will automatically close once the bank receives the required funds.
Repaying top-up home loans promptly is important, and it’s wise to be cautious about overleveraging. Consider opting for these loans only when you need extra funds for essential purposes like renovations; otherwise, it’s best to avoid them.
