A medical emergency can happen at any time, thus one can never be too prepared. In addition, medical expenses are already rising quickly, making them expensive. You might not be financially ready for a medical emergency. So the medical loan is the solution to this problem.
In the event of a medical emergency, a medical loan might help to cover the necessary expenses. It is a type of personal loan that helps people pay for medical costs like prescriptions, hospital stays, operations, tests, post-op costs, and much more. With medical loans, you can take care of your health and the health of those close to you without worrying about the cost of the treatment. Additionally, a medical loan enables you to receive treatment right now.
What is a Medical Loan?
Your financial situation and mental health may suffer if a member of your family experiences a medical emergency. In such a circumstance, finding funding can be difficult. This is why we created a simple and practical medical loan, a personal loan for an unexpected medical expense. All dental, medical, and cosmetic operations are covered by our financing. Tata Capital’s Medical Loan‘s low interest rates and flexible repayment options could help you avoid financial hardship.
You can acquire the greatest medical care for yourself or a loved one without worrying about hefty expenditures by applying for loans for surgery up to 35 lakhs. Take advantage of a simple loan from Tata Capital and concentrate on the health and happiness of your loved ones.
Features and Benefits of Medical Loan
The following are some distinctive characteristics and advantages of medical loans in India:
- There is no need for the bank to hold any security or collateral for medical loans.
- There are hardly any paperwork requirements for medical loans.
- Any medical bill may be covered by medical loans in India.
- EMI, a user-friendly repayment option, is offered.
- When you have a medical emergency, medical loans are immediately approved and disbursed to assist you.
- The loan repayment period ranges from one year to five years. The debt can easily be repaid within this time frame.
- Online medical loans are also an option, which is incredibly convenient and time-saving.
Loans Eligibility Criteria
The requirements for applying for loans are as follows:
- Age: It must be between 21 and 58 years old.
- Minimum of Rs. 15,000 to Rs. 20,000 in net monthly income (varies depending on the banks)
- Salaried or self-employed as a form of employment
- Employment Status: At least 2 years of cumulative work experience, with at least 1 of those years spent in the current position or industry.
- A good credit score is one that is 750 or higher.
Documents Required for Loan
There are very few paperwork needed for a loan. Let’s look at the necessary documents:
- Loan application form
- Passport photographs
- ID proof- PAN card, Aadhaar card, Driving License, Voter ID card
- Proof of address- Passport, Utility bills like- Water bill, Telephone bill, Electricity bill
- Income proof
- Salaried- FORM 16, Salary slip last 3 months
- Self-employed- Profit and Loss Account Statement, copy of IT return
Interest rates for loans are often reasonable. Medical loans are widely available from banks and NBFCs to cover medical costs. SBI, ICICI, HDFC, Tata Capital, and a number of other well-known banks and NBFCs offer loans, among many more. Interest rates for medical loans come in two varieties:
Floating interest rate- It is not constant and varies over the course of the loan. The variable interest rate varies depending on the inflation rate and the market deficit.
Fixed interest rate– It does not change due to changes in the market during the loan period and remains constant.
How To Get The Best Interest Rate For A Medical Loan
- To secure the best interest rate on the loan, try to pay off any current debts or obligations on schedule.
- Try to keep your credit history positive by paying off any previous debts or loans.
- Avoid missing any of the payments that are due. You will become more creditworthy as a result.
- Never submit numerous loan applications to different lenders. This will reduce your credit score and will raise a question of your paying credibility.
A medical loan can act as a financial lifeline in times of medical emergency, making sure that patients can get the care they need without being burdened by out-of-pocket costs. To get the best interest rates and repayment alternatives that work with your budget, it’s critical to thoroughly review the terms and conditions of medical loans from different lenders.