Nowadays, the rising healthcare cost is becoming a matter of concern for common people. An unforeseen emergency can incur severe financial strain on an individual and can even deplete their savings in the long run.
However, the availability of medical emergency loan has allowed individuals to tackle such financial requirements with ease. Individuals can easily pay for the required expenses with the help of such credit options without straining their personal budget.
Benefits and features of medical loan
Here are some feature and advantages of availing the medical loan:
- It covers all the expenses including medicines, surgery, hospital bills, prescription, doctor’s fees, etc.
- Funds offered as medical emergency loans can be utilised for all types of medical requirements.
- It comes at competent personal loan interest rates.
- One can avail loan value up to Rs.25 lakh.
- Simple and hassle-free documentation process ensures quick application and disbursal.
- Tenor ranges for up to 60 months, ensuring easy repayment of the due amount.
These are some of the primary advantages offered by these types of credits. Borrowers can also avail these loans quickly by following the below mentioned application process.
Methods to apply for medical emergency loan
Borrowers can quickly avail a medical emergency loan by following the steps mentioned. It will ensure hassle-free application process and instant disbursement.
- Find a suitable lender to apply for a medical loan by comparing financial institutions. One should look into the interest rate offered, repayment period, and the eligibility criteria set by them to select a lender that best suits their requirement.
- To apply for a medical loan online, applicants can fill the online application form. Wherein, applicants need to fill their name, date of birth, mobile number, address, net monthly salary, etc.
- After filling the online application form of medical loan, the applicant needs to submit the same along with the necessary documents to complete the application process.
Medical loan eligibility criteria
Any Indian national meeting the requirements to apply for a personal loan for medical emergency would be deemed eligible for this loan option –
- Any self-employed or salaried applicant can apply for such a loan.
- Applicants should be between 23 to 55 years of age to apply for such credits.
- Prospective borrowers should have worked for at least 6 months with their present organisation at the time of applying for a credit.
- The monthly income or salary should be at least Rs. 25,000. Those who are living and working in metropolitan cities should earn higher monthly income.
Documents required for medical loan
Another aspect that a prospective borrower should know about a personal loan for a medical emergency, besides meeting the personal loan eligibility criteria, is the necessary documents to back up the application.
Here is a list of required documents for medical loan –
- Identification proof – Aadhaar Card/ PAN Card/ Voter’s ID Card/ Passport
- Recent passport-sized photograph
- Latest salary slips
- Form 16
- Proof of employment, like employee ID.
Checklist before applying for medical loan
While applying for medical, here is the checklist of few important aspects prospective borrowers should keep in mind –
- Disbursal time: In case of any medical emergency, it is expected to get the necessary at the earliest. Thus, ensuring minimum disbursal time is necessary before applying for the medical emergency loan.
- Rate of interest: The rate of interest varies from one lender to another. Therefore it is important to find the right lender with a competitive rate of interest.
- Other charges: Before applying for a medical loan from any financial institution, make sure it comes with a reasonable prepayment fee or processing fee.
- Convenient EMIs: Using an Personal loan calculator, check and compare the payable EMIs of different lenders or financial institutions to secure a suitable credit.
You should also check the free CIBIL score online before applying for such a credit. Credit rating is considered as one of the most essential eligibility requirements for availing a credit. Individuals with a healthy credit score is likely to avail an advance against borrower-friendly terms.
Medical loans are available from various financial institutions and NBFCs like Bajaj Finserv. Such institutions offer substantial loan value at a flexible tenor.
Medical loan is one type of personal loan, which gives the financial coverage of medical treatment including hospital bills, medicine price, medical tests, doctor’s fees, etc. Before applying for a medical emergency loan, it is advisable to know all the required information mentioned above to streamline the process better.