Cost of medical care can be prohibitive, especially for critical illnesses that need extensive treatment and long hospitalisation. In many cases, Health Insurance will cover these costs, but sometimes expenses go beyond what the insurance will cover. You can read more about it here.
In this case, you will have to pay from your cash reserves, or go in for a Personal Loan that takes care of your medical expenses. These loans will cover surgery, hospitalisation, chemotherapy and other treatments.
Many banks and finance companies offer such Personal Loans. Most have streamlined procedures so that they are disbursed quickly so that you will be able to tackle emergency situations. Here’s how to apply for a Personal Loan for medical care. You just have to follow a few simple steps.
How to apply for a Personal Loan for medical care
- Compare rates: There are considerable difference in the interest rates that banks and finance companies charge for a Personal Loan for medical care. Make sure you compare all the rates before selecting a bank.
- Documentation: After selecting the bank, you can apply for the Personal Loan. You will need documents like proof of identity, address and income. These include PAN card, Aadhaar card, driver’s licence or passport for identity and address verification. For income proof, you will have to give bank statements, salary slips or copies of income tax returns.
- Repayment: Repayment can be done in easy equated monthly instalments (EMIs). The amount you pay each month will depend on the amount and the tenure of the loan. If you need more time, you can opt for a longer tenure of up to five years.
- Credit score: Generally, the interest rate you pay will depend on your credit score. If you have a good score, you will be able to negotiate a good deal with the bank or finance company.
Of course, things are much easier if you are taking a loan from your own bank. In that case, you may not need any documentation at all. For example, non - HDFC Bank customers can get a Personal Loan in under four hours. Select pre-approved HDFC Bank customers can get Personal Loans credited into their accounts in a matter of 10 seconds. Even more, with an with an EMI rate of Rs 2,162 per lac, it offers an excellent and convenient repayment process.
Looking to apply for a Personal Loan from HDFC Bank? Click here to get started!
* Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd.
