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!
A health loan will offer you extensive medical coverage during a crisis. The other salient features are as follows:
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:
|Occupation||Salaried or self-employed individuals|
|Monthly Income||At least Rs. 30,000|
|CIBIL Score||750 or above|
|Documents Required||Know Your Customer (KYC) documents such as driving licence, voter ID card, Aadhaar card, and PAN card.For self-employed individuals: Current account bank statements of previous three months, ITRs, CA-attested financial statements as income proof. For salaried individuals: Bank statements of last three months along with salary slips of previous two months as proof of income.Any other document proof if your lender specifies.|
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:
After approval of your application, the personal loan for a medical emergency will be instantly transferred to your bank account.
Here are the reasons why availing a cash loan is the right way to deal with medical emergencies:
Go through the below-mentioned tips related to medical loans:
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.
Ans: You may require a medical emergency loan for various reasons. Some of them are mentioned below:
• Prolonged treatments
• Cosmetic surgeries
• Emergency treatments and surgeries
• Orthodontic or dental treatment
• For medication or to pay extra bills
Ans: 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.
Ans: 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.
Ans: 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.
Ans: 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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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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