How can I get a medical loan?

Posted by KushiBL on March 24th, 2020

 How can I get a medical loan?

What is a medical loan?

A medical loan is one that you ask from the bank to be able to pay medical expenses. A medical loan may be unsecured or secured.

A secured loan is one that you will have to deposit collateral with the bank so that they give you the loan. You may also apply for an unsecured medical loan.

Many facilities will endure that you can get the approved money in a short turn over time. They also make the application process simple.

Buddy Loan offers instant loans to you for you to meet all of your medical financing needs. Medical loan applications will be affected by your credit score.

The major advantage of a medical loan is that they are processed faster, and you can get the money fast. However, they are an expensive way of addressing medical bills, and they do not reduce the costs you incur in any way.

Documentation and the application process

To apply for a medical loan with Buddy Loan, you need to keep your Aadhaar and PAN handy. To further process your application, any one of the identification cards, i.e., voter’s card,aadhaar card, ration card, can be used.

• Proof of identity
• Proof of residence
• Salary proof

Application process:

• Check your credit score from CIBIL; it will count when the lender is approving your loan.
• Compare the lenders and choose the one who best fits your needs
• Prepare the documentation that you need
• Fill in the application form and submit to the bank it

Key points to consider when making a medical loan application

• The extra charges in the loan- When factoring in which lender to choose, you will need to consider those charges. This is because they also add up to the cost of the loan.
• Disbursement period- When applying for a loan, you will need to consider the amount of time the lender takes before they credit your account. The faster they are in disbursing the approved loan, the better for you.
• The interest rate: It is prudent for the borrower to consider the interest rate. Settle for the lender who will give you the best rate. This will, in turn, translate to comfortable EMIs.
• Most lenders have an online calculator. Choose a lender who has a comfortable EMI plan that suits you.

Features of a medical loan?

Given the urgency that a medical condition necessitates, medical loans from Buddy Loan have some unique features that are listed below.

• Minimal documentation to be required
• The loan is disbursed into your account within 24 hours of approval
• Once your loan you receive approval immediately
• Part prepayments are allowed
• There are flexible EMI payment
• Most lenders allow for online application of the unsecured loan.