Unforeseen medical expenses can feel overwhelming, with extra strain on your cash flow adding to the emotional stress of an unexpected health issue that threatens you or a loved one. That’s why we recommend that you take out private medical insurance, so that when an accident or illness strikes, all you need to focus on is getting well.

However, private healthcare is costly, and we realise that comprehensive medical aid cover and hospital plans can be unaffordable when you have many other claims on your budget. Although South Africa has legislated the National Health Insurance (NHI) programme, it will take some years before it is able to deliver free, accessible, quality healthcare for all. At present, if you don’t have private health insurance and find yourself facing sudden medical bills, you need the help of a trusted financial partner.

Consider removing money worries as an added anxiety when you’re facing a healthcare crisis by taking out an affordable personal loan. We advise clients to use debt responsibly, and you won’t find many uses more responsible than urgent medical care – a personal loan could literally be a lifesaver.

Benefits of a Nedbank Personal Loan

A Nedbank Personal Loan offers flexibility – we'll tailor a loan offer to your circumstances and, if necessary, adjust the loan term to give you the most affordable monthly payment. You can use our personal loan repayments calculator to check affordability and decide which repayment term will suit you best before you apply.

If you’re an existing Nedbank client, the process of applying for a loan is simple. If you’d prefer human help with the process, submit a request online and we’ll call you to help you complete your application. We’ll need some personal details, and you’ll need to email us some qualifying documents.

Applying online via the Money app or Online Banking is even easier. You’ll need to give us some personal and banking info, and details on your income and expenses. We’ll ask you to upload documents like your ID, payslip and, if you’re not a Nedbank client, stamped bank statements from your current bank for the past 3 months.

Getting a fast response to your loan application is another important concern when you’re facing sudden medical expenses. If you’re an existing Nedbank client, the typical processing time to pay your loan into your account after you’ve accepted our offer is 90 minutes. If you bank with another financial institution, this could take up to 48 hours, depending on when your application is approved.

Get cashback and Greenbacks

Nedbank offers another great benefit with your personal loan. If you open a MiGoals Plus or MiGoals Premium account when you take up a personal loan, you could qualify for R200 cashback* every month during your loan term. This offer is subject to terms and conditions – for example, to continue qualifying for R200 cashback every month, you must arrange to have your salary paid into your MiGoals account, set up a debit order on that account to make your monthly loan payments, and use the Money app or Online Banking at least once a month.

*Read the full terms and conditions.

Your MiGoals account will enable you to sign up to Greenbacks – our programme that rewards you for better money choices. In fact, taking out a personal loan will boost your rewards to the next level of Greenbacks, so you’ll earn even more on all qualifying spending. You can redeem Greenbacks in a variety of ways, including withdrawing them as cash. Or you can spend your Greenbacks on our online shopping platform, Avo SuperShop, and enjoy special Avo promotional deals available exclusively to Greenbacks members.

Medical aid and insurance

The most effective way to provide cover for medical costs is to contribute to a medical aid scheme, either privately or through contributions to a qualifying health insurance scheme deducted from your salary by your employer. But even if you have medical insurance, you may at times need emergency funding – perhaps for a sudden hospitalisation or illness that falls outside the cover provided by your medical scheme.

If you’re in that situation, or you don’t have any medical insurance, a personal loan could be the solution.

When it comes to your health, you and your family shouldn’t have to worry about being able to afford urgent medical care. Learn more about Nedbank Personal Loan options.