A Medical Loan is an emergency fund provided by financial institutions (both banking and non-banking) to cover medical expenses. This is a kind of personal loan which can be availed for providing the best healthcare services to your parents or loved ones. Nowadays, a number of banks and NBFCs are involved in providing medical loans to the applicant.
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The best thing about a medical loan is that you can get cash up to thousands to a few lakhs quickly within a few hours or a few days. In short, it is a fast and convenient option for people looking for urgent medical procedures. Hence, continue your treatment without getting worried about the medication cost or large hospital bills.
Reasons for Availing a Medical Loan
There are several reasons for an applicant to avail of a medical loan. A few of them are discussed below:
● In case of emergency surgeries
● For different medication purpose
● For severe medical treatment or cosmetic procedures
● For prolonged medical treatments
● Accidents case
● If you do not have any medical insurance policy
● Your medical policy does not cover all healthcare expenses.
● Pay bill of emergency surgical procedure
● To pay large hospital bills, doctor’s fees, etc.
How to Apply for a Medical Loan
In the current period, people are more conscious about their health and hence they do not want to take any risk with their health. Therefore, they invest a short amount of their income in availing medical insurance. In case, if you don’t have such kind of insurance and you need an amount for your medical treatment, you can go for Medical loans. In short, you can say that medical Loans are your “saving grace”. Now, the question is where to apply for this loan and how can we do it. Given below are some points that resolve all these issues. Have a look:
● First of all, select the appropriate financial institution to avail of loans. So, to select the appropriate one, you have to do deep research about the institution or take expert guidance. Compare the interest rates of different organizations providing loans and choose the one with the lowest interest rates. They decide the interest rate on the basis of your income, location, amount of loan, and sometimes your credit score.
● Now, apply for the loan. To do so, you have to fill an application form. Provide all the necessary documents to the lender including Aadhaar or pan card, address proof, bank statement, etc.
● Afterward, select the bank providing loans on easy installments (EMI) at a flexible repayment option. Go for the option with “Short EMI’s at long tenure”
● If the bank/ finance company finds that all documentation is up-to-mark, then they approve your loan.
● Once, they approve your loan, you will instantly get the amount in your bank.
Just try to pay all EMI on time to attain a good credit score in the market and maintain a good relationship with your bank.
Reputed Financial Organizations Providing Medical Loan
To cope with medical emergencies, several financial institutions are involved in providing a medical loan. However, the payment procedure, amount payable and repayment option may vary for the different institutions. As it is a kind of emergency loan, it requires less paperwork and is available at low-interest rates as compared to other loans. So, choose the best option in accordance with your requirement after comparing all financial institutions on the basis of the above-mentioned factors.
Have a look at a few of them:
● HDFC Bank
● State bank of India
● ICICI Bank
● Bajaj Finserv
● Arogya Finance
NBFCs:
● Money View Loans
● Money Tap Credit Line
● Indiabulls Dhani Loan
Get to Know About Different Kinds of Charges of Medical Loan
There are certain charges that you need to know about before going to apply for any medical loan such as:
· Prepayment fee
· Processing charge
· Cheque bounce charges
· Late penalties
· Documentation charges
Benefits of Medical loan
To meet healthcare requirements or some kind of unforeseen expenditures, contact a reliable lender providing medical loans. These are the loans that cover several medical treatments. Besides it, there are a number of other benefits of the medical loan. Have a glance at a few of them:
Nowadays, you have several online and offline options to avail of loans. An online option is more convenient as compared to the offline one.
Easy to apply and approval takes 24 to 48 hours only. The approval depends on the profile of the borrowers.
● Available at attractive interest rates
● These loans do not require any kind of deposit/ collateral
● Flexible repayment option
● The medical loan amount can vary from a few thousand to lakhs
● Availability of pre-closure facility
● Minimum/ Simple documentation
● As it is an emergency loan, the lender instantly disburses the amount in your bank.
Who can Apply for a Medical Loan?
Before going to avail of a medical loan, check your eligibility on your own. The eligibility criteria for getting a medical loan are as follows:
● The individual must be a citizen of India
● Must be salaried or self-employed. Any self-employed or salaried individual is eligible to apply for a medical loan (meet minimum income requirement). You have to just show your income proof to the lender.
● Available for pensioners also
● Not involved in any case of bankruptcy
● Age limit may vary (but generally in between 21-58 years)
● Have all the necessary documentation
● If you meet all the above-mentioned eligibility criteria, you are eligible to avail loan from a reputed financial organization.
Conclusion:
A Medical Loan is a kind of emergency loan that can be availed by an applicant who needs funds for a medical emergency. It is well-understood that medical treatment is very expensive due to which creates a financial imbalance. To manage this expense, several banks and NBFCS provide the option of “Medical Loan”. This loan somehow helps in controlling budget/ medical costs because it gives you an easy repayment option in short EMI. So, if you need funding for any kind of medical treatment, apply online. If your application gets approved, you will get a loan in just 24-48 hours only.
