So, How does Medical Loan work?
At times when you need funds at a short notice, LoanTap is the solution for you. We offer you flexible repayment plans and longer loan tenures to repay your Medical Loan. Pay Interest amount for the first 3 months followed by fixed EMIs. NOTE: The final repayment option available depends on the information you provide and is at discretion of the company.
Why take Medical Loan from LoanTap?
Instant approval & disbursal
Easy online process for loan sanction and fast disbursal within 24-36 hoursin 24-36 hours
Flexible Repayment Option
Flexibility to switch to EMI free loan, enhancement and accelerated repayment option after 6 months of disbursal
Higher Loan Amount
Option to choose from amount ranging from INR 50,000 to INR 10,00,000 basis your requirement
Longer Loan Tenure
Flexibility to choose longer loan tenure from 6 months to 60 months making EMIs more affordable
We collect only what is basic minimum documents for all our custom personal loan products
No hidden charges, No pre-payment charges and secured processes
Basic Eligibility Criteria for availing Medical Loans with LoanTap
- Individuals with a minimum monthly income of INR 30,000
- Indian citizens/residents who are 21 years and above
Basic Documents required for availing Medical Loans with LoanTap
- PAN Card
- Salary Slips (Last 3 months)
- Salary Account Bank Statement (3/6 months)
- Address Proof
Personal Loan Product Suite
Flexible Repayment options
Interest only payment every month (40% lower monthly installment versus regular EMI) coupled with Bullet Payment every 3/6 months towards Principal. Ideal when: You receive additional income or an incentive every 3-6 months.
Interest only Payment for 3 months followed by fixed EMI. Gives you space to manage expenses post an event. Ideal when: Heavy expenditure is involved in a particular event such as Wedding or a Medical Emergency.
Repayment done via Fixed Equated Monthly Installments, where EMI=Principal + Interest. Each Installment reduces both interest and Principal amount. Ideal when: You know the precise Loan Amount needed and your income is consistent.