Sometimes, we get sick and then get better, but have you ever considered chronic illnesses that take a long time and a lot of money to treat? Moreover, unpredictable events like accidents, cancer diagnoses, and other diseases necessitate a significant sum of money for medical examinations, prescriptions, and even surgeries.
People are typically concerned about managing their finances at this time, especially those who come from middle-class families. These are all unplanned situations that need to be handled right away to save lives but don’t worry; we have covered you. With a quick medical loan from Loaney, you may receive the greatest care without stressing over the cost.
This article will tell you how to avail an instant loan for medical emergencies. Also, you can now help with urgent medical loans by applying online to lenders like Loaney. Towards the end of this article, we will also answer the most commonly asked questions about medical emergency loans in India.
Table of Contents
What Is A Medical Loan?
A medical loan is a small amount used to pay for medical-related expenses. It provides financial protection against costs you might have to pay in an unexpected medical bill. For example, this kind of loan can be used to cover medical expenses like hospital bills, surgeries, prescription drug costs, bypass surgery, chemotherapy, and other treatments of a similar nature.
Instant Medical Emergency – Loaney
Since Loaney is an online platform, it is user-friendly and provides instant cash loans at low-interest rates for shorter repayment terms. It also offers personal loans for your medical requirements. Additionally, the documentation requirements for a medical loan at Loaney are modest, and the qualifying requirements are straightforward.
No collateral or guarantor will be required for this loan to be authorized. The platform guarantees complete client data confidentiality and doesn’t inquire why a loan is being taken out for a particular amount. Additionally, Loaney can provide you with financial assistance through a medical loan to cover related expenses.
Why Does Taking A Medical Loan Make Sense?
Taking a medical loan makes sense due to the following:
- Medical loans come in handy when you don’t have insurance or insurance coverage doesn’t cover all the costs.
- A medical loan might significantly assist you when you immediately need to pay a doctor’s fees, medical bills, a hospital stay, or surgical treatment.
- It is less expensive than using your credit cards to cover medical costs.
- An emergency loan or credit line is a good option if you are planning a series of medical treatments. It enables you to spread out loan repayment over a term with convenient monthly payment options while assisting you in budgeting and cost-controlling your medical expenses.
8 Features And Benefits Of Medical Loans With Loaney
You should be aware of the features and advantages of a medical loan from Loaney before choosing one for your requirements. This will enable you to choose a moneylender or medical loan provider in India with greater confidence. The advantages of getting a medical loan are as follows:
Flexible Tenure Options
The medical loan amount has a flexible tenure option available that ranges from 12 months to 36 months.
No Need For Any Collateral
These medical loans are typically unsecured. Therefore, collateral is not required.
Instant Loan Disbursal
Instant approval of the loans results in prompt money transfers to the applicants’ accounts. Once your loan is approved after submitting the documents, the loan amount will be disbursed within 24 hours.
Minimal Documentation
For this kind of personal loan, not much paperwork is needed, and the necessary documents are easily accessible.
Prepayment Charges
There are no prepayment charges on an instant medical loan from Loaney.
Quick Approvals
For this kind of loan, the approval is quick as the paperwork is submitted online. So, due to this reason, the loan is generally approved quickly.
What Are The Eligibility Criteria For Applying For Medical Loans?
Following are the requirements for eligibility for an emergency medical loan:
- The applicant must be an Indian national who resides in India and be between the ages of 21 and 60.
- The applicant’s monthly salary must be at least Rs. 20,000.
- The applicant’s CIBIL score must be at least 750, and they cannot be on the list of defaulters.
Things To Consider While Applying For Medical Loans
The documents required to apply for a medical loan with loaney are as follows:
Disbursal Time
Within a few hours, Loaney may typically approve and offer a medical loan for surgery. You can receive the cash and use them as you see fit after they have been transferred into your account, thanks to the app and website’s quick loan disbursement capability.
Interest Rate
The interest rate on medical loans typically varies between 11.99 to 24%, so you should always look out for loans that charge less interest on urgent medical loans.
Other Charges
When applying for an urgent medical loan, a variety of additional fees must be paid that vary in amount from lender to lender.
EMI Payable
The key benefit is the ability to repay a Loaney’s loan for an instant loan for medical emergencies in manageable EMIs (Equated Monthly Instalments) over a flexible repayment time. Depending on your wages, cash flow, and financial goals, you can also personalize your loan payback schedule.
Credit Score
The credit score requirement for obtaining a personal loan for a medical emergency need is 700 or higher. Since a credit score of at least 700 is seen to be best for attracting several lenders.
How To Apply For A Medical Loan With Loaney?
Listed below are the steps to apply for a loan for medical treatment with Loaney:
- Apply for a medical loan by using the net banking service of the bank of your choosing.
- Complete the application form’s mandatory fields.
- Choose the loan amount and term that are needed.
- The website’s instructions for uploading the papers.
- Send in the application form and the required paperwork.
- The bank will examine your application, and if it is accepted, you will be given the information you need to follow the progress of your application.
- If there are any additional requirements, the bank will contact you.
- The bank will make you a loan offer following verification.
- The loan will be approved if the same satisfies your requirements and you accept it.
- After that, the loan amount is disbursed to your bank account.
Conclusion
By reading this article, we hope you now have an idea about medical emergency loans. Towards the end of this article, we have listed medical loan interest rates offered by different lenders. If you want a personal loan for a medical emergency, you can contact Loaney. Also, feel free to inquire about any further queries regarding the medical emergency loan in India.
Frequently Asked Questions
Here are answers to the most commonly asked questions about personal loans for medical emergencies:
1. Can we get a loan for medical treatment?
Yes, you can get an emergency medical loan for medical treatment.
2. How do I get an urgent medical loan?
You can avail of urgent medical loans by applying for a medical loan with online lenders like Loaney.
3. What is the rate of interest on a medical loan?
The rates may vary from 11.99% to 24% on availing medical loans from different online lenders.
4. Do medical loans restrict the type of treatments that can be availed?
No, any medical bill may be paid for with a medical loan.
5. Are borrowers required to pay a down payment to avail of a medical loan?
The borrowers are not required to provide a down payment or deposit to obtain a medical loan.
6. What is the minimum monthly income required to avail of the medical emergency loan?
The minimum monthly income required for the medical emergency loan is Rs. 15,0000 to Rs. 25,0000.