Unexpected events in life sometimes make us end up in hospitals with a pile medical bill. Medical emergencies crop up any time and require a substantial amount of money. Banks charge hefty interest rates for personal medical loans which make repaying them difficult. Not everybody can summon lakhs of rupees from their pockets.
What aspects are covered?
When there is a medical emergency, all one needs is speedy treatment. But treatments involve money. So figuring out your finances during a contingency is very stressful. A medical loan is an emergency loan which helps you to get access to the much-needed funds. It covers your expenses for treatments, surgeries, paying prescription and hospital bills etc.
Your insurance may or may not cover all kinds of ailments or treatments. A medical loan can be used for any kind or ailment or treatment as it is based on the amount of money you want to take as a loan.
Documents Required
- Pan Card Number
- Passport Photo
- Address Proof
(Valid Driving License / Valid Passport / Aadhar Card) - ID Proof
(Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card)
Eligibility Criteria
The exact eligibility will vary from lender to lender. The following are the common eligibility criteria:
- Any salaried/self-employed individual can apply for this loan.
- You should be between 21 years and 58 years of age to apply for a medical loan.
- You should have an overall work experience of at least 1 year and should have been employed with your current organisation for at least 6 months.
- You should earn a minimum salary of at least Rs.20,000 per month. Those who live in metropolitan cities may need to earn a higher monthly income.
- The applicant should be an Indian citizen who resides in India.
Benefits of Availing a Personal Loan for Medical Expenses
Escalating healthcare costs are one of the prime concerns in today’s environment. The deteriorating lifestyle and uncertainty in life often push people to critical circumstances where money hinders access to appropriate medical assistance. Fortunately, there are loans available to assist you at the right time. Personal loans for medical expenses can be availed for all emergencies that are generally not covered by medical insurance policies. Personal loans are also considered quick and easy to secure as they do not involve time-consuming paperwork during an emergency situation. The following are the benefits of Availing a Personal Loan for Medical Expenses
1. No Collateral
Loans can be categorized into two types – secured loans and unsecured loans. A personal loan is classified as an unsecured loan as it requires no collaterals or guarantors. Individuals with a good credit history can avail an unsecured personal loan for their medical expenses without having to offer any assets as collateral. Such flexibility in availing a loan during an emergency situation is a strong reason to opt for personal loans.
2. Easy and Simple Application Procedure
The hassle-free application procedure for a personal loan involves a simple online application process and does not require the individual to visit office in person. Customers must furnish their personal details required for the application. The Bank does necessary checks, including bureau checks and some basic verification in order to facilitate the approval. Loan Disbursement of a completed application takes between 4-7 working days.
3. Easy Repayment of Loan
The loan repayment tenure can be chosen by the person availing the loan. Choosing the desired tenure is an important decision that is placed in the hands of the customer based on his/her repayment ability.
4. Covers a Wide Range of Treatments
There are no restrictions on the kind of treatments or therapies that can be availed using a personal loan for medical expenses. While in some cases, the loan amount can be used to cover the entire treatment procedure, it can also be used to fund the initial payment for more expensive treatments.
The dire need for medical attention may pop up at any time and personal loans are the quickest, easiest and the best way to safeguard our near and dear ones.
Why Taking a Personal Medical Loan Makes Sense?
- When you don’t have medical insurance or if the insurance policy does not cover all the expenses, medical loans prove to be a saving grace.
- A medical loan is a big help when you need to pay for the doctor’s fees, medical bills, hospital stay or a surgical procedure immediately.
- It is a low-cost alternative to using your credit cards to pay for medical expenses.
- An emergency loan or a line of credit works well if you’re planning a series of medical procedures. It helps you budget and control medical costs while allowing you to repay the loan amount over a loan term with easy monthly payments options.