What is Medical Loan?

"Get detailed information on the Medical loan, get to know about various variants of Medical loan, Medical loan eligibility criteria, how to apply for Medical loan, documents required for Medical loan, Medical loan interest rate"

msme-loan

10 mins read

Published: 19 January 2023

Updated: 19 September 2023

A Medical Loan is a one stop solution that can help to pass the hurdle of medical expenses without being broke or run out of cash. It is a type of personal loan which is offered to quench the financial thirst of medical expenses. Life is uncertain therefore everything cannot be planned specially when it comes to the medical emergency. A personal loan is provided for medical expenses based on the personal documents, financial details and CIBIL score. Boost your CIBIL score and increase the chances of getting a medical loan.

Medical emergency is one such thing that can not only disturb savings but also leaves us penniless. Medical expenses can not be ignored, medical loan is the smart way of dealing with such unannounced expenses. A personal loan for medical expenses is offered by almost every banks and NBFCs at different rate of interest. Choose for the financial institution which is offering the medical loan at lowest interest rate and pass this hurdle smoothly. My Mudra is providing personal loan for medical expenses at 10.25%.p.a with no hidden charges. Keeping in mind of emergency, My Mudra is disbursing medical loan within a day.

Why to choose personal loan for Medical Expenses?

Medical emergency is like uninvited guests and eats our savings rapidly. Choosing a loan for covering medical expenses is the planned decison. My Mudra is making loan a planned decision rather a burden on shoulders. Mentioned below are the reasons that should be taken into consideration for taking personal loan for medical expenses.

          1. Easy Apply and swift disbursment: The personal loan for medical treatment will be approved and disturbed within a day.

                   2. Face no exclusions and clauses: The loan for medical treatment is provided by the banks and NBFCs with no exclusions and clauses. Any person fulfiling the medical loan eligibility criteria given by the financial institutions can take the loan.

             3. Do not let your savings disturbed: Medical treatment disturbs savings and sometimes leaves people penniless. Opting for the loan is a smart way to ensure that the savings are not disturbed and financial thirst is quneched easily.

                 4. A smart add to the health insurance: Health insurance offers claim upto limited amount. A medical expenses loan is a wiser choice if the treatment is expensive.

                5. Attractive interest rate: Medical loan interest rate starts from 10.25% p.a and can extends upto 15% p.a as per the eligibility criteria of the applicant.

Eligibility Criteria for Medical Loan

The detailed information on eligibility criteria for medical loan is mentioned below.

       · Nationality: Indian

       · Age: 21 years to 67 years

       · Employment Status: Employed with MNC, private, or public companies.

       · CIBIL score: 700 or higher

       · Minimum Salary: The minimum salary for holiday loan should be Rs. 22000.

Documents required Medical loan

Mentioned below is the list of the documents required for availing medical loan from MY Mudra.

       · Duly filled application form with the latest passport-sized photographs.

       · KYC documents of the applicant such as PAN Card, Aadhaar, Passport, Voter’s ID card,

       · Salary Slips of last three months.

       · Employee ID card.

       · Bank Account Statement for the last three months.

Medical expenses Loan interest rate and other charges

Mentioned below is the medical loan interest rates and other charges on wedding loan.

 

Title

Interest Rate / Charges

Interest Rate

10.25% p.a.

Processing Charges

1% - 2%

Other charges

NIL

How to apply for medical loan?

Apply for medical loan easily with My Mudra by folllowing the steps mentioned below.

         · Apply for medical loans online at My Mudra.

    · Fill in the required information and get the documentation done through the paperless process.

        · Receive approval and disbursal of medical expenses loan within a day.

Conclusion

My Mudra is quneching your financial thirst by providing medical loan at lowest interest rate. The urgency of money in this case is understood by My Mudra and thus we are providing Medical Loan within a day. Get your personal loan approved and disbursed within a day. Take loan as a planned decision and never run out of money with My Mudra. Reach us to get the medical loan at lowest interest rate and longer tenure that can help you satiate your financial needs.

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