How Ramesh Srivatsan paid his wife’s hospital bills within minutes

5 MinsNov 02, 2022

During the pandemic, everything was chaotic. People were home instead of going to work, grocery stores were shut down, and my children, who live in the United States, couldn’t visit my wife and me for their yearly visit. Even our routine doctor’s check-up was done via Zoom. 

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Being senior citizens, my wife and I took a lot of precautions to steer clear of the Covid situation. We didn’t step out of the house and had all our necessities delivered to us. We sanitised everything before using it, lest one of us fell sick. We knew that if one of us contracted the disease, it would be difficult to get the right care.

As luck would have it, one of us did fall sick, but not with Covid. My wife suddenly became unconsious and fell on the ground.

Immediately, I called an ambulance. Despite the Covid rush in hospitals, we managed to find her a bed in an expensive private hospital. After a while of giving her drips, she regained consciousness. The doctors called for check-ups, and once the results were out, we found out that she had a tumor.

The doctors informed us that the tumor would have to be operated on immediately, or it could be life-threatening. I was also informed that the operation would cost Rs. 15,00,000. I was hoping that our health insurance would cover this cost. While my wife was prepared for the operation, I quickly checked to make sure the surgery would actually be covered by our health insurer.

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Unfortunately, the hospital where she was admitted was not covered under our policy’s network hospitals. That meant that I would have to pay the amount from my pocket. I was flustered. I didn’t have that much liquid money.

I had investments in gold, mutual funds and equities, but I had recently liquidated my fixed deposits to meet another financial emergency we faced earlier in the year. The other problem was that it was a Saturday—which meant that the mutual fund companies were shut closed that day. I would have to wait until Monday to start the liquidation process. Moreover, it would take another day or two for the money to hit my bank account.

In the meantime, I needed to pay for medicines, surgery and other expenses. I thought of pawning my wife’s jewellery, but no pawn shops were open because of Covid. My children, too, couldn’t send money immediately because wire transfers would take a few days to get cleared.

I was in a fix. I called my friend to ask him for some advice. That’s when he told me about this miraculous product that came to my rescue that day—Axis Bank’s 24x7 Loan Against Securities. Being a loyal customer of Axis Bank for years, I reached out to my Relationship Manager. He told me that if I had enough money in stocks, mutual funds, or bonds, I could pledge them as collateral and get a loan within three minutes. It could all be done online, and the service was available 24x7.

It was a godsend! I had more than Rs. 30,00,000 of investment in stocks and mutual funds combined. I instantly downloaded the app, completed the documentation requirement online and received a loan of Rs. 15,00,000. I was able to pay off my wife’s hospital bills on time, which not only aided her speedy recovery but also gave me an easy way to manage my financial need in a short time. Axis Bank LAS is a great product, and I am thankful that it helped me during my dark hours.

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Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.