Loan for Health-Related Emergencies
Medical emergencies arrive all of sudden and if you don’t have a insurance plan or an emergency fund, you’re in deep trouble. this is often once you check out a medical loan.A medical loan is an unsecured loan a bit like a private loan. It are often used for emergency hospitalization like an operation, surgery, day care procedures or a therapy.With a medical loan you don’t got to liquidate FDs, break investments or sell a property.
Things to understand on medical loan
The loan amount is disbursed on to the hospital once you present the surgery bill.Banks and NBFCs may approve the medical loan within 3 days.Medical loan are often a no cost EMI Loan. during a medical loan, the hospital pays the lender, interest on the loan called upfront subvention fee. this suggests the hospital bears the interest cost on patient’s medical loan.
- Interest on medical loans depend upon income, the corporate you’re employed for and therefore the city of residence.
- Banks offer medical loans under the unsecured category of private loans.
- A medical loan are often availed for emergency hospitalization starting from Rs 15,000 to Rs 15 Lakhs. This covers most medical emergencies.
- A medical loan can have tenure of around 1-5 years.
- Banks charge interest of around 12-20% a year. The processing fees are around 1-2% of the loan amount.
- A medical loan doesn’t have hidden charges.
- A medical loan are often used for doctors fees, hospital bills or a surgery.
Eligibility criteria for a medical loan
- A salaried, self-employed or maybe a pensioner who has taken VRS can avail a medical loan provided he/she is an Indian citizen.
- This is an unsecured loan with no need of a collateral or deposit.
- Salaried/Self-employed must be between 21-60 years to avail a medical loan.
- You must have work experience of a minimum of 2 years and must be residing within the city for a minimum of a year.
- Banks would search for a minimum salary of Rs 20,000 a month.
- Banks demand a CIBIL score of a minimum of 650 before sanctioning the medical loan. Some NBFCs check creditworthiness through a test .
Documents required for a medical loan
Salaried
- Identity proof like Passport, PAN Card, Aadhaar or a driver’s license .
- Address Proof like Passport, Voter ID or a card .
- Your certificate .
- The last 3 months salary slips.
- Passport sized photographs.
- Form 16.
- Latest 3 months bank statements.
- Appointment letter from the corporate where you’re employed .
Self-employed
- Proof of qualification like mark sheets and certificates.
- Self employed citizens require office address proof like electricity or a water bill/rent agreement.
- Identity proof like Passport, PAN Card, Aadhaar or a driver’s license .
- Address Proof like Passport, Voter ID or a card
- Your certificate .
- Latest 3 months bank statements.
- Audited record and ITR of last 3 years.
Benefits of Medical loans
- You enjoy affordable medical treatment.
- Loans are disbursed real fast within 2-3 days.
- There’s no collateral or deposit required.
- Loans are often repaid in EMIs.
- Minimum documentation and rapid sanctioning of loans.
- Medical loans are often availed online.
- Health insurance plans might not cover all diseases/medical procedures. Medical loans are often availed to hide any medical procedures.
- Health insurance plans have a waiting period before diseases are covered. With medical loans diseases are covered with no waiting period.
