Never expect medical emergencies to strike without warning. It is better to be prepared in case of unexpected medical complications. You may feel more secure if you have health insurance.
People are more susceptible to health problems and suffer from a fast-paced lifestyle. A pandemic in 2020 showed that health is more important than anything else. Many people suffered financial hardship during this difficult time, as they didn’t have a contingency fund or financial support. Only a few people believe that saving for the future is possible.
You may not need financial assistance if you have health insurance. You can’t rely solely on your savings or medical insurance. A Personal Loan to cover medical expenses is an option.
A Medical Loan is an Alternative to Your Medical Needs.
You will need to have enough money in your account to cover your medical bills. This is the best option to pay all your medical bills in monthly installments. You have enough money to pay for the proper treatment. We’ll be discussing Medical Loans and how they have changed the lives of borrowers in this blog.
What is a Medical Loan?
You can rely on Medical loans to provide you with enough money for whatever purpose. This includes hospitalization bills, prescription bills, surgery, chemotherapy, and any other treatment. LoanTap provides financial assistance in times of need.
Loan Amount – LoanTap can offer you a loan starting at INR 50,000 and ending at INR 10,00,000. Your annual income and CIBIL score will determine the final amount of your loan.
Loan Tenure – This term loan is simple to repay with fixed EMIs throughout 6-60months. You can choose the loan amount and tenure period that suits your financial capacity.
Interest Rates Pers and nal loans are available for medical emergencies at an annual rate of 18% Rates may vary depending upon your credit score, income proof, and medical needs.
Processing Fee You will be charged 2% plus any applicable charges.
After six months of service, no prepayment fees will apply
Savings are more beneficial than personal loans
Borrowers now have an easier way to obtain a medical loan. There are many benefits to using medical loans to pay your medical bills. This will allow you to save money. You will also enjoy the following benefits:
Save the Savings
A personal loan is a great way to get the best care without sacrificing your savings. You could lose everything you have worked hard to save for medical bills. With a personal loan, you can quickly cover any medical emergency. Your account balance will not be affected. It can help to feel at ease and free from stress.
Option for Easy EMIs
The entire cost of a medical loan can be paid immediately. Flexible repayment options are available for borrowers who can borrow the amount. This personal loan is available in Fixed EMIs and can be repaid over 6 to 60 months.
LoanTap, a Fintech lender, will let you choose the tenure and EMIs that suit your needs. LoanTap provides the EMI Calculator to help determine the EMI amount based on the loan term.
Access to Better Healthcare
Savings may be a limited source of finance and may not provide enough funds to cover the cost of necessary treatment. Medical emergency loans allow you to spend the whole amount on treatment at a higher hospital.
The loan amount can be claimed anytime, just like health insurance. After you have paid for your treatment, the remaining loan amount can be used to purchase better equipment, physiotherapy classes or nursing services for a quick recovery.
Flexibility to utilize the amount:
Nobody will ever ask you how much you’ve spent on medical expenses. Personal Loan Online gives you complete freedom to use the money per your requirements. The lender doesn’t have to know that you are using the money. This ensures that you and your family receive the best medical care with immediate cash.
The Advantages of Using a Medical Loan
Quick Online Application: If you have a medical emergency, you can visit the LoanTap website and get funds immediately. You can get a medical loan at your disposal.
Instant Loan Approval: It is hard to wait even for a day when you have a medical emergency. The loan application process can be completed online, and approval may be granted within 24 hours. The loan application will be instantly approved and credited to your account if you have a good credit score.
You must meet a few eligibility criteria: Borrowers must be eligible for certain conditions, such as income, age and type of employment. This allows lenders to check your creditworthiness and scan your loan application.
Lenders can now disburse loans electronically without you having to fill out lengthy paperwork that can take up to a week. This is one of many benefits of applying online for a personal loan. You will need to provide minimal documentation, including proof of identity, address, and proof that you are earning a monthly income to qualify for the loan.
There is no collateral required for medical loans. There is no need to provide any security or guarantor to banks or financial institutions. You need to apply for the loan and provide verified documents and details.
How can I get a loan for an emergency medical situation?
It is possible to get a loan online today. Online medical loans are now possible. This loan application process has become easier and more convenient thanks to digitization.
LoanTap, one of India’s most trusted digital lenders, allows you to get a loan quickly via the mobile app.
