How a Medical Loan Helps In Reducing Your Financial Burden

 Medical emergencies are among the most common reasons for applying for a loan for medical treatment. The most significant benefit of getting a medical loan is the freedom to use the amount for any medical expenses. With this medical finance assistance, you can pay for your surgeries, dental treatment, cosmetic procedures, infertility treatment, chemotherapy, physiotherapy, hospital bills, surgeon's fees, medications, and other medical-related expenses.

Features of medical loans in India

Medical emergency loans are easy to avail of and offer a lot of advantages, including:

·         100% paperless: The loan application is fully digital, and you can apply online. You can even complete the entire application process and repay through a smartphone. No document or paperwork is required to be done while applying for a medical EMI.

·         Instant approval: Medical loans are approved almost instantly once your KYC has been confirmed. The entire process, from application to approval, is fully automated and takes less than 10 minutes. GMoney understands a medical emergency, so it ensures instant approval.

·         Fast disbursal: Emergency medical situations often demand instant funds. GMoney ensures quick disbursal. Once your KYC formalities are completed and you are eligible, funds are instantly transferred to the bank account of the hospital you are getting the treatment.

·         Flexible EMIs: medical emergency loans from GMoney can be repaid in affordable EMIs. You can choose the loan tenure from 3 to 18 months, according to your monthly paying capacity and select the EMI that suits your monthly budget.

·         No-cost EMI: GMoney offers emergency medical loans with zero-cost EMIs.

Who can apply for medical loans in India?

Any individual who is a resident of India and is between 22 and 58 years of age can apply for a loan for medical treatment. If you are salaried or self-employed, you are eligible for a medical loan. The overall loan process from GMoney is simple and can be easily applied online. Some lenders may set monthly income for availing of medical emergency loans. So, check the minimum monthly income requirement while applying for a medical loan.

Documents required while applying for an instant medical loan

GMoney demands fewer documents when you apply for a medical loan. Moreover, you do not need to provide documents in hard copy but can upload your documents in digital format online, thus saving you time when you are in a medical emergency. Below is the list of documents you need to share with GMoney:

·         Completed online loan application form

·         Pan Card as the proof of identity

·         Aadhar Card as the address proof

·         Evidence of income record in the form of bank statement for the last three months

What is zero-cost medical EMI?

A medical EMI is a process to help you repay the loan amount in smaller equal monthly installments. During this process, the total cost of treatment is calculated and further divided into smaller amounts that are easy to pay. So, a medical EMI helps you get treatment and frees you from the burden of paying in whole by dividing the total cost into smaller amounts that can be paid in easy EMIs.

The most significant advantage of a medical EMI from GMoney is that you can repay in no-cost EMI. It means there is zero interest charged on the loan amount, thus helping you in times of medical emergencies.

Conclusion

Any severe illness can affect an individual's lifestyle and require special care and treatment, making them expensive. Many times even your health insurance falls short of paying for hefty medical charges or may not cover a particular ailment. In this case a loan for medical treatment acts as a savior. This loan is an unsecured personal loan and is designed to help you pay all the costs related to a medical emergency.