No matter how settled we are in our professional careers, a medical emergency can strike anyone of us at any point in time, and these are the times when our financial capabilities are tested the most. If you are undergoing a medical emergency right now, I am sure that you are facing the challenge of securing funds at a short notice and thus this article is for you, as we will talk all about medical loans and how you can get one today.
So, let’s get started.
Table of Contents
What Is a Medical Loan?
The first and the most important thing we need to understand is the meaning of a medical loan. In simple terms, it can be understood as a financial instrument through which you can secure a amount of money generally between ₹10,000 to ₹500,000 and use it to pay for your medical emergencies. While the concept of a medical loan is not exactly new in India, but for the past couple of years, there have been a great influx of new companies who have entered the market, making it more accessible for the average consumer to get a medical loan at a short notice.
Most medical loans come with attractive rates of interest, fast disbursal and easy repayment plans so that you get the money you need at a short notice and can pay it back without burning a hole in your pocket.
Medical Loan Features
Now that you know what exactly is a medical loan, let us take a look at some of its most prominent features.
- Quick Approval & Disbursal
As it should be the case with medical loans, time is of crucial importance here and thus most medical loans in India arrive with quick approval and disbursal options. Since most lenders these days have a completely online process, as a borrower you can easily visit their website or download their smartphone application to file your loan application and within a short period of time, the automated system will check your eligibility and approve your loan application.
Once approved, the amount will reach your bank account within 24 to 48 hours thus ensuring that you get the money in your bank account when you need it the most.
- Unsecured Loan
Most traditional loans in India are secured loans meaning that you need to pledge an asset or put forward a collateral of high net value in order to secure the benefits of the loan. But this is a long drawn and exhaustive process since the lender would need to assess your asset before giving out the loan.
Luckily, most medical loans in India are unsecured loans meaning that you do not need to put forward any asset or pledge any collateral to get the loan and your eligibility is solely based on your credit score and your relationship with the lender. Being an unsecured loan, it makes it easier for the borrower to get the loan when they need it the most, without pleading any asset from their end.
- Flexible Repayment Plans
Unlike traditional loans which come with stringent repayment plans, most medical loans in India arrive with flexible repayment plans. If you do not know what is a flexible repayment plan, it simply means that the lender will give you the option to customize both the EMI amount you need to pay every month along with the date on which you need to pay the EMI. This process of repayment comes with several advantages, among which the most significant is the reduced financial burden on the borrower.
- Competitive Rates of Interest
Last but not least, most medical loans in India arrive with competitive and low rates of interests. While the primary reason behind this is their short term tenure, these days there are multiple lenders who specialize in rendering medical loans thus further reducing the rate of interest. Along with this, unlike many traditional loans which arrive with a revolving rate of interest, the interest rate of a medical loan is fixed from the very first day and it continues to remain the same, till the end of the tenure.
How to Get a Medical Loan in India?
Now that you know what exactly is a medical loan, along with some of its most coveted features, let us understand how you can get a medical loan in India.
Step 1: Research
The first step in securing a medical loan that is right for your needs is to find a lender who not only meets your needs and requirements but you also meet their eligibility requirements. In order to do this, the first step is always to conduct a research on the options available to you. Start by going on Google and typing “get medical loan India”. You will come across a variety of offers from different lenders, all of whom want to offer you a loan. Thus it is suggested that you take out the time and go through all the individual offers one by one.
Step 2: Choose a Lender
Once the initial research is complete, the next step is to choose a lender who not only meets your needs and requirements, but you too also meet their eligibility requirements. In this step, one of the most crucial things to remember is the fact that although most lenders in India follow a similar eligibility process, there are some finer aspects which might differ from one lender to another and it is your responsibility to figure that out and then make your decision.
Step 3: Start the Application Process
Once you have chosen a lender, the next step is to start the application process. In this step, you need to visit either the official website of the lender or download their smartphone application. Start the application process by sharing your email address and phone number with the lender.
You will receive an OTP at both these addresses, which you need to share with the lender. Once your account is created, fill up all the details required by the lender, which includes your personal details, such as your name, date of birth, address, followed by your employment type that is either self employed or salaried. The next step is to share your income information via your income certificate, salary slip, ITR returns etc to prove your eligibility.
In the final step share your eKYC details with the lender which includes your Aadhar Card and PAN Card number. Once you share all these details, your application will be assessed by the lender, following which, if your application is approved, you will receive an email requesting you to share the loan amount you require.
Step 4: Get the Loan
In the final step, after you share the loan amount you require, take a close look at the breakdown offered by the lender which includes the loan amount, the interest rate charged, the EMI options available and the total tenure of the loan. If you are satisfied with these details, go ahead and apply for the loan, and you will receive the amount in your bank account within 24 to 48 hours.
Ending Lines
Getting a medical loan instantly, when you need it the most can be a life saver given the fact that every minute counts when you are dealing with a life or death scenario. So, go ahead and follow the steps listed above to get the medical loan you require.
