Health is indeed, true wealth!
However, the unpredictability of life often threatens to rob us of this treasure, whether through an unforeseen illness, a sudden accident, or any other cause.
But “no one should have to live in constant fear that a medical problem will turn into a financial crisis.” To this end, lending institutions offer easy medical loans, covering all kinds of medical expenses – from cancer treatments to personal accidents.
However, certain application and documentation formalities precede the loan approval process. Let’s find out all about them.
Who can apply?
An applicant must meet the personal loan eligibility criteria, which may differ based on the lender, to avail of a medical emergency loan. At Tata Capital, medical finance is available to the following individuals –
- Those who are salaried persons
- Those whose age falls between 21 years to 58 years
- Those who have a stable employment status for the past one year
- Those who have worked in the same organisation for the past six months
- Those with a minimum salary of Rs. 20,000
Additional Read: Get an Instant Personal Loan for Medical Emergencies in India
Documents required for medical loan
Availing timely medical finance involves submitting the loan application, along with the required documents for proof. Given below are the medical loan documents you need to provide to receive a loan approval from Tata Capital.
• Photo identity proof documents
You can show a copy of your Voter ID/Passport/Driving License/Aadhaar Card.
• Income proof documents
Income proof will include a copy of your bank statements for the last six months.
• Salary slips
You will need to show a copy of your last three months’ salary slips.
• Address proof documents
This may include but not limited to a copy of your ration card, electricity bill, or passport.
• Employment certificate
You can provide this certificate as proof of one year of stable employment status.
Benefits of an emergency medical loan
Medical finance comes with a host of benefits. Some of them are discussed below.
#1 When your standard insurance cover fails to deliver
It is possible that the specific hospital or doctor you’re looking to consult lies beyond the scope of your insurance provider’s network. Plus, particular procedures such as dental surgery, alternative therapies, etc., may not be covered by your standard insurance cover. In that case, a medical loan is your best help since there are no restrictions on where you can go and the kind of treatment you can seek.
#2 Speedy loan disbursal
You can avail of medical finance from the comfort of your home. With minimal paperwork and speedy loan processing, you need not wait for days to receive your money. During an emergency, time is crucial, and medical finance will help you make the most of it.
Additional Read: Top Ways to Protect Your Loved Ones in Case of a Medical Emergency
Have all the documents ready and wish to avail of an easy and quick loan for a medical emergency? Get in touch with Tata Capital!
As India’s leading lending institution, we offer a personal loan amount as high as Rs. 25 lakhs for medical emergencies. Choose a tenure between 12 to 72 months to repay your loan via flexible repayment options. Our personal loan interest rates as low as 10.99%! Get in touch for further details.