Medical Loan: How Does it Work & Benefits | Personal Loan Stories

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11 MARCH, 2020

A medical emergency can put you in great dilemma. Today, there is a steep rise in cost of quality healthcare. This, coupled with the restrictions on medical insurance coverage can put a strain on your finances. In such case, you can turn to a medical loan. A medical loan is a form of personal loan that you can avail of in the event of a medical emergency. The amount obtained can be used to cover several costs such as hospital bills, surgery costs, prescription bills, chemotherapy costs and any other medical related expenses.

Here are some benefits of getting a medical loan:

Quick approval – The last thing you would want during a medical emergency is being caught up in financial procedure that takes a while to disburse funds. Medical loans are approved quickly and you do not have to be worried by the loan approval procedure.
Covers any ailment – A medical loan can be availed of from any kind of ailment. From a long-term medical treatment procedure such as chemotherapy to a dental surgery, this loan is granted for any kind of healthcare. All you must is evaluate the total cost that you will incur and apply for the given amount.

Flexible repayment tenure – Medical bills can be very high and thereby, eat into your monthly budget. A medical loan lets you choose from a flexible tenure. The loan amount can be paid in monthly installments over a preferred period. Typically, most banks offer a tenure of up to 5 years.

No collateral – Unlike most other types of loans, a medical loan does not require you to provide a collateral. This means, you do not have to generate any form of security against which the loans is granted. The no-collateral benefit is extremely great as you do not have to be stressed down by the need for collateral during trying times.

Process of getting a medical loan

Medical loans are designed to be hassle-free and disbursed quickly to cover unforeseen medical expenses. The process includes minimal formalities and you can simply apply online. Upon providing the essential documents, your loan will be disbursed within a few days. Most leading banks provide medical loans that range from INR 50,000 to INR 15,00,000.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.

What are the benefits of a medical loan and how does the process work?

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