Mumbai is home to the famous people of India. It enchants everybody with its charm and liveliness. Famously known as the Financial Capital of India, it has many things to offer, from strikingly modern high rises to old architecture. This city of dreams is a hub of many opportunities where many people migrate for acting, singing, or working in any field.
However, it is expensive to live in Mumbai, where real estate prices are high. It is difficult to handle unexpected situations when you have only one source of income. During any medical condition, you may face a financial crunch which can lead to emotional stress. At the time, it is crucial to focus on patients rather than running around for money.
So, LoanTap has designed Medical Loan to get fast disbursal and instant amount in your account. It will not let you wait any longer and rescue you from medical debts.
What is a Medical Loan?
A medical loan is a personal loan to tackle heavy medical expenses. It offers financial help with immediate funds for a wide range of healthcare needs. These may include surgeries, medical debt, procedures, and other medical charges. Borrowers will get the instant loan amount as per their requirements. It offers a flexible repayment facility to reduce the burden of paying huge debts.
Advantages of Getting a Medical Loan in Mumbai
Taking out a loan can help to cover medical bills without compromising your monthly budget. It can also avoid the stress of struggling to pay off heavy expenditures in one go. Other advantages inspire you to get a medical emergency loan:
- Get Instant Approval: When you need medical assistance, and you are short of funds, you realise the importance of instant approval. Complete the online application form and enter the valid details to get instant approval in less than 24 hours.
- 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 and 60 months, to be paid off in a hassle-free manner.
- No Guarantor Required: It is an unsecured loan where you don’t need to give any collateral or security against the loan amount. A quick personal loan will give you the loan amount and you can get your quality medical care with no delay.
- Lower Interest Rates: Checking the interest rates is important to know how much your monthly cash outflow is. Medical loans will sanction the loan amount at an annual interest rate of 18%, whereas credit cards charge 24-36% annually. It could vary depending on the amount and credit score.
- Multi-purpose: Online Medical Loans can be used for various medical expenditures. You can use the amount wherever you want to, without asking anyone. LoanTap will cover all the outstanding medical expenses.
- Improve Credit score: Medical loans with lower interest can help to maintain financial health. Your credit score will improve If you pay the EMI regularly. A good credit score will help you get a good deal and the best offers with the loan amount.
How Does Medical Loan Work?
Medical Loans are offered to borrowers with a steady income and good credit history. The application process for a personal loan for a medical emergency is more flexible and simple. It is the best way to get instant funds when you don’t have time to arrange money.
Get the loan approval in 24 hours by following this simple procedure:
- Check the eligibility: It is the primary step whenever you think of getting interest-free medical loans. Set guidelines and eligibility criteria are important to qualify for the loan.
- Enter the Accurate Information: How much do you need, and how can you repay the loan? Are you able to manage the payments monthly? Decide the loan amount, repayment tenures, and EMI using the EMI Loan Calculator of LoanTap.
- Upload the required documents: A list of required documents should be uploaded for the loan application process. This set of documentation will verify your account and get the other details.
- Enter the desired loan amount and set the EMI payments: You can decide the monthly payments and mode of paying while managing your monthly expenses. It will give an idea to set the schedule for not missing any payment.
Why take Medical Emergency Loans from LoanTap?
Instant medical loans are a convenient way to address medical emergencies. LoanTap offers you a simple process to avail of the loan in just a few hours. There are several reasons to go for medical personal loans:
Loan Amount- Personal Loans for medical emergencies can provide you Minimum Loan amount of Rs. 50,000 and a maximum loan amount of up to Rs. 10 Lacs. However, LoanTap will credit the loan amount based on your annual income and CIBIL score.
Unique Personal Loan: Personal loan online is designed for borrowers to get an easy way out of this situation. It will lower the monthly outflows by 40% to ease the excess baggage of medical debts. Further, you will be able to manage your monthly expenses and manage the credit account balance.
No Prepayment, No Foreclosure Charges: Borrowers don’t have to bother about paying any hidden costs during the loan sanction process. However, you have to pay some additional costs if you want to pre-close the loan post disbursement before 6 months.
Loan EMI Calculator: EMI calculator will help you estimate the monthly payments and decide on suitable loan tenure. It offers the flexibility in choosing instalment type, interest rates, and the loan amount as per your repayment ability.
Three Customized Instalment Options for Medical Emergencies
Unlike other lenders, LoanTap understands the need of getting personal loans online and how difficult it is to overcome such situations. That’s why they offer three customized repayment options to choose from according to your financial situation and not get trapped in a vicious cycle of debts.
EMI Free Installment Loan
This instalment option is best suited for salaried professionals with a good income. Here, you need to pay interest only every month and make bullet payments every 3 or 6 months towards the principal outstanding. It is ideal when you receive an incentive every 3/6 months.
Step-Up Loan
Taking this loan can give you enough space to manage expenses during difficult times. The step-up loan is the perfect option to choose when you are involved in heavy expenditure. Here, borrowers are allowed to pay the entire amount in interest-only for three months, followed by fixed EMI.
Term Loan Installment
This term medical loan allows you to repay in fixed equated monthly instalments. The monthly payments will be calculated based on both interest and principal amounts. It is suitable when you know the exact loan amount required and have a decent credit score.
Eligibility Criteria For Medical Loan
LoanTap offers you funds up to 10 lakhs for any medical situation. As we discussed, it is the first step toward getting any loan. To get instant disbursal, you need to clear all the eligibility criteria mentioned below:-
- Any salaried, as well as self-employed, are eligible.
- Individuals holding Indian citizenship are eligible to apply.
- Go for any loan with a minimum income of INR 30,000.
- Age should be between 21and 60 of a borrower.
- Good credit history before applying for a personal loan.
Documents Needed while Applying for the Medical Loan
The second step is to collect all the documents required for the verification process. To get a medical loan online, you need the listed documents and submit them after filling out the application process:-
Documents for Salaried Professionals:
- Identity proof such as Passport/PAN Card/Aadhaar/Driving License.
- Address proof- Passport/Voter ID/ Ration card/Driving License.
- The last 3 months’ salary slips.
- Latest 6 months bank statement.
- Appointment letter from the company the applicant is working for.
Documents for Self-employed:
- Identity proof such as Passport/PAN Card/Aadhaar/Driving License.
- Address proof- Passport/Voter ID/ Ration card/Driving License.
- Office address proof- Electricity bill/utility bill.
- The audited balance sheet for the last 3 years.
- Income tax return documents for the last 2 years.
- Last 6 months’ bank statements.
How To Apply for Personal Loan for Medical emergencies?
LoanTap is a digital lending company where you can get any financial products to cater to your needs. To apply for a medical loan, check this quick guide to finish the application in a few minutes:
Step 1:Download the LoanTap or visit the website to log in. Fill out the application with the correct details.
Step 2: Choose the loan amount and tenure as per your income and capacity.
Step 3: Upload the required documents on the website for the KYC process.
Step 4: As soon as KYC is done, your application will be verified.
Step 5: You will receive the money in your bank account within 24 -36 hours.
You can use the money as soon as it gets credited.
What Can Medical Loans Help With?
Medical loans can cover all the healthcare costs that might not be covered by health insurance. You can go for a medical treatment loan to cover all small and big health treatments. It allows you to use the loan amount for any medical problem. There is no limitation on the withdrawals and for what treatment you need a loan. Here are some common medical procedures and situations in that you can get personal medical loans:
- Cosmetic surgery
- Fertility treatments
- Orthodontics
- Treatments or surgery related to weight-loss
- Consolidating medical debt
Reasons why LoanTap is the best lending platform
No other platform like LoanTap provides a wide range of loans to meet all your unique financial needs. However, If you are not convinced enough, check out the following reasons to consider LoanTap as your financial assistant:-
- Check out other smart ways to pay off medical debts. Evaluate each interest rate and repayments options to choose the best.
- Customer support is available to make your borrowing experience better.
- No hidden charges, including prepayment, high processing fees, and foreclosure charges.
- Simple and limited conditions to qualify for the loan.
- Ensure that you have submitted the right details and respond quickly.
- Avail consultancy to know which loan type suits your financial situation.
Other Interest and Charges on Medical Loans in Mumbai
Prepayment Fees: 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.
Processing Fee – 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.
Penalty Fees: If you delay in making EMI payments, there will be late penalties on the EMI as applicable.
If you are in need of a medical loan in Mumbai, just download the LoanTap app and complete the application. Your funding issue will be resolved within 24 hours.
