Benefits of Medical loan

It’s been said that “Save money and money will save you”. That true; but for the times when you could not save enough, a loan can save you from major issues or help to invest for a better life. Talking about the investment, how often do you think of investing in your health? Health insurance schemes promise to cover for a lot of expenses but not to forget exclusions are part of every health insurance.

The presence of exclusions in health insurance gives you the feeling, “Yes, my medical expenses are covered” but at the same time, you need to worry about things that will not be covered by the health insurance because it is present in the exclusion section. For example, some health insurance policies won’t cover expenses related to pre-existing medical conditions. On the other hand, a medical loan will cover each and every expense and will help you to get treated without getting tensed about the shortage of money for any medical emergency.

What is a medical loan?

A medical loan provides a person with financial aid against medical expenses that they might need in any kind of medical emergency. A medical loan can be used to pay for all medical expenses. There are several banks and financial institutions that offer financial coverage for people in urgent requirement of money. LetsMD is a Fintech company that helps to pay medical expenses like your medical prescription bills, surgeries, hospitalization bills, bypass surgery expenses, chemotherapy, pregnancy, IVF and much more. At LetsMD loans are known to get dispersed at the earliest. Are you in need of a medical loan with maximum benefit? Try LetsMD today, apply now!

Why LetsMD and how will it benefit?

More than 80,000 customers have been able to gain the benefits of LetsMD medical loan. A partner base of 2400 providers, LetsMD provides a medical loan to cover all medical expenses at a low-interest rate and 0% EMI*. Minimum documentation is required and instant approval, without letting you wait for long during a medical emergency. In a country like India where a major part of the population is not able to access proper medical treatment due to low financial status and high-cost medical treatments; LetsMD is on a mission to bridge this gap where a person can instantly get financial support and at the same time get treated in the best hospitals without worrying about the budget or expense rate.

Now, the question is how will LetsMD medical loan benefit you and your family?

The word ‘loan’ carries a lot of baggage as many a time it gives the impression of extra effort to verify documents, extra time to apply for it, and high-interest rate that creates difficulty for the one who took up the loan. At LetsMD the entire scenario is different; here you can apply for a medical loan instantly by visiting the website and clicking on the Apply Now button. You also need to provide very minimum documentation that will be verified within a few hours and LetsMD offers you 0% interest rate whereas banks might charge you an interest rate as high as 20% interest rate.

Benefits of LetsMD medical loan-

  • No medical check-up required
    In several health insurances, a medical check-up is a compulsory thing but to get a medical loan from LetsMD you need not undergo any kind of health check-up. All that you need to do is fill the form in the official website and get ready to get your loan approved at the earliest.
  • Eligible for people who are under 21 years to 59 years old; to gain additional benefit you can also apply for Carecover card where the cardholder can include 3 other members of the family, which is, in one card 4 people can gain benefit. Unlike a credit card which is valid for one person, Carecover card can be used by a total of 4 members.
  • No exclusion included
  • No waiting period. Some insurance makers include waiting period to get covered for pregnancy, surgery etc but LetsMD medical loan won’t ask you to wait. The medical loan will be dispersed at the earliest.
  • Easy and flexible repayment options available; the entire process is digitally developed, you can apply now.
  • Loan available from Rs 20 thousand to Rs 20 lakh*

Pros and Cons of medical loan

The medical loan gives you the relief from all dilemmas that health insurance might land you in one. The most beneficial part of a medical loan is that it will cover all medical procedure like cosmetic surgery, hair transplant, cancer treatments, IVF treatments, dental treatments, brain-related ailment and any kind of surgery. The medical loan will assist you in all kind of expenses and help you lead a healthy life. Did you know? Carecover card helps you pay all hospitalization bills from ambulance fee, room fee to the prescription bill amount. Get this valuable card today!

Pros of medical loan are-

  • No premium required and low-interest rate
  • Covers all maternity cost
  • Flexible repayment
  • Faster approval and quick disbursal

Cons  of medical loan-

Rejection-based on the income, bank statement or CIBIL score a person’s loan may get rejected but the chances are very less. Maximum cases get easily and instantly approved with minimum documentation. For LetsMD medical loan you require the following documents:

  • PAN card
  • Adhaar card
  • Bank statement

What is a personal loan? How is it different from a medical loan?

Personal loan and medical loan- two terms, one related to another; person loans are those that help a person to fulfil needs and dreams like to buy a car or a house, higher education for children and secure the health of the family member(s). But there are few major differences which make personal loan and medical loan stand out from each other.

  • The interest rate of a personal loan ranges from 12%-18% while in the medical loan the interest per cent is very less. At LetsMD, the medical loan is provided at a 0% interest rate.
  • A personal loan requires you to pay prepayment charges of 3%-7%. On the other hand, the medical loan will not ask you to pay a prepayment charge
  • Flexible repayment options are available in medical loan and a personal loan, such flexibility is not there
  • All kinds of surgeries are covered by the medical loan. The personal loan carries certain medical restriction thus all surgeries are not covered.
  • In a personal loan, all documentations are required to be submitted in hard copies but in a medical loan, you can easily provide them digitally from anywhere in India.
  • Fast approval rate and instant disbursal (within 24 hours) in medical loan whereas personal loan may take 5 to 6 days to get disbursed.

We got some good news for you- another product of LetsMD which is called Carecover brings to you the option to avail a pre-approved medical loan which is available in the form of a card. Once you get your card you can use it for any kind of medical emergency or medical condition. This card brings to you a wide range of benefits; a few benefits of Carecover has been mentioned in the LetsMD loan section, list of some more features and benefits of Carecover are-

  • Paperless application and documentation- the entire procedure is carried out digitally
  • 0% interest EMIs where you have the liberty to repay in 12 months
  • Get your pre-applied card approved within 2 minutes
  • All treatments are covered for a total of 4 members*(additional fee of Rs 499 per person)
  • Avail coverage up to Rs 5 lakh* and you can get instant approval of Rs 50,000
  • Get coverage from minor to major medical treatments, certain health insurances may not provide financial assistance for hospitalization bill, housekeeping charges of the hospital, ICU fee, prescription fee, ambulance, vaccines etc. Carecover promises to help you pay all such charges through a hassle-free procedure by directly transferring the amount to the hospital of your choice by a cashless method.
  • No deductibles included
  • No amount needs to be paid (processing fee) at the time of loan disbursal

How to apply for Carecover card?

Get your card in a few easy steps-

  • Visit the website and click on the apply button. A form will appear where you need to fill in the details. For example, name, phone number etc.
  • Upload soft copies of your Adhaar card, PAN card online and to gain additional credit of Rs 5 lakh you will have to upload your bank statement
  • The Carecover card will be delivered to you within few days at your doorstep
  • Keep the card handy and safe; use it in for any kind of medical treatment
  • When the need arises to get medical financial support, call the toll-free number 1800-121-5619 or mail at
  • Our team will disburse your required amount at the earliest.
  • Repayment can be done within 18 months with 0% interest EMIs

In a medical crisis, it becomes very tough for a person to go about asking people for help and describing the situation. Some may even opt out doing so thinking ‘It’s awkward and shameful’. LetsMD and Carecover together are trying to make it better for you by providing with adequate and quick medical financial help without any hassle. Take care of your health; we will take care of your medical finance.


Que 1. Can you go to jail for not paying hospital bills?
Ans- No, you won’t go to jail as per law but it will severely affect your credit score and can be harassment financially.

Que 2. What credit score is needed for medical financing?
Ans- The credit score differs from one lender to another. At times some lender might want to work with bad credit score borrowers or with minimal credit score requirements.

Que 3. Should I take out a loan to pay medical bills?
Ans- If you are already in debt, ideally, you should not take another loan to repay the other.

Que 4. Who can help me pay my medical bills?
Ans- Get the easy cover of all your medical expenses with the help of LetMD medical loan or get the Carecover medical card today; apply now (include the link).

Que 5. Is it compulsory to provide every detail to the loan provider?
Ans- No, to get a loan you need to provide the basic detail like bank statements, PAN card and address, nowadays the digital world has made the process even easier.

Que 6. Do I have to pay any down payment or keep collateral?
Ans- No, you don’t have to pay a down payment or keep collateral for a medical loan

Que 7. Do I need to mention the type or reason for the treatment?
Ans- There is no rule or compulsion to mention what type of treatment the patient needs to get a medical loan, Carecover medical card can be easily used in any hospital of your choice once you get it pre-approved for all kinds of treatments and medical expenses.

Que 8. How long does a medical bill stay in collections?
Ans- Collections, including medical debt, can remain in your credit report for 7 years.

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