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What is a Medical Loan?

By Finserv MARKETS - Jul 27,2019
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Medical Loan

Medical emergencies in the family bring a lot of emotional and financial stress along with it. Healthcare costs are at an all-time high and the country’s public healthcare system needs much in terms of development. Medical insurance still has very low penetration in India. In such a scenario, the only thing you can turn for help during medical emergencies is a medical loan.

A cursory look at the country’s healthcare spend in comparison to its BRICS (Brazil, Russia, India, China and South Africa) counterparts and neighbouring countries will give you an idea why our public health system is in a dilapidated state. Government healthcare spending as a percentage of GDP for India is abysmally low – only 1.4% compared to South Africa’s 4.2%. Even Nepal and Afghanistan, our relatively smaller neighbours, spend more on healthcare in comparison to India.

What is a Medical Loan

In the absence of good public healthcare, health insurance coverage can help people to handle the exorbitant costs of private hospitals and clinics. However, more than 70% of the population in the country don’t own health insurance coverage.

Low-cost or easily accessible healthcare is hardly a concern among our politicians and we don’t even see them feature in their election speeches or manifesto. The bitter truth is that over 50 million Indians have to live below the poverty line to meet healthcare expenses out of their pockets, according to a 2017 WHO report.

People have to resort to informal loans from moneylenders and loan sharks at exorbitant rates. Friends and relatives are not always readily available for financial assistance. However, a Bajaj Finserv personal loan for medical emergencies is comparably cheaper with faster disbursal and flexible tenures of 12-60 months.

Medical loan vs. Personal loan

If you take an exclusive medical loan online from some banks or Non-Banking Financial Company (NBFC) companies, it is treated separate from a personal loan. The money is disbursed to the hospital according to your medical bills and you don’t have the flexibility to use the money to meet other related or unrelated expenses.

On the other hand, with a Bajaj Finserv personal loan from Finserv MARKETS, the money is credited directly to your bank account and you can spend the money on more than your emergency medical expenses. While your bank may use personal loan origination methods, which can take between 2-3 weeks, NBFCs such as Bajaj Finserv can approve your personal loan for a medical emergency in 1-3 days.

What are the eligibility criteria of a medical loan?

To apply for a Bajaj Finserv personal loan for medical emergencies you will have to fulfil the following eligibility requirements:

  • You must be a citizen of India
  • You must be an individual earning salary from a private or public sector organization
  • You must meet the minimum salary threshold for your location:
  • Tier I cities – Rs.37,000 per month
  • Tier II cities – Rs.27,000 per month
  • You can also use the Bajaj Finserv personal loan eligibility calculator to make sure that you have done everything right to meet the requirements

How to apply for a medical loan?

You can apply for an online medical loan from Finserv MARKETS by following these steps:

  • Fill in your personal details and employment information on the website
  • Select the required amount to meet your medical emergency and the tenure
  • You can also use the online EMI calculator to decide on the tenure based on your ability to pay a specific amount of monthly EMI
  • If all goes well, your medical loan is approved in three minutes and the loan amount credited to your bank within 24 hours

Bajaj Finserv EMI network also provides easy loans to meet your wellness and medical emergency expenses. With loans up to Rs.4.5 lakh that can be converted into easy EMIs and instant approval, you can use this medical loan for a variety of treatments, including cardiology, cancer care, dental care, laparoscopy, cosmetic care, hair restoration, IVF and maternity care and more.

In a country where even primary healthcare services are wanting, it’s critical that you have a comprehensive health insurance policy to shield your finances against sudden medical emergencies. Make sure that you have at least one family health insurance plan to fall back in times of need.

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522