A medical loan is a life savior when it comes to addressing your medical emergencies. A medicalloan is very easy to apply, and the approval process is much faster these days.You can avail a medical loan through the banks, or non-banking financial companies. Today, you can also go for a Fintech company. Download the best loan app andyoucan apply for a loan within minutes. If you satisfy the eligibility criteria and furnish the necessary documents then your online loan could be processed within hours.
Is medical loan a good idea?
Before you apply a medical loan, there are a few things about personal loans that you must know. Firstly, a medical loan is a personal loan which means it is an unsecured loan.You do not need to pledge your assets as security for the loan.The lender gives you this loan based on your repayment capacity, employment history, credit score, and other factors.
Secondly, lenders do not place any restrictions on the final use of personal loans. This means you can use medical loans to pay for a variety of medical costs, including hospital bills, treatment costs, medication costs, costs associated with surgeries and operations.
Thirdly, most people apply for a medical loan when the crisis hits them. In such situations, they often avail a loan without much research which can cost them dearly. That’s why, while planning your financials, it is very important to know the best personal deals available for you.
Features and Benefits of Medical Loan
The following is a list of the advantages and features of a medical loan.
- Low Rate of Interest: The ability of the borrowers to finance emergency medical costs is made possible by the affordable interest rates on personal loans. It is much cheaper to avail a personal loan than using your credit card to pay your medical bills. Depending on your credit score you can get further concession on the interest rate on your loan.
- Quick Approval of Loan: As compared to other types of loans medical loans are approved in the least amount of time. Time is a very crucial factor when you are dealing with a medical crisis. With an online loan, the loan amount gets disbursed into your account within 24 to 48 hours.
- Flexible Repayment of Loan: With a medical loan, you can choose a tenure that suitsyou. Going for a short tenure will keep your total interest pay out less, while a longer tenure will keep your EMIs low. This gives you the luxury to balance your affordability and repayment capability. In addition to that, you can choose the date and time of the EMI payments.
- No Need for Physical Documents:When you opt to avail the loan through the best loan app, you skip the cumbersome process of submitting tons of documents. With online loan apps, the entire process is digitalized. You can submit your digital documents online and the verification would also be done online.
- Rapid Disbursement of Loan: Once your loan application is approved, the loan amount will be deposited into your bank account instantly. For people in need of medical emergency loans, prompt disbursal is advantageous.
What Conditions Must Be Met to Qualify for a Medical Loan?
The medical loan has very simple eligibility criteria that anyone can fulfil. Here is the list of eligibility requirements for a medical loan.
- You must be between the ages of 21 and 58.
- You must be a citizen of India.
- Both salaried and self-employed individuals can apply for this loan without any restrictions.
- To qualify, you must earn at least ₹15,000 per month as fixed income.
- As advised by the financial institution, your account should be in one of the recognised banks.
What Is the Necessary Documentation for a Medical Loan?
Medical loan lenders seek your basic documentation before approving your loan application. This is to verify your details and avoid fraudulent practices. Here is a list of basic documents that most lenders would ask you –
- Duly filled loan application form.
- When applying for an immediate personal loan, your Aadhar card is the first required document.
- You can present your Pan Card or driving License.
- If you are a salaried individual you need to submit six months’ worth of payslips or personal bank statements.
- Other crucial records include your six-month bank account statement and tax returns.
How to Apply for a Medical Loan for All Your Medical Emergencies?
You or your family members can apply for a medical loan in case of a medical crisis. You can start the online medical loan application procedure by downloading the loan app from your app store and then following the steps given below:
- To begin the loan process, first, you need to register your phone number or email address associated with your Aadhar card to obtain an OTP number for verification.
- Next, you need to enter your smart card driving license or Aadhar card number.
- Using the loan EMI calculator, choose the loan amount and term.
- Lastly, complete filling your personal, financial, and employment information with digital KYC papers that are instantly confirmed.
Once you are done filling in all your details you can choose your bank from the list of banks, then input the information for the account where you wish the loan proceeds to be deposited.
A medical loan has helped many people during their time of need. As people seek this loan during times of emergency, all the lenders have tried to keep the medical loan eligibility criteria and documentation as simple and minimal as possible. To get the maximum features, you can check out the best loan app and compare the different loan offers. Always remember to do your research and plan your repayment strategy before availing the loan. Also, make a budget to refrain from borrowing more or less than what you actually need!