Your health insurance plan may or may not offer your coverage for all types of treatments and ailments. This why there is always a risk! In situations like these, you need not bother about managing finances since your focus should be to manage your loved one’s health. With the availability of medical loans, all the medical emergencies would be taken care off.
A speedy treatment is what one expects in case of a medical contingency. However, the medical treatments may rip off your savings and put you in stress for arranging funds. Medical loans ensure that you receive your money in the fastest and the most hassle-free manner possible. This is an emergency that helps you to get access to the finances for surgeries, for medical treatments, prescription payment and hospital bills etc.
In case your credit score is good, the lender will charge you a low interest rate. Additionally, you can still check with the bank if even best interest rate would be offered on account of having a good credit score
There are many banks who offer medical loan at a lower interest rate. However, this may depend on one bank to another. Additionally, it is important that you compare the interest rates as well as other terms and conditions and the features offered from various banks. It is best to opt for a bank that has a comparatively lower interest rate.
Ensure to use the medical loan EMI calculator to understand the amount of the EMI payable. Make sure to use the EMI calculator to compare the interest rates too on the medical loan amount.
Medical emergencies are crucial. Therefore, it is important to check how long the bank will take to do the loan amount disbursal. It is important to consider various charges that a bank levies on account of foreclosure, dishonor of cheques, EMI bounce charges, penalties, processing fees, etc..
Research about the different banks that offer medical loan and then opt for the bank that best suits your needs
You may wish to apply online by visiting the lender’s website or visit the branch for medical loan application
The lender will verify your eligibility and then process the medical loan application
Submission of the documents
Covers all your expenses including the prescription medicines, hospital bills, surgery, Doctor’s fee, etc
Mentioned below are the general eligibility criteria if you want to opt for a medical loan.
These eligibility criteria may differ from one organization to another.
Mentioned below is the list of documents required for application of a medical loan.
Well, every lender is different and so are their terms and conditions. Usually, any credit score beyond 750 is considered as a good score to get advantages of a lower interest rate
No, any kind of medical expenses can be paid off using the medical loan amount.
Q. What is the processing fee that is levied by the banks on medical loans?
A. Usually a bank in India will charge around 1-2% of the total loan amount as a non-refundable processing fee. In case you wish to foreclose your Medical loan, you bank will charge a fee of around 2-4% of the outstanding loan amount. In case you delay in making the late fee payment, you will be charged a fee of around 2-3% of the EMI. For document verification too the bank will charge a fee.
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