How Can You Apply for a Medical Loan?

Medical emergencies are not avoidable and you should be ready financially no matter what. It can be a nightmare otherwise. You need to act quickly and properly in order to manage the situation. Although many people opt for medical insurance cover to mitigate such needs, there are others who are not even aware of its benefits and the peace it brings to your life in the long run. Some medical emergencies may require a hefty amount of investment to improve health conditions, which is when a medical loan may help.

If you have been wondering about the correct ways to apply for a medical loan then you are at the right space. We will share some ways to apply for a medical loan below:

There are three ways of applying for a medical loan-

  1. Online Via Website

You can apply online through the company’s existing website at any point in time.

  1. Directly Over A Call

You can apply via phone call by contacting the customer support team directly to understand the process and apply for the loan.

  1. Visiting The Centre

You can visit the centre physically to apply and get your documents verified and processed immediately.

After verification of the necessary documents, the loan gets approved to take care of the medical expenses without any hassle.

Eligibility Criteria to Apply For Medical Loan

There are certain criteria that you need to meet before applying for a medical loan.

  • Age Limit– In order to apply for a medical loan, the applicant needs to be above 23 years of age. This has been decided keeping in mind the earning capacity of an individual when he reaches this age and that he/she will be able to repay the amount in equal instalments on time.
  • Salary– The applicant needs to earn a minimum of INR 20,000 in order to get approval for the loan.
  • Permanent Job– A minimum tenure of 12 months is considered to be fit for applying for a loan. In most cases, the applicant is required to continue with the same company for a long tenure.
  • Ability to Repay– It is important to have a good CIBIL rating as it impacts the loan disbursement. If the applicant’s CIBIL score is low, then he or she might have to take a joint loan to ensure that EMIs are paid on time.

Documents Required

  • Photo ID Proof– A legit copy of ID cards like Aadhaar Card, Voter Id, Passport or Driving License has to be submitted
  • Income Proof– The applicant needs to share the bank statement of the past six months
  • Salary Slips– Last three months’ salary slips
  • Address Proof– A valid passport or electricity bill is considered

It is important to have a medical insurance cover because the world is getting costlier day-by-day and it is really becoming very difficult for an average-earning individual to afford the expenses. Once you know the required criteria, you can easily apply and enjoy the benefits that it promises.