Home > Health & Fitness > What is a Medical Loan & Who can apply for it?

What is a Medical Loan & Who can apply for it?

45 Views
PL Banner Images Medical Emergency New updated Medical 414x153 34bbdbf4

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.

 Read more About: cryptic pregnancy

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.

TAGS
Karan Hi I'm a professional blogger having experience in Digital Marketing And Blogging. My basic research on Finance, tech, health, entertainment, Digital Marketing, and home improvement. I'd like to share my experience with all of you be to connect to explore the knowledge. Read More : techycomp
Business Module Hub