Personal Loan for Medical Treatment

Posted by Ankit Verma on March 23rd, 2022

A medical loan is a type of personal loan that is often considered to manage medical emergencies. A personal loan is a flexible type of loan that is not restricted to a particular use. Still, if the borrower has a targeted financial need such as medical urgency, a medical personal loan proves to be of great help. Managing hospital bills, paying for medicines, or bearing any prolonged medical costs can all be covered under a medical personal loan.

Digital loan apps like SimplyCash by Hero FinCorp prove to be a boon when medical treatment becomes an urgency. Borrowers don’t need to spend time separately to visit the lender’s office for loan approval. A medical personal loan can be applied online in minutes, followed by instant approval and disbursal in a single working day.

Medical emergencies are often life-threatening for many, and people do not think twice about breaking their savings or mortgaging their assets to manage the expenses. However, in a panicky situation like this, stop for a while and think wisely. What if you consider a medical personal loan and keep your savings intact! This can help you to cope up with urgent medical expenses with easy repayment terms.

Features and Benefits of Medical Loan Online

Instant approval: Instant personal loan apps sanction disbursal of the loan amount within a few hours directly into your account in contrast to personal loan offline taking weeks to approve the loan amount.

Paperless documentation: Instant cash loan app follows a paperless documentation procedure that does not require any kind of physical paperwork. Mainly E-KYC verification is done considering Aadhar card and PAN card details in real-time.

Flexible repayment option: Borrowers can select the date and tenure for EMI payments. The flexible repayment option encourages you to borrow more since the loan repayment becomes convenient.

Loan EMI calculator: EMI calculator is an in-built feature in the instant loan apps. It gives the flexibility to decide the loan amount, tenure, and interest rate as per your repayment ability.

Digital Interface: During medical emergencies, there is no extra time to spare. Hence, when the loan acquisition becomes digital, the medical loan can be accessed from anywhere, anytime.

Eligibility Criteria and Documents for Medical Personal Loan

It becomes essential that you should fall under the eligibility criteria while taking a medical personal loan from any lender. The financial institutions make eligibility criteria mandatory for the simple reason that they do not want to take any risk of defaulters:

Age criteria: Borrower should be between 21 – 58 years

Minimum monthly income for salaried: Borrower should at least earn a minimum amount of Rs.15,000 monthly

Minimum monthly income for self-employed: Minimum earning should be Rs.15,000 monthly and six months bank statement is compulsory

Income proof: 6 months bank statement of a salaried or personal account

Hence, when you think of a personal loan, it is a versatile loan type that can not only help with medical emergencies, but other personal expenses related but limited to travel, education, home, marriage, etc.