We have all heard the quote “Health is wealth” and this is no longer just a quote but a fact that cannot be denied. It is often said that if wealth is lost, nothing is lost, but if health is lost, everything is lost. Your health is your most precious wealth because if you are unhealthy, you can neither focus on your work nor be productive and also not focus on your family and social life. The Covid 19 pandemic has been a great lesson for the entire mankind in the same as it did show us that those who were not very healthy or unprepared for any medical expenses, suffered more and even lost their lives to this deadly disease. A medical emergency can arise at any time in a person’s life and it usually turns up uninvited. A medical loan can be a great option for borrowing money during an emergency situation or when your hospital bills have gone out of hand and there is nowhere else you can look for help. Borrowing a loan is often considered a chaotic task that might require a lot of paperwork and time, but if the matter is related to your health, it is one of the most suitable options.
If you wish to secure the health of your loved ones or are looking for options to look forward to if faced with medical expenses, a medical loan can come to your rescue. If you are new to the concept of medical loans, worry not. In this article, we will share information about medical loans, medical loan companies in India, how to get a medical loan, and if you can avail of an interest-free medical loan.
Table of Contents
The following topics about medical loans will be covered in this article:
- What is Loaney?
- What is a Medical loan?
- Benefits of a medical loan
- Steps to apply for a medical loan
- Eligibility criteria
If after going through all these sections, you have any more queries about a medical loan, we will be answering some frequently asked questions that will solve all your doubts and you will be all set to apply for a medical loan.
What is Loaney?
If you are faced with a medical emergency or a financial crisis due to a medical situation, you will be in need of urgent cash. You will then not have much time to gather documents or find a guarantor or even look for suitable collateral. All you would want would be to instantly get the amount transferred to you so that it can be used for the specified purpose and even life could be saved. A personal loan for a medical emergency can come to your rescue in this situation. A personal loan can be a funding source in times of need for instant cash and can be applied online. These days a lot of online platforms offer personal loans for health-related purposes. While choosing the platform to apply for this loan, you must be careful and smartly choose a trustworthy platform to avoid any more chaos due to possible frauds or scams during this time of crisis.
One of the most reliable platforms for all your instant cash needs is Loaney. Loaney is an online portal that offers personal loans for your medical needs. This platform is user-friendly and offers instant cash loans at low-interest rates for shorter repayment tenures. The documentation and paperwork required for a loan of this sort are minimal and the eligibility criteria are simple to meet. You will not need to submit collateral or present a guarantor to get this loan approved. The platform ensures 100% confidentiality of client data and does not ask the reason for borrowing the loan amount.
Loaney is known for its personal loan of smaller amounts up to Rs. 15,000 for a repayment period of around 2 months. The repayment process is easy with the pre-generated repayment plan provided by Loaney. This is also a good option for your urgent cash needs as the loan approval does not take much time and you can get the required amount at your convenience. All you need is your picture, a bank account number with net banking services, a Pan card, and your Aadhar card linked to your mobile number. After filling in some personal information, the application is reviewed and approved within a few minutes and the amount applied for is transferred to your bank account. This amount can be withdrawn by you as per your requirement and any urgent cash needs can be taken care of.
What is a Medical Loan?
We have looked at what a personal loan is and which is a good platform to apply for a personal loan in case of instant cash needs. Let us now dive into the information about a medical loan.
One of the types of personal loans is a medical loan. A medical loan can be beneficial for providing financial coverage against medical expenses, hospital bills, or any expenses incurred due to a health-related emergency situation. This loan can also be used for paying for your medical bills, surgeries, hospital bills, or even for any injuries that might need immediate attention. A medical loan can help you if money is an obstacle in getting access to the best quality medical services.
The interest rate of a medical loan varies for different medical loan companies in India. The rates of interest on a medical loan range from 11.25% to 24% in India these days. Another benefit of the medical loan is that usually it is an unsecured debt and there is no need to submit collateral.
Let us take a look at the documents required to apply for a medical loan. Having a proper set of documentation can help you get your medical loan approved easily and avoid any chances of the loan application being rejected in times of emergency. The following is the list of documents required:
- A copy of your ID proof such as passport, driving license, or Pan card.
- A copy of your address proof like Voter ID, driving license, recent electricity or telephone bills, ration card, or passport
- A passport size picture of the applicant
- Most recent salary slips or income proof in case of self-employed professionals
- Bank statement of the last 3 months.
In the upcoming sections, we will take a look at the benefits of a medical loan and how to get a medical loan in India.
Benefits of a Medical Loan
Before you opt for a medical loan for your needs, you must know its features and benefits. This will help you make a better choice while choosing the moneylender or the medical loan company in India. The following are the benefits of borrowing a medical loan:
- The loans are approved instantly and the amount is transferred quickly to the applicant’s account.
- Mostly these loans are unsecured and there is no need for collateral.
- The repayment of the loan amount can be done in installments.
- This type of loan can be availed by salaried persons and eleven self-employed professionals.
- Not much paperwork is required for this type of loan and the documents required are readily available.
- All sorts of medical expenses are covered by this loan.
- The facility of online medical loan applications is provided by most medical loan companies in India.
- Flexible repayment plans are offered by most moneylenders.
Although interest-free medical loans might not be a possibility, the interest rates can be flexible and you can easily choose a lender offering lower interest rates while applying for a medical loan.
Steps to Apply for a Medical Loan
Now that we have a clear idea of what a medical loan is, the benefits of this type of loan, and the documentation required, we must now understand how to get a medical loan in India. Let us take a look at the application procedure for applying for a medical loan. The following steps can be useful in applying for a medical loan:
- Visit the net banking service of the bank of your choice and apply for a medical loan
- Fill in the required information in the application form.
- Select the required loan amount and the repayment tenure.
- Upload the documents as mentioned on the website.
- Submit the completed application form and the documents.
- Your application will be reviewed by the bank and if approved, you will be given the details to track the status of your application.
- The bank will get in touch with you in case of any further requirements.
- Post verification, the bank will make you a loan offer.
- If the same meets your requirement and you accept it, the loan will be sanctioned.
- The loan amount is then transferred to your bank account.
Before you apply for a loan, you must make sure that you are eligible for applying for a loan or not. This will help you avoid your application being rejected on the basis of eligibility. The following is the eligibility criteria for a medical loan in India:
- The applicant must be a resident citizen of India who is between 21 years old to 60 years old.
- The monthly income of the applicant must be at least Rs. 20,000.
- The applicant must have a minimum CIBIL score of 750 and must not be on the CIBIL defaulters list.
We hope the above article will help you in applying for your medical loan. Further, we will answer the common questions related to a medical loan.
1. Do medical loans have interest?
Yes, medicals loans, like all other loans are offered for an interest rate. The interest rates presently range from 11.25% to 24.03%.
2. Do banks give medical loans?
Yes, a lot of banks offer medical loans to their clients.
3. What credit score is needed for medical financing?
A minimum credit score of 750 is required for medical financing.