FAQs Related To Medical Loans You Mustn’t Miss

Worried? Is someone suffering from a heart attack back at your home? Running out of finances? No problem at all. Apply for a medical loan. Thanks to India’s technological advancement. Unlike in the past, you will now receive the amount in your account within a short time. How is this possible? Review the following FAQs to get a clear idea.

1. What is meant by a medical loan?

A medical loan is a type of personal loan for health-related emergencies and treatments. Some examples are medicines, hospital bills, diagnostic tests, surgery costs, and many more. The best part is that this loan is more flexible and requires minimal paperwork.

2. What documents do I need to submit to get this loan?

Most fintech platforms require very little documentation. However, what you need to keep ready are,

• Salary slips (if you are an employee)

• Latest bank statements

• PAN card

• Aadhaar card

• An estimate of the hospital bill (if possible)

It’s applicable for all financial platforms, both traditional and digital.

3. Do I need to pay monthly interest for this loan?

Yes. As you do not need to submit something (maybe an asset) as security to the bank, some interest will be charged (though minimal). However, the happiest part is that now there are hospitals that have connections with some Fintech companies. These companies offer zero-cost EMIs for specific treatments done at these hospitals.

4. Is it possible to get the loan instantly if there is an emergency?

Almost. Many digital lenders in India will send the loan amount to your bank account within hours. Your job is only to apply online and upload the required KYC documents. If everything is correct, you will get a quick approval of your loan application and receive the money in no time.

5. Is this process more beneficial than a credit card?

Yes, it is. Undoubtedly, credit cards are convenient to use, but they charge high interest if you fail to repay on time. On the contrary, medical loans have well-structured repayment processes where the EMIs are affordable enough. Hence, it is always wise to opt for loans instead of burdening yourself with increased credit limits.

6. Is a medical loan more useful than health insurance?

Maintaining insurance is always wise. However, it does not cover many health expenses. For example, you upgrade your room or cabin, you choose robotic surgery instead of a laparoscopy, etc. Insurance may not cover these increased expenses. Medical loans can bridge this gap smoothly. It will meet your needs, which your policy may not.

7. Will I have to pay any processing fee to get the loan disbursed?

It is a common practice for most lenders to charge a percentage that they deduct while disbursing the loan amount. However, for medical emergencies, there are banks and digital platforms that will waive these fees from a humanitarian viewpoint. So, ask for a fee waiver while applying.

Conclusion: 

We hope your anxiety is over now. Medical loans are indeed lifesavers during critical situations. These quick funds do make a difference when you are panicking to save your loved one’s life. Thanks to the digital evolution, which has penetrated the financial industry to help you get support faster than ever. However, be careful and choose the right platform!