Medical emergencies do not come with prior warning. Arranging instant cash in case of a medical emergency can be a cumbersome task. This is where availing a medical loan can be extremely helpful. Though it is always advisable to purchase medical insurance to safeguard yourself from the financial burden, at times the medical expenses may increase substantially beyond the coverage provided by the insurance companies. In such cases, you can opt for a medical loan to manage the additional expenses.
With leading banks and financial institutions, applying for a medical loan is a hassle-free process. Borrowers can apply for a medical loan online from the comfort of their home. Attractive interest rates and flexible repayment options make the medical loan a preferred option of financing in case of exigencies. Therefore, instead of liquidating years of savings to pay for medical expenses, availing a medical loan is a much better choice.
Some of the other features and benefits of a medical loan are mentioned below:
- Medical loans are approved quickly.
- Borrowers don’t have to pledge any collateral while availing a medical loan. This keeps their valuable assets safe.
- A medical loan can be repaid in easy monthly installments.
- Both salaried and self-employed individuals can apply for a medical loan.
- The application process for a medical loan involves simple and minimal documentation.
- Borrowers can utilize the loan amount for any sort of medical expense.
Things to Consider When Applying for a Medical Loan
Now that you are well aware of various benefits of taking a medical loan, let’s take a look at some of the important things that you must consider when applying for a medical loan.
Disbursal Time: In case of a medical emergency, the priority should be availing instant funds. Thus, it is important to check the disbursal time of the medical loan. It is advisable to settle for a financial institution that provides the fastest disbursal of the loan amount
Interest rate and other charges: The interest rate charged on medical loan may vary from one financial institution to another. It is recommended to opt for a medical loan with comparatively low interest rate. This can reduce the overall cost of borrowing in the long run. Also, do not forget to make a note of other charges such as the processing fee, pre-payment charge, pre-closure charge, penalty charges, etc. levied by the lender. Compare the various fees charged by different lenders before making the final decision.
EMIs Payable: The EMI payable will vary based on the loan amount that you choose, the interest rate charged, and the loan tenure. You should calculate the EMI of your medical loan beforehand. This will help you plan your monthly budget wisely and make timely repayment of your loan. It is advisable that you avail a loan with affordable EMIs.
How to apply for a medical loan?
With the help of a leading financial institution, you can apply for a medical loan online by following the below-mentioned steps:
- Fill in all your personal, financial, and employment details
- Select the loan amount and loan tenure according to your needs
- Submit the required documents
- If your loan is approved, you will receive the money in your bank account within 24 hours
Before applying for a medical loan with a financial institution, make sure you evaluate your medical loan eligibility carefully. This will reduce the rejection chances of your medical loan application. Lastly, make sure to read the terms and conditions of your medical loan agreement carefully before signing it.
