Friday, January 27, 2023

Tips For How To Pay For A Major Medical Expense

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In life, we might experience certain unexpected circumstances that can suddenly disrupt our routine. It compels us to think on our feet and take stock of the situation, especially our financial standing. And no situation is perhaps more challenging than a medical emergency. Fortunately, there are ways to reduce such financial strains. These also include certain types of loans in India that you can get for meeting medical expenses.

Top Tips for Paying Off Major Medical Expenses

Here are the top tips you can follow for paying off major medical expenses without putting yourself under financial pressure:

  • Go Digital – Nowadays, going digital is one of the fastest ways to receive quick medical assistance and the most preferred option as well. You can easily find helpline numbers specific to your request, online consultations, and more.
  • Utilize Medical Insurance Policies – If you have taken out medical insurance policies, then fulfilling any medical expenses shouldn’t be too much of a hassle. However, you should note that medical insurance policies may not cover all types of treatments or emergencies.
  • Look for Special Offers & Discounts – You can always research for the best offers and special discounts available for meeting certain medical expenses. These could include diagnostics, medicines, and more.
  • Avoid Maxing Out Your Credit Cards – While credit cards help you meet unexpected big-ticket expenses, do remember to not max them out. Doing so could put you in debt and lead to a negative impact on your creditworthiness.
  • Avail of a Loan for Medical Treatment – These days, you also have the option to avail of a Personal Loan for Medical Emergencies to meet major medical expenses. It’s one of the best types of loans in India that can be used for any medical emergency or related expenses.

Benefits of Getting a Loan for Medical Treatment

There are several benefits that you can enjoy from getting a Personal Loan for meeting medical expenses. Let’s check them out.

  • Easy Online Application – Nowadays, it’s extremely easy to apply for a loan, especially if you’re applying for one online. The entire application process is completed seamlessly and efficiently.
  • No Collateral Required – A Personal Loan for Medical Emergency can be availed of without any collateral. All you must do is meet the eligibility criteria and submit the correct documents to avail of a loan.
  • Instant Loan Approval & Quick Disbursal – You can receive quick access to funds virtually in no time, which is an important factor for meeting medical expenses. You can rest assured knowing that you’ll be able to receive the funds well ahead of time.
  • Attractive Rate of Interest – Some Non-Banking Financial Companies (NBFCs) these days offer Personal Loans for Medical Emergencies at attractive interest rates. This further reduces the EMI amount and allows you to manage your finances in a better manner.
  • Minimum Documentation – To avail of a Medical Emergency Loan, you only need to submit basic KYC documents for background verification. This usually includes your KYC documents, financial documents, and professional documents.
  • Flexible Repayment Tenure – You can find Personal Loans for Medical Emergency with long repayment terms for greater flexibility. Some NBFCs even offer these loans with a repayment period of up to 60 months.

Eligibility Criteria for a Medical Loan

  • Age – Applicants must be 22 years old at the time of loan application and up to 58 years old at the time of loan maturity.
  • Citizenship – The applicant must be a citizen of India.
  • Work Experience – The applicant must have a work experience of at least 2 years.
  • Monthly Income – The applicant’s monthly income must be a minimum of ₹20,000.
  • Employment – The applicant must hold full-time employment, with at least 6 months experience in the current place of work.

Documents Required for a Medical Loan

  • KYC Documents – Aadhaar or PAN card
  • Proof of Address – Electricity bills or Rent Agreement or Passport
  • Proof of Employment – Employee ID card or Official E-mail ID
  • Proof of Income – Salary-credit bank statement from the past 3 months

How to Apply for a Medical Loan?

  • Step 1: Visit the lender’s website.
  • Step 2: Click on ‘Apply Now & fill out the application form.
  • Step 3: Enter some basic details.
  • Step 4: Upload the required documents.
  • Step 5: Wait for the assessment & verification of the application.
  • Step 6: Receive loan approval confirmation.
  • Step 7: Approve and authorize disbursal of the loan amount.

Conclusion

There are several ways you can save on major medical expenses. However, one of the best options for you is to get an instant Personal Loan for Medical Emergencies. 

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