Medical care is costly, particularly for significant illnesses requiring extensive treatment and prolonged hospitalisation. Your health insurance often pays for these costs, but these expenses can sometimes exceed your insurance coverage.
In such a scenario, you will have to pay from your savings. However, there might be times when savings cannot be used. In such an event, the only resort is to take a Personal Loan to cover medical expenses. Medical Loans cover surgery, hospitalisation, chemotherapy, and other treatments.
Instant Loans of this type are offered by various non-banking finance companies (NBFCs). Most have streamlined procedures ensuring they are distributed quickly so that you can deal with medical emergencies. Here’s how to get a Personal Loan for medical expenses. You only need to take a few simple steps.
How to apply for a long-term Personal Loan for medical expenses
Compare interest rates
There are significant differences in the interest rates charged by banks and NBFCs. These rates are also applicable to a Personal Loan for Medical Care. Before choosing a loan provider, compare the rates and the terms that go with it.
Documentation
Once you have decided on the provider, apply for a Medical Loan. Documents such as proof of identity, proof of address, and income statements will be required. These documents include: PAN card
- Aadhaar card
- Driver’s licence
- Passport copy
- Account statements,
- Salary slips
Repayment
The repayment method is usually in the form of simple Equated Monthly Instalments (EMIs). The loan amount and tenure determine your monthly EMIs. If you require more time, you can extend your contract for up to five years.
Credit score
The interest rate you pay will generally be determined by your credit score. You can negotiate a better deal with the bank or finance company. For this purpose, you need to have a good credit score.
Benefits of Financing your Medical Expenses with a Long-Term Instant Personal Loan
No Collateral
A Instant Loan is an unsecured loan. It means you do not need guarantors, nor do you need to pledge collateral. Furthermore, your credit score and validity determine your eligibility for an unsecured loan. It helps if you have a decent relationship with the bank and a track record of timely repayment. A high credit score would be a bonus. This will certainly assist you in obtaining a loan on favourable terms.
Agile Application Procedure
It is a fully online application process that is quick and requires little documentation. The applicant is not required to visit the branch office.
Simple Repayment Procedure
When looking for a loan, you look for options with simple repayment processes. You can also make part payments with complete flexibility and control over your principal amount.
Eligibility Criteria
- Applicants must be either salaried or self-employed.
- At the time of loan application, the applicant must be 22 years old.
- At the time of loan maturity, the applicant must be 58 years old.
- Individuals must be working in private limited companies or public sector enterprises.
- Applicants with credit scores of 750 or higher have a better chance of obtaining instant loans.
