Medical Loan 2022

A medical loan is a sort of personal loan that extends financial assistance against expenses that you might have to incur during a medical urgency. Medical loans can be utilized to pay for medical expenditures like medical prescription bills, hospitalization bills, chemotherapy, surgeries, etc. 

Moreover, all the major banks such as HDFC, ICICI, Kotak, SBI, etc. as well as financial institutions like Afinoz, Tata, Fullerton, etc. provide personal loans for medical purposes.

Following are the fundamental but the core features and benefits that you can relish on availing of a medical loan: 

• Quick Approval 
• Instant Loan Disbursal 
• Loan for Any Type of Ailment 
• Treatment at the Hospital of Your Choice 
• Flexible Tenor 
• Nominal Prepayment Fee 
• Collateral-Free 
• Minimal Documentation 

Now, let’s figure out the features and benefits of medical loans of India’s leading financial institutions gradually! 

Following are the fundamental eligibility requirements of Medical Loans in India. Take a look:

• The applicant should be a resident of India.
• Applicants between 21 to 58 years of age apply for a medical loan.
• Salaried and self-employed individuals can apply for the loan.
• Individuals should be having at least 1 year of experience with the current organization.

Following are the fundamental document requirements of Medical Loans in India. Take a look:

• Passport-sized photograph
• Identity Proof
• Address Proof
• Latest Salary Slip
• Form 16
• Organization’s appointment letter
• Latest bank statement
• Valid Income documents
• Certificate of employment

Following are certain things that you must take into consideration prior to applying for a medical loan in India. Take a look at them:

Credit Score – Credit score is the most vital factor in getting the loan approval. A healthy score has higher chances of loan approval than a weaker one. An applicant with a good credit score stands a chance to negotiate with the lender for better interest rates. 

Interest Rate – Different lenders charge different interest rates. It is advisable to compare before applying for a medical loan and chose according to your best interests suited. To keep the overall cost low one should choose a better deal of interest rates.

Other Charges – Financing institutions levy additional charges of the processing fee, pre-payment charges, pre-closure charges, penalty charges, dishonor charges, etc. Before finalizing a lender look for all the additional charges mentioned.

Disbursal Time – Check out for the disbursal time of the lender, as medical situations demand the immediate attention of funds. Lenders claiming to get the loan disbursed in a short span of time will be of assistance.

EMIs Payable – Applicants willing to apply for the loan can check the repayment of the loan amount by using the EMI Calculator tool available on most lender’s websites. It gives an idea of the monthly cash outflow of the repayment. One will have a fair idea of availing the exact amount of loan for the medical need. 

At Afinoz, we know the importance of funds when facing an emergency. Thus, we've designed the application process of our personal loan for a medical emergency to be as simple as possible. 

To apply for a medical loan, you simply have to follow the below-mentioned steps. Take a look at them: 

• Visit Afinoz.com or download Afinoz instant loan app from the Google Play Store. 
• Visit the personal loan page. 
• Click on the ‘Apply Now button. 
• Supply your personal, financial, and employment details. 
• Enter the loan amount and tenure that you need to get instant approval online. 
• Upload documents as demanded by the lender. 
• Submit the loan application. 
• Our representative will get a hold of you to verify the details of your application states. 
• The loan amount will get credited within a matter of 24 hours based on successful verification. 

Following are few notable tips that you can apply so as to take a chance to avail of the best interest rate on the medical loan. Take a look at them: 

• Don’t apply with multiple lenders simultaneously. 
• Pay off all the dues timely and wholly. 
• Maintain a good credit history. 
• Build a long and healthy credit history.