Personal loans can be used for a variety of expenses like travel, personal purchases, weddings, etc. However, one of the most important uses of such loans remains medical expenses. A health crisis can befall any moment without prior warning. The costs of even the most common procedures can drill a deep hole in your pocket. Thankfully, a personal loan for medical emergency can help you tide over such crises with financial flexibility and ease. Here’s what you need to know about medical loans:
What are medical loans?
A medical loan is a type of personal loan that can be used to cover the costs of health expenses. Such loans are sanctioned without collateral or third-party guarantee. With instant approval, you can avail of a loan of up to Rs. 25,00,000 and repay it within a period of up to 72 months.
How to get an instant personal loan for medical treatment?
The eligibility for a medical loan is fairly easy to meet. If you are between the ages of 21 and 58 and a permanent Indian citizen, you can apply for a medical loan with the following documents:
- Photo identity and address proof
- Income proof
- Employment proof
- Income slips of the last three months
In addition to this, you must also have at least one year of total work experience and six months or more in your present job. Once your documents are verified, your loan can be sanctioned immediately.
Additional Read:- 5 Ways in Which Personal Loans Can Help You Save Money
What are the benefits of an instant medical loan?
A medical loan can offer you and your family high financial liquidity in times of a health emergency. Not only do these loans cover major surgical procedures but also dental treatments like root canals, extractions, etc. Following are some benefits of a medical loan:
- Instant money relief: Medical loan providers do not ask for a lot of documents or filling up of several forms. There are no lengthy procedures, and the money is sanctioned relatively quickly, which makes such loans the ideal choice to meet urgent health expenses.
- Liquidity: You can apply for a loan of up to Rs. 25,00,000 for medical procedures. These loans offer you financial comfort with instant approval so you can pay all costs upfront.
- No collateral: These loans are unsecured. Even with such a high loan amount, a medical loan does not require collateral.
- Easy application process: You can apply for a medical loan online without having to step out of your home. This makes it a great option to arrange for funds given the current social distancing norms.
Additional Read:- How to Improve your Chances of Availing a Medical Loan
With attractive medical loan interest rates, these loans are useful in tackling many healthcare costs without derailing you from your budget. If you need financial assistance to pay for any health treatment, you can check out Tata Capital’s instant medical loan. With flexible repayment options, you can take care of your financial needs with ease and pick a suitable and convenient way to repay the loan.