A medical emergency can arise anytime. It’s always recommended to be always prepared for unpredictable medical expenses. Insurance can help, but sometimes health insurance may not offer sufficient coverage. Whether it is dental, cosmetic, IVF procedures or a surgery, you can get a medical loan to pay upfront when needed.
Non-banking Finance Companies (NBFCs) provide Medical Loans to help cover all medical expenses. We have compiled everything you need to know about Medical Loans below. Read on.
Personal Loans can be used for several medical requirements, such as an operation, surgical procedure, treatment, or other health-related conditions. When you use a Personal Loan for medical needs, it is called a Medical Loan. Financial partners, NBFCs, and banking institutions provide Medical Loans with quick disbursals.
A Medical Loan is a Personal Loan for a medical emergency to cover costs. If you take out a Medical Loan, it pays all costs of your treatment, including –
- Prescribed medicines
- Diagnostic tests
You can allocate the Medical Loan funds however you want for medical care and repay via monthly instalments at your convenience.
Criteria for Applicants Seeking Personal Loans for Medical Emergencies
The following requirements must be fulfilled to get a Personal Loan for medical emergencies.
- Experian credit score should be 630 or higher
- Applicants must be salaried.
- At least 21 years of age is required at the time of loan application.
- Applicants must be 58 years old at the time of loan maturity.
- Minimum monthly income should be at least ₹20,000 per month with a work experience of at least one year, with six months in the current organisation.
Documents Required for Medical Loans
- Identification proof (PAN card, Aadhaar card)
- Address verification is a must for Medical Loans (passport, Voter ID, driving license, Aadhaar card)
- Income proof, including your last 3 months’ pay slip or current year’s Form 16.
A Medical Loan from a new-age NBFC like Clix Capital is the best choice when you need money for a medical emergency. There are several benefits of it that you should know about.
- Access to money right away
You get access to the money quickly with Personal Loans for medical emergencies. You don’t have to wait for long for the funds to be disbursed. You may get a better interest rate when you meet the eligibility criteria.
- All types of medical conditions are covered.
Specific conditions, including cancer, heart attacks, sinus infections, and others, are sometimes not covered by health insurance. However, these expenses can be managed with a Personal Loan. Thus, any treatments that do not get covered by insurance can get paid for using this type of loan.
- Pay In Easy Instalments
You can repay the loan in a tenure between 12 and 48 months. It is segregated into monthly EMI payments spread over a tenure you select. You can calculate your monthly instalments with the Free Personal Loan EMI Calculator available on Clix Capital’s website before applying for a loan.
- Loans Without Collateral
While some NFBCs require you to pledge your assets as security for Medical Loans, others may not. Your credit history, Know Your Customer (KYC) records, and information about your income gets considered while approving your Personal Loan application.
- Minimal Documentation
No paperwork is required when requesting a medical emergency loan from Clix Capital. Visit its official website, fill in your details, and upload supporting documentation to get quick approval.
Medical Loans are a great option to pay medical costs.
A Medical Loan is easy to access and can help you cover medical bills. Drop the tedious paperwork and apply online for Medical emergency loans from Clix Capital. They are available at low-interest rates, with little to no paperwork and quick disbursement. Even better, you can access them from your mobile phone.
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