What are the Documents Needed While Applying for an Emergency Medical Loan?

Health is indeed, true wealth!

However, the unpredictability of life often threatens to rob us of this treasure, whether through an unforeseen illness, a sudden accident, or any other cause.

But “no one should have to live in constant fear that a medical problem will turn into a financial crisis.” To this end, lending institutions offer easy medical loans, covering all kinds of medical expenses – from cancer treatments to personal accidents.

However, certain application and documentation formalities precede the loan approval process. Let’s find out all about them.

Who can apply?

An applicant must meet the personal loan eligibility criteria, which may differ based on the lender, to avail of a medical emergency loan. At Tata Capital, medical finance is available to the following individuals –

• Those who are salaried persons
• Those whose age falls between 21 years to 58 years
• Those who have a stable employment status for the past one year
• Those who have worked in the same organisation for the past six months
• Those with a minimum salary of Rs. 20,000

Documents required for medical loan

Availing timely medical finance involves submitting the loan application, along with the required documents for proof. Given below are the medical loan documents you need to provide to receive a loan approval from Tata Capital.

• Photo identity proof documents

You can show a copy of your Voter ID/Passport/Driving License/Aadhaar Card.

• Income proof documents

Income proof will include a copy of your bank statements for the last six months.

• Salary slips

You will need to show a copy of your last three months’ salary slips.

• Address proof documents

This may include but not limited to a copy of your ration card, electricity bill, or passport.

• Employment certificate

You can provide this certificate as proof of one year of stable employment status.

Benefits of an emergency medical loan

Medical finance comes with a host of benefits. Some of them are discussed below.

1.  When your standard insurance cover fails to deliver

It is possible that the specific hospital or doctor you’re looking to consult lies beyond the scope of your insurance provider’s network. Plus, particular procedures such as dental surgery, alternative therapies, etc., may not be covered by your standard insurance cover. In that case, a medical loan is your best help since there are no restrictions on where you can go and the kind of treatment you can seek.

2 Speedy loan disbursal

Unfortunately, there have been many cases where people have found themselves stuck with the disbursal of a loan. But that generally occurs in the case of home loans or personal loans. Due to the sensitive nature of medical loans, these are generally disbursed faster than other loans.

And with an instant medical loan, you can avail of medical finance from the comfort of your home. With minimal paperwork and speedy loan processing, you need not wait for days to receive your money. During an emergency, time is crucial, and medical finance will help you make the most of it.

3 Manageable repayment tenures

Individuals applying for a medical loan generally seek a high amount. And because of this, the tenure of medical loans is also stretched over a longer period as compared to ordinary loans.

Further, with a loan for medical treatment, you can rest assured as you have the option to repay the loan flexibly. With EMI options, you can conveniently pay back your medical expenses without having to forgo your savings.

4 Avoid collateral

For most loans, lenders specifically ask for some kind of collateral as a form of security. But this is not the case with medical loans. These loans are collateral-free, making them easier to apply for. This is a great benefit as you wouldn’t need any kind of security to provide to lenders. However, it is always a good idea to be well aware of your income and expenses so you can avoid stretching yourself too thin.

5 Freedom of choice

An instant medical loan gives you the choice of availing of treatment at any hospital. Generally, most other financial instruments have specific rules stating that they can be used at specific places. But with medical loans, you have the freedom of choice to choose the hospital you want.

Your turn

Have all the documents ready and wish to avail of an easy and quick loan for a medical emergency? Get in touch with Tata Capital!

As India’s leading lending institution, we offer a personal loan amount as high as Rs. 25 lakhs for medical emergencies. Choose a tenure between 12 to 72 months to repay your loan via flexible repayment options. Our personal loan interest rates are as low as 10.99%! Get in touch for further details.