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Features and Benefits of Medical Loan

When you see a close family member struggling with a medical condition, nothing else comes to the mind except providing them relief. Even though the savings are less, and the medical expenses are more, an instant medical loan is a reliable facility to raise funds for a medical emergency.

Medical loan helps in accumulating life saving finances. The user-friendly features and benefits of a medical loan online support the emergency financial needs just in time. Go through the features and benefits of a medical loan online:

 

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Quick loan approvals

Medical emergency can’t wait. The funds have to be arranged immediately. Instant personal loan apps sanction disbursal of loan amount within a few hours directly into your account in contrast to personal loan offline takes weeks to approve the loan amount.

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No physical documentation

Another significant reason to get a medical loan via instant loan app is the paperless documentation procedure that does not require any kind of paper work. The minimal required documentation is uploaded on the preferred instant loan app and processed in real time for instant approval

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Flexible repayment option

Borrowers can select the date and tenure for EMI payments. Flexible repayment option encourages you to borrow more since the loan repayment becomes convenient.

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Loan EMI calculator

EMI calculator is an in-built feature in the instant loan apps. It gives the flexibility to decide the loan amount, tenure and interest rate as per your repayment ability.

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Quick Disbursal

Once the required documents are verified, the loan status shows approved in real time. Quick disbursal is beneficial for those in need of medical emergency loans.

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Interest Rates

An affordable interest rate on medical interest loans makes it viable for the borrowers to support emergency medical expenses. The medical personal loan interest rate at Hero FinCorp at 19% p.a to 30% p.a.

How to Apply for Medical Loan Online Through Hero FinCorp Instant Personal Loan

Patients or their family members who do not have a medical claim can apply for an instant medical loan online. HeroFinCorp is a speedy instant personal loan app, which is just the right source to acquire an emergency medical loan of Rs.50,000 to 5 lakh. Download the loan app freely from the Google Play Store and begin with the online medical loan process.

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  • 1

    Register your mobile number linked to Aadhaar card or enter email ID to receive an OTP number for verification.

  • 2

    Enter your Aadhar card number or smart card driving license

  • 3

    Select the loan amount and tenure through loan EMI calculator

  • 4

    Lastly, fill in your personal, financial and occupational details through digitized KYC documents, verified in real time

  • 5

    Out of the listed banks, select your bank and enter account details in which you want the loan amount to get disbursed.

Eligibility Criteria and Documents for Medical Loan

Instant medical loan works faster with minimal eligibility criteria and paperless documentation. Quick approval makes medical loans online very reliable to manage medical emergency expenses in a hassle-free way.
1

Age criteria: Applicant should be between 21-58 years

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Minimum monthly income for salaried: Applicant should at least earn a minimum amount of Rs.15,000 monthly

3

Minimum monthly income for self-employed: Minimum earning should be Rs.15,000 monthly and six months bank statement is compulsory

4

Income proof: 6 months bank statement of salaried or personal account

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Aadhar card is the first document when applying for instant personal loan

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In the absence of Aadhar card, you can provide your Pan card/ driving license

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Other important documents include your professional and financial details inclusive of 6 months bank account statement

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Your account should be in any of the accepted banks as suggested by the financial institution

Frequently Asked Questions (FAQs)

Borrowers can get a medical emergency loan within a business day in few easy steps and minimal documentation.
The minimum and maximum medical loan amounts depend upon the borrower’s financial need as well as the lender’s maximum limit. With Hero FinCorp, a maximum medical loan can be acquired of Rs. 50,000 to 5 lakh on an instant basis.

A medical emergency loan is a type of a personal loan that supports immediate finances to manage medical expenses via an instant loan app. A personal loan for medical use is a savior that can help you to generate quick money in less time.

The fastest source of getting a medical loan is through online instant loan apps. It is a reliable personal loan app that can be your financial support in times of medical emergencies. You can avail of a medical loan of up to Rs. 5 lakh in 2 days through the HeroFinCorp personal loan app.
Yes, you can get a medical emergency personal loan to cope up with the expensive medical bills and other related expenses. Borrowers applying for medical loans should adhere to the lender’s eligibility criteria and mandatory documents.
A credit score reflects a borrower’s financial history and ability to repay the loan. Borrowers applying for a medical loan should hold a credit score closer to 900. This increases the chances of loan approval within 24 hours.
You can get a medical emergency loan through online instant loan apps. It is the fastest source online available on your smartphones. Even though you are in the hospital, you can apply for an instant medical loan via the personal loan app online.
You can qualify for a medical loan with a set of eligibility criteria as suggested by the lender. The financial institutions make eligibility criteria mandatory for the simple reason that they do not want to take any risk of delayed payment or any kind of fraud with medical loans.
Medical loan is a type of personal loan that helps in generating emergency money for medical procedures and treatments.
Interest rate depends upon a lot of factors – loan amount, organization type, job stability and location.
Identity proof and income documents are mandatory for medical loan inclusive of Aadhar Card, Salary Slips and Bank Account Statement.
Borrowers can apply for medical loan through online instant loan apps, customer care support or visiting the branch personally.