Medical loans can be a lifesaver for many people. They don't have to worry about how they will pay for their medical bills when they suddenly fall ill.
Medical Loan are available to people based on residency and age only. To apply, you must be a resident of India between the ages of 21-60. If you have an annual taxable income of Rs. 20,000 or more, you can avail a medical loan. However, the criteria depends on the bank as well.
Features and benefits of medical loan
- You can get instant medical loan approval online.
- Through an online portal, you access the details of the medical loan and the personal loan verification process.
- Within the next 24 hours* of emergency loan approval, you will get disbursal.
- The interest rates are low in medical loans for emergencies.
- You can get up to Rs. 25 lakhs of loan
- No collateral is required for the medical loans.
The procedure you should follow.
To start your application process, click on the ‘apply now’ button and provide your personal, financial, employment & educational information. Next, you have to select the loan amount and tenure.
When you apply for a medical loan, your bank will assess all the documents that you need to obtain and then issue the funds within 24 hours*.
In the past, only individuals with good CIBIL scores could get the best personal loan from banks or financial institutions- these loans were often too expensive for borrowers with little to no savings and a low income. In the last few years, lenders have started providing loans directly to borrowers without a credit score. Medical loans are a perfect example of this type of loan that is being offered by lenders across the country.
While the medical loans industry as a whole is booming, it still has some major hurdles that need to be overcome. One of those hurdles is how the borrowers find affordable loans. As companies and individuals continue to innovate and create new methods for making quick money, borrowers will see more options becoming available in the future.