Delhi is a city of hope. Hundreds of migrants and tourists travel to explore the capital city of India. It is one of the fastest-growing commercial centres in the country. This city is full of surprises, where you can enjoy both cultural and modern lifestyle.
The cost of living in Delhi is not more expensive than in other cities, such as Bangalore, Mumbai. However, enjoying a comfortable lifestyle can increase your monthly budget. Due to this, you might face any financial issues. In times of emergencies, your expenses can burn a hole in your pocket.
As you know, a medical emergency occurs without warning. It incurs heavy expenditures, including medical surgeries, treatment, and post-care procedures. If you face any medical situation, a personal loan can help you with the immediate funds. With the medical loan in hand, you can handle the situation stress-free and get the proper treatment.
What are Medical Loans?
A medical loan is a personal loan for medical emergencies that provides the finances to get the treatment done. It assures monetary assistance when you are in a financial crisis. It can be considered an unsecured loan, where no security is needed to submit the loan amount. With this personal loan, you can cover medical bills, surgical procedures, and other medical-related costs. It offers an ample amount of money that borrowers can repay in the form of EMIs.
Let’s see how it works in times of difficult medical situations.
How Does Medical Loan Work?
Medical Loans Online are a reasonable option to get instant money when an individual is facing financial instability. It offers a fast disbursal credit facility with flexible repayments and long tenures to pay off the loan amount.
Loan Amount- Online Medical loans will provide the loan amount up to INR 50,000 to INR 10,00,000. You can get the funds by following an online application process. However, LoanTap will decide the loan amount depending on your annual income and CIBIL score.
Flexible Tenure – In such times, it is difficult to repay the amount whether you are a salaried professional or self-employed. So, LoanTap offers you an instant medical loan for a long tenure, between 6 months to 60 months for hassle-free payments. You will get the customized repayment option to decide the tenure period as per your financial capability.
Interest Rates: Getting a medical loan at lower interest rates helps you save your money. LoanTap lends the loan at an annual interest rate of 18%, whereas credit cards charge 24-36% annually. The interest rates may vary depending on your credit score, medical needs, and income proof.
Processing Fee – It is an easy way to pay off the huge pills. So, LoanTap will not charge any hidden costs while processing the loan. Only 2% of processing fees with GST will apply to the loan amount of Rs. 50,000 or above.
Why should you choose Emergency Medical Loans in Delhi?
When you see any of your family members sick, that time nothing else is important except the funds for medical bills. Quick medical loan is a better option than considering your savings to pay a lump sum hospital bill. It offers you several benefits such as:-
Quick Loans Approvals: Medical problems can’t wait for the right time. You need to arrange funds immediately. It is the reason why LoanTap has designed Instant personal loans to sanction loan amounts within 24 hours. If your application is valid, the medical loan will be approved in just a few hours.
No Physical Documentation: Another reason for getting a medical loan online via the LoanTap app is the paperless documentation. You don’t need to visit any bank for paperwork or fill out forms. Still, some required documents should be uploaded on the website to process the loan and get instant approval.
Customize Repayment Options: LoanTap offers flexible repayment options for borrowers so that they don’t feel burdened by paying a huge amount every month. It allows selecting the repayment methods according to your income. Also, it allows you to choose the date and amount for EMI payments.
Unique Personal Loan: Medical bills can add extras to your monthly expenses. However, a Personal loan is a unique loan that lowers the monthly outflows by 40%. It will help you manage the bank balance without compromising monthly payments if you choose the EMI free option where you can pay interest-only EMIs and repay the principal in bullet payments.
24*7 Service: At LoanTap, you will get financial support 24*7 to resolve your query. In such situations, the LoanTap team is very prompt in providing the loan as per the individual’s financial needs.
Loan EMI Calculator: EMI calculator will help you estimate the monthly payments and decide on suitable loan tenure. It offers flexibility in choosing instalment type, interest rates, and the loan amount as per your repayment ability.
Three Customized Installment Options for Medical Emergencies
LoanTap is a quick online loan lending platform offering many financial products to cover medical expenses. Different people will need medical loans for different purposes and expenditures. That’s why we have prepared three customized instalment options to choose from based on your profile and inputs:-
EMI Free Installment Loan
It offers the Interest-only payment option to make the bullet payments every 3/6 months towards the outstanding balance. It is better than regular EMI loans, where you can pay when you receive additional income.
A Step-up medical loan will help you manage expenses after paying medical charges. You can choose an interest for the first three months, followed by a fixed EMI. This flexible installment solution can help you cover heavy expenditures such as medical surgeries and recovery treatments.
Term Loan Installment
Medical Term Loan can help you manage expenses in the form of fixed2 EMIs. You can repay the loan amount in monthly installments, where each installment reduces both interest and principal amount. You can decide the tenure based on the amount needed and your net monthly income.
Eligibility Criteria For Medical Loan
LoanTap’s Medical Loans can rescue you from unforeseen expenditures. You can avail of a loan of up to 10 lakhs at an attractive interest rate. To get funds as soon as possible for paying medical bills, you should be aware of the eligibility criteria, which are mentioned below:-
- Applicants should be aged above 21 years
- Indian residents are eligible to apply.
- You should be Self-employed or a working employee.
- Individuals should have a net monthly income of INR 30,000.
To proceed further, you should be eligible and match all the parameters. There is no formality a borrower has to do to avail of the loan. Just fill out the application online and submit some basic documents for the verification process.
Documents Needed while Applying for the Medical Loan
After qualifying, your next step should be collecting the required documents, which will help the team to verify your profile and check your credit history. Here are the listed documents to get the medical loan for surgery:-
- Identity proof: PAN Card, Aadhaar card, Voter’s ID Card, driving license, passport, etc.
- Address Proof – PAN Card, Voter’s ID Card, passport, driving license, utility bills, etc.
- Income Proof – Salary slips or financial statements of your business
- Bank statements of the last 6 months to understand the cash flow
- ITR – ITR for the last 2 years
When you don’t have enough funds in your wallet, it can force you to seek help from your family and friends. But, you don’t need to ask anyone for money. With online personal loans in India, you can easily get any amount to pay your debts.
How To Apply for a Personal Loan for medical emergencies?
LoanTap provides you with an efficient, fast, and contactless process. You can get the loan from the comfort of your home or office. Need a good internet connection and a laptop or mobile to apply for an interest-free medical loan. Here is the step-by-step guide to the complete the loan process:
Step 1:Download the LoanTap or visit the website to log in. Fill out the application with personal, financial, and employment details.
Step 2: Choose the loan amount and tenure as per your income and capacity of paying the installments monthly.
Step 3: Upload the required documents on the website or submit the signed document to LoanTap’s representative.
Step 4: As soon as your loan application is approved, you will receive the money in your bank account within 24 -36 hours.
So, you have money in hand to save you in medical emergencies. A personal loan will help you to access the funds to take care of medical costs with ease. This type of financial product can reduce your emotional stress and maintain your credit score.
Tip to keep in while applying for the medical loan
- Don’t try to limit your lender options. Evaluate each lender or NBFC company on the basis of interest rates and repayments options.
- Choose a lender with customer service to make your borrowing experience.
- Check the hidden charges including prepayment charges, high processing, foreclosure charges.
- Thoroughly check the eligibility criteria to avoid rejections.
- Fill in the accurate information and read it thrice or twice to ensure you’ve entered the correct details.
- Clear your debt history before taking any loan as it has a negative impact on your credit score.
- Keep at least a gap of six months before applying for the next loan application.
Can I apply for the pre-closing loan?
Yes, you can pre-close the loan after six months of disbursement. There are no charges applicable on foreclosure or pre-closing the balance. You can pre-close the sanctioned loan in six months but need to pay minimal charges.