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.
You may have bought an insurance policy, yet have thousands of queries and doubts. Our ‘Your Policy’ section is the fastest way to resolve your insurance related doubts and queries. All you need to do is attach your active insurance policy and write to us about your queries. We never let our customers down.
Many questions may come in your mind before deciding on the Loan. ‘How much Loan I would need, how many years I shall invest for, what would be the EMI’s, etc. Loans Calculators are life-savers. They help you know your needs and assess the potential costs. Grey Font brings to you various Loans Calculators and interactive tools to help you calculate your needs. In order to get better results, ensure to enter a value in all the possible fields.
Term Insurance Premium Calculator - The Term plan calculator gives you the most attractive term insurance plan, here are some lesser known facts about the term plan premium calculator
Group Term Life Insurance - Group life insurance policy covers life insurance protection to a group of people. Know how beneficial it is to have group life insurance.
If you've decided to buy a life insurance policy, Here are 7 Things to Know Before Paying Life Insurance Premium
In this blog post, we shall discuss some important questions every insured need to ask their agent advisor before fixing the right choice for themselves and their family members.
Life Insurance Premium - There are many factors that determine your life insurance policy premium. You can read about all of them in this detailed guide
Health Insurance Frauds in India - Health Insurance Scams are increasing in India and can be of many types including claim, application fraud, eligibility fraud, etc. Read more!