Medical treatment is becoming expensive these days. One cannot always afford to pay for health insurance that will cover all the medical uncertainties occurring in life. In such cases, a medical loan is undoubtedly a boon.
What is Medical Loan?
A medical loan is a kind of personal loan that offers to cover the future medical expenses. It includes hospital bills, medical prescription bills, medical bills for surgeries like Chemotherapy, angioplasty, bypass surgery, and others.
In health insurance, the coverage options are limited whereas medical loan can be availed to pay any kind of medical expenses, be it critical illness or other diseases, the options are unlimited. The medical loans are hassle-free and get approved quickly. That helps to avail quality medical support without any delay whereas health insurance takes time. The only thing is that the expense should be for a medical purpose.
Eligibility criteria and payment
The general criteria for the eligibility of medical loan are that person should be a citizen of the country. He or she should be salaried or self-employed. A pensioner is also eligible in case the person has taken voluntary retirement. There may be criteria in some banks for the minimum drawn salary, but most of them do not require the same. Neither any deposit is required nor is there any requirement of collateral. The interests applied can be fixed or floating as per your choice. Usually, interest and tenure depend upon the requirement and eligibility criteria. A medical loan can be paid off in installments at http://lakoforest.fi without making any down payment.
There are some minimal documentation requirements such as identity proof, address proof, proof of date of birth, proof of qualification, last three months salary slips and bank statements, appointment letter of the company, Form-16, valid income proof of self-employed individuals and recent passport size photographs.
The medical loan comes handy to rescue you in an emergency. So next time when you are in an emergency, don’t forget to apply for a medical loan of your choice.