Life shows a lot of uncertainty. One such situation comes when there is a situation of a medical emergency. It is an unavoidable situation where a person is bound to spend limitlessly and is forced to borrow out of dire need. Medical loans come to rescue. Extended under the category of personal loan, this loan is taken to fulfil the financial needs at the time of medical situation. If there is a sudden operation suggested by the doctor, some therapy or accidental situations, this loan can help you get away with finances.
Why and when to take a Medical loan?
Medical facilities are getting highly expensive and it gets difficult for everyone to afford. People fear such expenses, therefore, have got several insurance plans so there can be some financial support and back up at the time of need. Compromise on medical care can result in fatality causing a lifetime regret. Hence, there shouldn’t be any compromise. Medical loans are for your help!
Avail the medical loans when the insurance cannot cover the expense. Insurance amount is generally not high as compared to the amount lent on loan. Be aware of the offers available in the market and in case of emergency, just get the loan easily.
Difference in Medical loan and Insurance
- Loan approvals are comparatively higher than insurance
- Loans have a wider coverage as compared to insurances that usually do not cover critical illness and several other diseases.
- Loans offer assistance at the exact time of need whereas insurance takes a longer time to get cleared and approved.
Features and Benefits
- Ensures Quality Medical Care – Loan offered doesn’t compromise on the medical facility, the amount disbursed can be used anywhere for medical expenses.
- No Security – It does not keep any security against the amount offered.
- Reasonable Interest Rates – Interest rates are reasonable. It offers both fixed and flexible interest rates as per the requirement of the borrower.
- High Amount – High loan amounts are offered. The amount can be up to 25 lakh.
- Easy Repayment – Repayment process is easy as compared to other loans.
- Approachable – Even the pensioners are eligible to take the loan.
- No Minimum Income – Income is not a criterion to get this loan.
- Quick Approval – Medical loans have faster approval as compared to the insurance and the amount also can be used anywhere.
- Flexible Duration of Loan – The tenure of the loan can be extended in between if the borrower realises he/she needs some more time. The duration can be checked.
- Flexible Interest Rates – It offers both options of fixed as well as flexi interest rates. Depending on the preference, the borrower can choose.
Eligibility for Medical Loan
- Indian citizen – The applicant must be an Indian citizen
- Self-employed or salaried – Since, a medical emergency can strike any individual, be it salaried or self-employed. The loan is given to everyone irrespective of his/her employment type.
- Pensioner who has taken voluntary retirement – Non-working individual can also apply for this loan.
- No minimum salary requirement – Minimum salary is not a criterion for this type of loan application or approval.
- No security deposit – Medical loan does not make an individual all the more burdened with security deposits or asset deposit. The process is simple and customer friendly.
- No asset deposit – This loan doesn’t keep any collateral or security.
Required documents for Medical Loan
Listed below are some of the documents needed at the time of loan application.
- ID proof – Passport, Driving licence, PAN card, Aadhar card
- Address proof – Documents should have your current residential address like Passport, Driving licence, PAN card, Aadhar card, utility bills
- DOB proof – A valid document showing your age. It can be a birth certificate or an educational document.
- Salary slips – Salary slips for last 3 months
- ITR document, Form 16
- Employment letter
- Bank statements
- Documents supporting qualification
- Income proof
Medical loans are one of the most availed product in the market since it is user-friendly. A medical emergency can knock someone’s door anytime. No one is prepared for mishaps, yet there are ways to deal. Hence, medical loans are there to help you in the time of need.