Health crisis? Emergency loans are saving lives in India
What's the story
When a health emergency strikes, the last thing you want to worry about is how to pay for treatment. Enter emergency medical loans—a lifeline for countless families across India.
Whether it's a sudden surgery, hospitalization, or post-treatment recovery, these loans step in to cover costs, offering a quick financial solution.
As medical bills soar, these loans provide much-needed relief, allowing individuals to focus on healing instead of scrambling for funds in their most vulnerable moments.
Eligibility
Understanding eligibility criteria
To be eligible to apply for an emergency medical loan in India, applicants need to be Indian citizens between the ages of 21 and 60 with a steady income.
The minimum salary requirement is ₹15,000 to ₹25,000 per month, depending on the city.
A good credit score (above 750) increases the chances of approval and helps in getting favorable loan terms.
Features
Exploring loan features
Emergency medical loans in India offer fast disbursal within 24 hours, convenient repayment options ranging from six months to five years, and do not require collateral.
Loan amounts can be as low as ₹50,000 or as high as ₹25 lakhs, depending on the borrower's eligibility and the lender's policy.
Interest rates differ among lenders, so borrowers are encouraged to shop around for the most favorable terms.
Documentation
Documentation simplified
The documentation process for obtaining an emergency medical loan is generally simple and hassle-free.
You would need to provide identity proof (Aadhaar card or PAN card), address proof (utility bills or rental agreement), income proof (salary slips or bank statements), and proof of employment.
Some lenders may also require you to submit medical bills or estimates as part of the application process to determine the loan amount required.
Approval tips
Tips for swift approval
To get your emergency medical loan approved quickly, make sure you have a good credit score by paying your current EMIs and credit card bills on time.
Also, prepare all the necessary documents before you apply and pick a lender who doesn't take a lot of time to process the loan.
And, do compare the interest rates and repayment options of different lenders to get the best deal.