Medical Loan: Features, Eligibility Criteria, Documents Required, and More

A medical emergency always comes without notice. You may need a substantial amount instantly to finance your medical costs. The ever-increasing healthcare expenses make the situation worse. Under such unpredictable circumstances, the best option will be to take a medical loan and keep your savings untouched. 

Navi’s personal loan for medical treatments will help you meet those unforeseen expenses. Once you make a loan application online, you will get financial assistance immediately post successful completion of the verification process. Keep reading to know the details!  

Features Of Medical Emergency Loans

A health loan will offer you extensive medical coverage during a crisis. The other salient features are as follows:

• Instant Approval: You can avail a loan by submitting only a few documents through a user-friendly mobile app. After completion of your application procedure, your lender will approve the loan amount instantly after completing the verification process. It is an automated and paperless procedure.
• Flexible Borrowing: You can select a repayment tenure that suits your financial goals. Note that the higher the loan tenure, the higher will be the cost of borrowing. 
• Affordable Interest Rates: You can avail an instant medical loan at attractive interest rates under simple terms and conditions.     
• Collateral-Free: Most importantly, you do not need to pledge any asset for availing financial assistance.  

Documents Required And Eligibility Criteria For Medical Loans

If you’re not sure whether you qualify for an instant personal loan for medical expenses, follow the chart below to get a clear idea regarding the eligibility criteria:

Also Read: Complete List Of Documents Required For Personal Loan In India: Updated Loan Documentation

How To Apply For Medical Emergency Loan Online At Navi

Navi offers a personal loan for medical treatment of up to Rs. 20 lakh, starting at competitive interest rates. The online medical loan application procedure is swift and hassle-free. Scroll through the steps below to apply for financial assistance online:

• Step 1: Download the Navi app. 
• Step 2: Register using your cell phone number.
• Step 3: Furnish some basic data to check your instant medical loan eligibility. 
• Step 4: Provide the loan amount and EMI of your choice under ‘Loan Details’.
• Step 5: Finish the KYC procedure using your selfie, Aadhaar number and PAN card.  
• Step 6: For online money transfer, enter your bank account related information.        

After approval of your application, the personal loan for a medical emergency will be instantly transferred to your bank account. 

Why You May Need A Medical Emergency Loan?

Here are the reasons why availing a personal loan is the right way to deal with medical emergencies: 

• If you have not opted for health insurance or your insurance plan doesn’t cover all your costs, a medical loan can be a fruitful choice.
• A health loan is a saving grace when you have to immediately pay for a surgical procedure, hospital stay, medical bills, or a doctor’s fee.  
• When you have to arrange for substantial funds to finance medical expenses urgently, you can opt for a line of credit or an instant personal loan. It enables you to fulfil your financial requirements easily without draining your savings.
• You can choose a personal loan to finance your medical costs instead of using credit cards as the interest rates are lower in the case of the former.   

Tips On Financial Needs For Medical Purposes

Go through the below-mentioned tips related to medical loans:

• Compare all the available personal loans in the market and select the most suitable offer as per your needs. 
• You may choose to use a personal loan EMI calculator for getting a clear idea regarding the EMIs payable beforehand. This will help you pay your monthly instalments on time and fulfil other financial obligations as well. 
• Choose your health insurance policy wisely.  

Also Read: What Is No Cost EMI And How Does it Work?

Final Word

Medical treatments are often expensive and drain out an individual’s lifelong savings. However, opting for a medical loan will help you to meet healthcare expenses during an emergency. You can easily estimate your loan cost through an online EMI calculator, which will help you to plan ahead and set money aside for the loan repayment. 

Frequently Asked Questions

1. When can I need a medical emergency loan?

You may require a medical emergency loan for various reasons. Some of them are mentioned below:

• Accidents
• Prolonged treatments
• Cosmetic surgeries
• Emergency treatments and surgeries
• Orthodontic or dental treatment 
• For medication or to pay extra bills

2. How will a lender decide the repayment tenure and interest rate of a loan?

The loan tenure and rate of interest will be based on the eligibility criteria, an applicant’s loan requirements and a lender’s terms and conditions. In case of a close relationship with your lender and high creditworthiness, you can get the loan under favourable terms and conditions.

3. What is fixed interest rate in the case of a medical loan?

A fixed interest rate on a medical loan denotes an interest rate that is pre-determined.  In other words, the interest rate remains the same for the entire tenure of your loan. Owing to the fixed rate, you know how much you need to pay as EMIs during repayment period. The monthly instalment amount does not get affected by market fluctuations.

4. What does a floating rate personal loan mean?

Floating interest rate on personal loans means that the rate of interest can increase/decrease during the repayment period due to various circumstances. If one opts for a personal loan with a floating interest rate, he/she should be prepared that the interest rate can change during the tenure. 

5. What does pre-closure mean in a personal loan?

Pre-closure or foreclosure is a facility that allows individuals to repay the remaining personal loan amount through a single payment instead of EMIs. Personal loan providers usually keep 1 year as the lock-in period, post which you can prepay the outstanding loan amount.  

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