Health emergencies can arise unexpectedly, leaving us in need of immediate financial assistance to cover medical expenses. Accessing quality healthcare is important, but the associated costs can often create a significant financial burden. That’s where emergency medical loans come to the rescue, providing a quick and convenient solution to fund your medical needs. These loans are designed to offer a hassle-free application process and rapid approval, ensuring you get the necessary funds swiftly. Whether it’s an unexpected medical procedure, diagnostic tests, or medications, an instant personal medical loan can bridge the financial gap and help you prioritise your well-being.
Benefits of Emergency Medical Loan
Medical emergencies can occur anytime without prior notice and can be very costly. To ease the financial burden, Medical Loans for surgery can be beneficial. Below are some of the benefits of medical loans.
Hassle-Free
One of its main advantages is that a medical loan requires minimal documentation. You just need basic documents, and you can apply for the loan easily. At the time of emergencies, you can focus on the patient instead of the hassle of running around trying to arrange funds.
No Collateral Required
A medical loan is a type of loan where you don’t have to pledge collateral as a guarantee in case of non-repayment of the loan. This makes medical loans available to everyone.
Flexible Tenure
Another advantage of an emergency medical loan is its flexible repayment tenure. A personal loan has a repayment duration that might last somewhere between 12 months to 60 months. This means that you can freely choose the loan term that best suits your requirements and situation.
Borrow Large Amount
Generally, credit cards have a low monthly spending limit. Because of this, using your credit card for major surgeries or purchasing medical equipment may be challenging. However, a medical loan is the perfect solution for you. With medical loans, you can borrow more money than other borrowing options. This allows you to finance substantial expenses more easily and conveniently.
Eligibility Criteria for Emergency Medical Loan
| Nationality | Indian Citizen |
| Employment criteria | Applicant must be a salaried individual employed with a reputable private or public firm or is a self-employed professional |
| Age | The minimum age of the applicant should be 21 years but should not exceed the age limit of 58 years |
| Income | The applicant’s monthly salary must be at least Rs. 30,000 |
| Credit Score | Credit score should be 750 or above |
Documents Required for Medical Loan
| ID Proof | PAN Card / Aadhaar Card / Passport / Driving Licence / Voter ID |
| Proof of Residence | Passport / Driving License / Electricity Bill / Telephone Bill / Aadhaar Card / Voter ID |
| Income Proof | Salary slip for last 3 months / Bank Statement |
| Photograph | 2 passport-size photographs |
How to Apply for a Medical Loan
- Visit the official website of LoanTap or download the official app.
- On the home page, click on the ‘Apply Now’ tab to apply for a Medical Loan.
- Select your employment profile. Select if you are a business owner, an employee, or a self-employed individual.
- Select “Medical Loan” for the purpose of the personal loan and click on the ‘Continue’ button.
- Type in your email address and current location.
- Enter all additional information, including monthly income, active loans (if any), and type of current residence.
- Upload the necessary paperwork, such as bank statements, salary slips, and property ownership papers, etc.
- Enter your PAN Card number and birthdate.
- After you’ve entered all the required details, they will be verified, and if your loan is approved, the loan amount will be sanctioned immediately.
Conclusion
Obtaining an emergency medical loan online is a modern solution personalised to meet the urgent medical financing requirements of individuals. With a simplified application process and swift approval, these loans offer the peace of mind needed during challenging times. LoanTap provides the flexibility and accessibility of such loans to ensure that medical treatments and procedures remain within reach without causing undue financial stress. By availing these loans, you can prioritise your health and well-being without delay, focusing on a speedy recovery and a healthier future.
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