Availing a medical loan in India during an emergency could be very traumatising, especially if it involves multiple forms and formalities. Although not in high numbers, a lot of urban Indians do have medical insurance cover. However, this cover would not necessarily suffice when it comes to emergencies that involve important, but costly surgeries or transplants. Instead of panicking and trying to seek financial help from individual sources, why not opt for medical loans which we can repay at our convenience.
Thanks to medical loan providers like MoneyTap, we can have the ability to deal with an emergency with more ease. These new age loan providers are keeping customer ease and convenience ahead, thereby providing customer-centric features in a medical loan. As a quick reference guide, here are some of the best features that you can expect while availing a medical loan in India.
Minimal Documentation Requirements
With minimum documentation requirements, loan providers are making the lives of consumers easy. Essential documents like ID and address proof can get you started onto the process of seeking a medical loan. No individual wants to be hassled, especially while dealing with a medical situation in the family. Therefore, the minimum documentation check becomes one of the critical features of seeking a medical loan from the right credit provider.
Sufficient Credit
Medical loans of up to Rs.5 Lakh are readily available from credit providers. This credit limit can let you heave a sigh of relief while you are being exposed to substantial medical bills. Credit limits are also being granted in real time thereby allowing credit seekers to be able to deal with crucial health situations with far more ease.
Withdraw as You Go
The convenience of such medical loans also extends to the idea of withdrawing only as much as you require out of the total credit limit that gets granted. Health emergencies could involve multiple medical procedures, operations or surgeries. They could also include various tests over some time. In such situations, it becomes far more convenient to withdraw amounts that are needed for a specific medical routine.
Limited Interest Feature
If you withdraw only a part of the total credit limit, you end up paying for the amount that withdrawn. This key feature saves any extra interest payment and hence becomes vital in managing our finances well.
Flexible Repayment
When it comes to repaying, customers don’t have to worry about EMIs because an essential feature of such medical loan involves the flexibility of repayment. This means you could pay back in as less as two months or extend it up to 36 months, allowing any credit seeker sufficient time to gather required funds over a reasonable period.
Earn from Your Loan
Some credit providers also include features like reward points and complete cash withdrawal facility. This feature is a bonus for consumers.
When it comes to the matters of the family’s health and safety, no individual would want to take the chance of gathering finances from various sources because its time consuming and therefore risky. In a nutshell, with the kind of characteristics that credit providers are starting to incorporate in medical loans, the consumer turns out to be the winner. So, why not knock on the right door!?
