Loans for medical purpose: Should you opt for a medical loan or personal loan?

Medical emergencies do not happen with prior notice. They come about suddenly and more often than not money becomes a huge factor in getting them resolved. At a crucial time like this when a near and dear one is admitted to the hospital, we only think about their welfare and prefer for money not to be a problem in dealing with it. Here is where credit for medical procedures can help you out to tackle the problem at such an emotional time when you are already at a state of mind where you might not want to deal with such issues. So, let’s learn a bit about what medical loans are and how they are different from personal loans

What is a medical loan?

A medical loan is a type of unsecured loans that can be applied for and acquired in the case very important multi-emergency purposes. These can be anything ranging from operation, surgeries, therapy and the like.

 

What’s so different about medical loans?

Medical loans are loans that are directly given to the hospitals when you apply for one. The sum of money will pass on directly to the hospital where you would be getting your procedure done. The main benefit of such financing is that your loan gets converted into an EMI, which lightens the burden of repaying the sum over the months. Also, it is at 0% interest rate, hence no extra costs are borne by while repaying the loan. Personal loans from any reputed bank can have interest rates as high as 20%.

 

How does LetsMd help you through the process?

Paperwork and processing for such loans can be quite a taxing task when you are already dealing with a medical crisis. This is where we step in to help you out with all the cumbersome work. We provide medical loans at 0% interest and also convert these loans into manageable EMIs that you can pay anywhere between 4 months to 48 months.

 

What makes me eligible for a medical loan?

One of the most important factors in determining your loan eligibility and amount is your CIBIL score. There are various indian saas companies like paytm, bajajfinserv, paisa bazaar etc where you can check your cibil score.

A good CIBIL score conveys the message that you are not a defaulter and have the means to repay the loan amount back in the stipulated time.

How long does it take for the loan to be sanctioned?

The earliest that we can provide you with a loan amount is 12 hours. This varies from person to person.

 

Still got questions about medical loans? Feel free to call at our office for a detailed overview.

FAQs

Que1.How can I calculate EMI?
Ans- One can use the personal loan EMI calculator to find out about your monthly instalments
Que2. What is the maximum loan that I can get?
Ans- You can borrow money up to Rs 25 lakh without pledging any collateral
Que3. What is a credit score?
Ans-Credit score is a number that indicates how you repay your debt.
Que4. Is PAN card mandatory when applying for a personal loan?
Ans- You’re required to have a PAN card to apply to personal loan
Que5. How does my credit score impact the calculation of my loan amount?
Ans- If you have a better credit score there remains high chances of getting a higher loan amount.
Que6. Why is a credit score important?
Ans- A credit score is important as it determines whether you are eligible for credit cards, loan and other kinds of credit facilities
Que7. Can I get an instant loan?
Ans- Yes, there are a lot of options where you can easily avail an instant loan. Check out LetsMD medical loan.
Que8. How can I get a personal loan without a job?
Ans- You can get a personal loan without a job if you have a good credit score.

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