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

Posted on Thursday, March 28th, 2024 | By IndusInd Bank

Medical emergencies can arise unexpectedly. Whether it is an accident, injury, or sudden onset of an illness, healthcare emergencies need immediate attention. You need to have a financial cushion for urgent medical treatments and procedures. Medical loans on that front can provide instant financial support to ensure timely treatment.

What are Medical Loans?

Medical loans are the type of personal loans offered for medical emergency needs. These loans can be utilised for meeting medical expenses such as unexpected medical bills, special procedures/treatments, surgeries etc. Personal loans for medical emergencies come with flexible repayment options and attractive rates of interest to help manage medical care expenses without causing financial distress.

This article gives an understanding of medical loans, their benefits, and the process of how they work.

What are the Benefits of Medical Loans?

The following are the benefits of IndusInd Bank medical loans:

Instant approval:
IndusInd bank personal loans for medical emergencies are completely digital with zero paperwork. Online personal loans make way for simple and quick access to funds and enable one to avail of necessary medical care services promptly. The personal loan online application process allows for instant approval and quick disbursal of the loan amount.

No collateral required:
IndusInd Bank personal loan  is an unsecured loan. That means there is no need for a guarantor or collateral (assets/property) to secure this medical loan. Thus, you can easily access funds during medical emergencies through IndusInd Bank medical loans.

Immediate access to funds:
You get access to immediate funds as you can avail the IndusInd Bank medical loan instantly through online process. This helps to serve your urgent financial need as well as preserve your savings for your future financial goals and emergency funds for other contingencies.

Competitive interest rates:
IndusInd bank medical loan interest rates are competitive. The rate of interest for IndusInd Bank personal loans online starts at just 10.49%, which makes it a convenient and affordable option to avail of during medical emergencies.

Flexibility:
IndusInd Bank personal loans for medical emergencies come with flexible repayment terms ranging from 12 months to 48 months. You can choose a suitable repayment term based on your financial circumstances.

Cover for large medical expenses:
IndusInd Bank medical loan offers higher loan amounts which can cover larger medical expenses of up to INR 5 lakhs. Having a financial cushion during medical emergencies lets you avail quality treatment at the right time.

How Does a Medical Loan Work?

Taking an IndusInd bank personal loan online for medical emergencies is a simple, quick, and hassle-free process. The personal loan online application process is a seamless experience that involves no paperwork. You need to follow a few simple steps below to avail of the instant medical loan online:

1. Go to IndusInd Bank Personal loan for medical expenses page – click on ‘Apply Now’
2. Input your details (PAN number, Mobile number, Email ID, PIN code, Income, Age, etc.) and complete the application form
3. Choose the loan amount suitable for you (Depending on your personal loan eligibility)
4. Get the loan approval instantly to get the amount credited to your account

Also Read: Factors that influence personal loan eligibility

Once the amount is disbursed to your account, you can utilise the funds to pay your medical bills and to meet other healthcare requirements. You need to start repaying the loan amount in equated monthly instalments depending on the tenure chosen and the terms and conditions of the policy. You must read through the loan agreement to be well aware of the interest rates, fees, and penalties (if any) associated with the loan.

Also Read: Personal loan interest rate and charges – IndusInd Bank

Conclusion

In conclusion, personal loans for medical emergencies play a crucial role in getting access to immediate funds during accidents or sudden health scares. Flexible repayment terms, a digital process, instant approvals, and favourable interest rates make these loans a suitable and affordable option during unforeseen situations.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.