A medical emergency always strikes without warning, leaving you with very few options at hand. Experts suggest that you should, at all times, have at least the equivalent of your salary for six months saved up as your emergency fund. Nonetheless, you may still fall short of money when you need it, considering the rising medical costs. The one thing that can come to your rescue in such situations and offer you the much-needed financial assistance is a medical loan. Here’s what you should know about getting medical loans:
How to get a quick medical loan?
The process to apply for a medical loan is quite straightforward and simple, and you can usually get a loan approved instantly. Medical loan eligibility can differ for different banks and loan providers, but the following tips can help you speed up the process:
Additional Read:- Top advantages of taking a medical loan in case of an emergency
- Check online: Applying for a loan online is the easiest and quickest way to get a medical loan approved. You can check multiple websites at once and compare the interest rates and EMI options for each loan. Online loan providers offer approvals within a day or two of submitting an application.
- Keep your documents ready: Although medical loan eligibility is not the same for all loan providers, the list of documents required to submit along with your application is more or less the same for all kinds of medical loans. Keeping a copy of your identity proof, pan card, address proof, salary slips, and employment certificate handy can help you avoid delays in the process.
- Maintain employment record: Loan providers usually check your employment history before approving your loan application. For example, to avail a Tata Capital medical loan, you must be employed for at least six months to be eligible. Make sure that you meet this criterion. If you are not eligible, you can ask a family member to apply for the loan instead.
- Maintain a good CIBIL score: Your CIBIL score is generally evaluated whenever you apply for any loan and a medical loan is no different. Make sure that you maintain a good score consistently. This can be done by paying your credit card bills on time and not defaulting on any previous loans or other forms of debt. If your CIBIL score is low, then you can apply for a joint loan with your spouse or a parent. Make sure you weigh in the pros and cons of such an arrangement in advance and keep all necessary documents of the other person ready to avoid unnecessary delays in the application process.
Additional Read:- Top Ways to Protect Your Loved Ones in Case of a Medical Emergency
Conclusion A medical expense usually comes unannounced and demands an immediate requirement of funds. This is why medical loan procedures are extremely quick. Following the above-listed steps and being prepared with the necessary documents can further help you avail a personal loan for medical emergencies in time and not cause any unnecessary delays or lapses.