What is a Medical Loan?

A medical loan is a form of personal loan which provides financial protection against medical-related expenses. It can also be used to pay for various unforeseen circumstances, which can cover surgical bills, transportation for medical purposes, your prescribed hospital bills, and many other treatment charges. It can act as a helping hand when you need it deliberately, in case of an emergency, in case of any financial support, for long-term medical treatments, or even in the blink of death and life.

Advantages Of Taking Medical loans

1. Pay off medical loans with a defined interest rate and recurring payment schedule.
2. You will get the money you need easily, sometimes even the very day you apply for the loan.
3. You can take the help of the loan almost on everything related to health.
4. Provide medical facilities to even those who can not pay the expenses of the treatments at the time.
5. You can choose your desired hospital according to your convenience.
6. Easy and simple repayment terms and conditions.
7. Easy application process.
8. Faster Approval.
9. Can get a loan irrespective of the person’s present conditions.
10. Can act as a backup for medical expenses and provide financial help.

Disadvantages of taking Medical Loans

1. It can be more expensive if we take a good look at its alternative options.
2. It requires the capacity of the individual who is taking the loan, it can not exceed that limit
3. If individuals with low or no credit are accepted for a loan, they can see an increased interest rate because of their bank history.
4. Certain terms and conditions, or covenants, will apply to larger loans, such as the availability of quarterly management details.
5. They shorten the time period of the loan resulting in an increase in the EMI rate of the loan.
6. As they do not ask for anything to keep as collateral they make the eligibility criteria tough so that only qualifying loan seekers should be able to apply for it.

Alternatives to Medical Loans

1. Set up a payment plan with the doctor or hospital. This will give you your own schedule of customized payment methods with discussed intervals of payment.
2. Have a medical credit card to look after the expenses. This will allow you to take steps ahead with the treatments without hesitation and it may also give you medical discounts.
3. Get health insurance. It can be proved as a more stable alternative for medical loans if one sees it thoroughly. It is not that easy to get as the requirements, terms and conditions make it difficult for people to choose between it and medical loans

Where can you get a medical loan?

Medical loans are available in the same ways as standard personal loans. One can find various online lenders who offer medical loans. Many banks and charities are also offering the same.

In many hospitals, the authorities have healthcare providers who offer them to cover their medical expenses as loans.

Things to be taken into consideration while getting a medical loan

1) What is the monthly due which you have to pay?

Can you be able to fit the payment in your monthly expenditure? And if not can it be possible for you to change your daily chores in order to check the exceeding due? If you see it beneficial to you, then you can continue with this.

2) What is the interest rate you are getting the loan?

Are you getting the interest rate that is legitimate to you? What are the different interest rates which you can get from other lenders or banks? Could it be that you are going to pay more than you should have?  Then it is better for you to abort the idea of getting a loan with that interest rate and start looking for what is suitable for you.

3) How much do you have to pay in total interest?

Calculate the number beforehand and see if that amount is suitable for you,

as you are going to pay that over the total life of the loan.

4) See if you can get any other source for a loan other than this.

You should always have a third party as an option to check whether you are getting a good deal or you in a loss taking the deal and can also see what other facility you can get

Who can apply for the medical loans?

1. To apply for a medical loan, you must be between the ages of 21 and 58.
2. Any individual who is salaried, or self-employed can apply for the loan.
3. The loan seeker must be an Indian citizen.
4. The individual should have work experience of a minimum of 1 Year.
5. The individual should at least be earning 20,000 rupees per month.

Documents Required for the transaction of the loan

1. Recent salary slips of the individual with company verification.
2. You can give a Passport copy/Aadhar Card/Driving License/PAN Card copy for identification proof.
3. You need a Passport/Voter Id/Recent electricity or telephone bills/Driving License/Ration Card.
4. Form 16.
5. Passport Size Photos.
6. Legitimate Income documents.
7. Recent bank statements.
8. Working company appointment letter.
9. Company Certificate of Employment.

Is it a good decision for you to take a Medical Loan?

To think of it, if you can get financial support at your emergency time and when others can not help you. It proves as a helping hand for the people in need. You can get a loan as your capability but which is still higher than that you can get elsewhere. The procedure is easy and terms and conditions are simple to understand. No worry about the security-related issues, no complaints regarding service issues, and what is more important is you can get a well-scheduled plan for the repayment of the due with a minimum interest rate. And considering the same, there are currently lenders such as Tata Capital, Fullerton India, Indiabulls Dhani, MoneyTap, and so on which are giving the lowest interest rates on medical loans.

 

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