Medical emergencies can hit you anytime; no matter how well you prepare for them, there is always a chance that your available financial options will fall short of accommodating all your expenses. Even if you have medical insurance, it may not cover all costs associated with the treatment, like flight tickets, alternative medicines, or therapies. As such, you might have to bear a huge chunk of this expense from your pockets. This can be a big hit to your savings. So, before breaking your fixed deposits or pulling out your investments, you might check out the loan offers available through the instant loan app.
You can apply for this loan through an instant loan app right from the hospital, and the amount will be credited to your account within a few hours. The interest rates offered on these quick loans are often much more affordable than pulling out your investments. Also, applying for a salary loan is much simpler, and the loan disbursal process is much faster.
Why choose a personal loan for medical treatment over other options:
A medical loan provides several advantages compared to other debt instruments financing medical treatment. Here is a look at some of the key medical benefits of a salary loan.
You get unrestricted use of the money.
A medical loan allows you to choose your hospital and treatment methodology and use the loan amount as you deem fit. Unlike most other options, the borrower has complete freedom regarding utilizing the funds they get through a personal loan. A medical insurance plan has several terms and conditions about where treatment should be done, how much can be spent for what, and which medical problems are covered.
You get instant cash in your account.
The second biggest advantage of an instant loan app is the disbursal speed. When you opt for a quick loan through an app, you get the loan money into your account quickly. You do not have to wait for hospital bills to process the loan. You must fulfill the lender’s eligibility criteria and meet their documentation and other requirements.
You get the flexibility of choosing a suitable tenure
The flexibility of selecting the term of your medical loan also makes it a very good choice. If you do not need much money, you can opt for a short loan of a year and be done with it quickly. If you need more money, you can choose a longer loan and pay it back in a longer period, like two years or so.
You don’t have to submit a lot of documents.
If your monthly income can easily accommodate the EMI amount and you have a good track record of paying back your previous loan amounts, you will get the loan within minutes. Unlike other loans, a salary loan does not require you to submit a lot of documentation or paperwork, and no intrusive health checks are involved. All you must provide are your Aadhaar Card, PAN card, account statement, and details.
You can easily qualify for an instant loan.
Medical personal loans also have a very wide reach and availability. Hence, people earning above Rs. 15,000 per month qualify for such loans, and salaried and self-employed people can take them.
The process for availing of a loan:
With the advent of internet-based lending, taking a loan has become simpler and faster than ever. The following is a broad outline of how to take a loan for medical purposes.
- First, you must visit the app store on your phone and search for an instant loan app. Several loan apps are available, so you need to ensure that you get one from a reliable company with an established track record of good business and lending activities.
- Second, you must log into the app using Time Password-based authentication.
- Third, you will need to choose to get a personal loan. If there is a choice for loan purposes, you can mark it as medical purpose in that place.
- Next, you must input your name, address, income details, income source, PAN details, and Adhaar number. You will then be required to upload scanned copies of your Aadhaar card and PAN card; you will get the option of e-verification wherever available.
- After this, you must provide details of the account where you want to loan money deposited. You must give the account number, IFSC code, office details, etc. Then, you will be asked to upload an account statement. For salaried people, this should be the account where they get their salary. This should be the account where self-employed people have a maximum transaction.
- Next, you will be presented with the loan options like loan amount and duration. You will then be given loan details, including interest rate, fees or charges, and monthly EMI amount.
- If the loan offer suits you, click the get loan option, and you will have the money in your account in a few hours.
Conclusion
While a medical loan is very easy with an instant loan app, you must be careful about a few things. Make sure to have a budget and borrow only what you need to meet your current emergency. You should never over-borrow only because you are eligible for a higher amount.
Always remember that a loan is a very helpful financial tool and a big financial commitment that should not be treated lightly. Always remember that a loan is a very helpful financial tool and a big financial commitment that should not be treated lightly. Always remember that a loan is a very helpful financial tool and a big financial commitment that should not be treated lightly. You should also try to keep at least two or three EMI worth of money in a particular place so that if something unexpected happens, you do not fall behind on the EMIs of your loan. Finally, make sure to make your EMI payments on Time. You can choose the auto-debit facility on your loan app to avoid missing out on EMIs.
