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Facing a medical emergency? We know how stressful surprise medical costs can be. Taking up a medical emergency loan can solve all your financial problems that you may have to face. You do not have to waste your time over money and it will help you to breathe easily. It is possible to care for oneself as well as the ones you have affection for quite easily. In India, medical loans are available which help to find the best treatment for any condition with utmost ease.
Why Choose Our Medical Loan?
Low Interest Rates
At competitive interest rates on medical loans we make your medical emergencies affordable for you.
Minimal Documentation
Get started quickly with basic documents like Aadhaar, PAN, and bank statements.
Quick Approval
Fast and hassle-free processing so you can focus on recovery instead of finances.
No Collateral
You need not show any significant asset as collateral to get a medical emergency loan.Why go for a Medical Loan?
The financial burden from medical costs can be overwhelming, especially when one least expects it. A medical loan happens to quickly provide funds for a particular patient's urgent medical needs - anything from emergency surgeries to hospitalizations, medications, and other related expenses.
- Emergency Surgeries
- Cost of hospitalization
- Medication Bills
- Diagnostic tests and treatments
- Postoperative care
Eligibility Criteria for Medical Loan
Borrowers in India who are applying for medical loans have to meet the following eligibility criteria:
Documents Required for Medical Emergency Loan
Lenders require the following documents from the applicant as proof to assess their identity, place of residence, income, and repayment capacity to approve an instant medical loan.
- Proof of Identity: Aadhar Card, Voter ID, Passport, PAN card (Anyone)
- Proof of Address: Utility bill - Electricity bill, Gas bill, Telephone bill, Identity proof (Anyone)
- Latest salary slips
- The last 3 Months' bank account statement
- Employment proofs
- Latest ITR or Form 16
-
Additional Documentation:
Why is Medical Loan in India a Smart Choice?
Medical care in India can be quite costly, but a medical loan allows individuals to access top-quality treatment without worrying too much about their finances. Whether you are struggling with the hospitalization cost or long-term treatment, a medical loan is customized to meet your specific healthcare needs.
Why Choose Medical Loan?
Flexible Repayment Option
Choose a repayment plan that suits your budget.
Quick Approval
Fast and hassle-free processing so you can focus on recovery instead of finances.
Cover all medical expenses
From medicines to hospital, your entire bill will be covered.
No collateral
You need not show any significant asset as collateral to get a medical emergency loan.
Minimal Documentation
Get started quickly with basic documents like Aadhaar, PAN, and bank statements.
Low Interest Rates
At competitive interest rates on medical loans we make your medical emergencies affordable for you.
Which Banks to Prefer for Emergency Loan Online
Different banks provide medical loans at varied rates of interest. Here are a few of the top banks that provide medical loans at an affordable rate of interest:
Bank |
Rate Of Interest |
|---|---|
|
10.65% |
|
10.49% |
|
10.95% |
|
10.75% |
Medical Loan in EMI Calculator
A medical loan calculator lets people know the amount they have to repay every month by calculating the amount, interest, and tenure. For instance, if a person takes a medical loan of ₹1,00,000 with an interest rate of 12% per annum for 24 months, then the EMI calculator will provide an approximation of his monthly installments. It calculates the EMI using a simple formula that helps people budget their money and plan repayments well. With the help of an EMI calculator, it is guaranteed that you select a loan product that falls right within the boundaries of your financial capacity and manages any type of medical emergency without facing anxiety over your pocket.
Tips to Improve your Chances of Getting Approved for a Medical Loan
- Check and Improve Your Credit Score: Obtain your credit report and understand your score. Aim for a score of 650 or higher. Increase your score by paying off debts, making timely payments, and avoiding applying for new credit before your application.
- Maintain a Stable Income: Provide recent pay stubs, bank statements, or tax returns to demonstrate steady income. Include documentation of any supplementary income sources to strengthen your profile.
- Reduce Existing Debt: Aim to keep your debt-to-income ratio (DTI) below 40% by paying down existing debts, making you a more attractive candidate for the loan.
- Gather Complete Documentation: Have all necessary paperwork ready, including identification, proof of residency, and medical expense estimates, to expedite the approval process.
- Consider a Co-Applicant: If possible, include someone with a strong credit history and income. This can enhance your chances of approval and potentially secure better loan terms. By focusing on these five key areas, you can significantly increase your likelihood of securing a medical loan
Take Control Of Your Health Today
Frequently Asked Questions on Medical Loan
What is the interest rate for Medical Loan?
The interest rate for Medical Loan is 10.25% P.A.
Which bank is best for taking Medical Loan?
HDFC Bank is providing Medical Loan at 10.25% P.A with minimal documentation.
What are the documents required for Medical Loan?
A person who needs Medical Loan needs Aadhaar Card, PAN Card, minimum salary and CIBIL Score.
How to apply for Medical Loan?
Apply for the advance salary loan online on the My Mudra portal. Our executive shall call you for the documentation and shall guide you through the process of the loan. Get the documentation done online and track the status of your loan on the My Mudra portal. The approval and disbursement status of your loan can be checked online. Enjoy quick disbursal of the Medical loan from My Mudra.
Is medical loan secured or unsecured?
Medical Loan is unsecured Loan because it does not require any collateral or security to be pledged for the loan.
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