The hike in the hospital charges has made a medical loan the need of the hour. A medical emergency can strike at any given point in our lives. While a majority of people have an emergency fund to deal with the unannounced crisis, the rest can opt for medical loans. Availing a personal loan for medical expenses is an excellent way to tackle the hefty treatment costs while managing the severity of a disease.
Before opting for medical loans, one must understand the basics of a medical loan. Take a look below to find out everything about medical loans:
What is a medical loan?
As the name suggests, a medical loan covers the health expenses of an individual. In simple terms, it looks after all the medical treatments, which aren’t a part of a health insurance policy. Under medical loan, several treatments like IVF, weight loss surgeries, ENT procedures, and so forth are covered. Moreover, it also handles the expenses of additional care or operations, which are uncovered in a policy.
There are specific terms and conditions, which must be covered in a medical loan. A great option of medical loan ensures maximum benefits to the customers. Hence, consider these following things before availing medical loans:
- Assess the coverage
- Meet the eligibility criteria
- Consider the interest rates
- Look for no collateral loans
Four essential things to know before applying for a medical loan
Assess the coverage
A majority of people apply for a medical loan to cover their medical contingencies. Medical loans help an individual to sustain financially as well as offers the right medical assistance. Under medical loans, one can cover expenses like surgical treatment, in-house care, alternative treatments, and so on.
Meet the eligibility criteria
Personal loan for a medical loan is an unsecured type of loan. Therefore, a borrower must meet the eligibility criteria as specified by the financial institution. To apply for a loan, one must be a resident of India. Moreover, any salaried or a self-employed individual can opt for medical loans. Any individual between 23- 58 years of age is eligible to apply for a personal loan.
Consider the interest rates
Before applying for a loan, check the interest rate and calculate your EMI accordingly. One can utilize an EMI calculator available on the online portal of your financial institution. A personal loan EMI calculator for medical emergencies is an online tool to calculate the monthly outflow on borrowing a medical loan.
Look for no collateral loans
Ideally, a majority of the loan providers ask for a collateral or a guarantor. However, there are certain companies, which do not require any collaterals. Therefore, opt for medical loans that require no collaterals.. Moreover, an excellent credit history ensures immediate loan disbursal to the customers.
To sum up, your health is your top priority. Therefore, it should never be compromised with poor services or treatments. Bajaj Finserv personal loan available on Finserv markets is an ideal solution to deal with health emergencies. Instant loan approvals and the hassle-free process makes the lives of the customers easier.
Finserv Markets, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!