What is a Medical Loan?

Medical loans are one of the types of personal loans which are taken by patients to pay for the fees of the medical treatments and deal with medical debt reconciliations in the best possible manner. The medical loans offer various benefits to patients in terms of undergoing a smooth medical treatment. Medical loans are mainly useful in cases of patients who are planning to seek medical treatments, procedures, as well as medical emergencies in some cases. Medical loans need to be utilized at the right point of time.

Demand of Medical Loans in India:

Medical loans demand in India has increased to a great extent because of the rise in the expenses of the individuals with respect to medical treatments. Medical loans are the go to path for individuals who are finding troubles to pay for their medical treatments. As per one of the recent surveys and published reports of the same, it is found that Bangalore and Mumbai are the top metros which have ranked at the top of the list when the demand and use of medical loans is considered. This is followed by other cities such as Hyderabad, Delhi, Chennai, and Kolkata. There is also a trend of repeat loans which millennial population in India choose to go for to finance the required medical treatments. (Source:Medical Expenses, EMI financing tops charts for reasons of millennial loans, The Hindu Business Line) The demand of medical loans is expected to rise to manifolds due to improved features associated with applying of the medical loans to receiving the total amount of the medical loans. While choosing medical loans under the concept of personal loans, it becomes important to understand different aspects of the loans to make sure that as a patient you do not face any kind of hassles right from the application process to reception of the loan amount. Most of the patients find it difficult to arrange the required amount for the medical treatment at the same moment when it is required. This proves to be not only beneficial but also convenient for the patients while paying for medical treatments at the medical centres, clinics or hospitals.

Latest Trends of Medical Loans in India:

There is a steady rise in the utilization of medical loans in India. This has led to increase in the availability of medical loans as well. More number of individuals are going for the medical loan path to find the extra funds which are required to complete the total amount for the respective medical treatment. According to key members of top financial organizations, it is agreed that there is a steep increase in the number of the individuals including salaried and self-employed professionals who are planning and moving ahead during their treatment with the assistance of medical loans. (Source:7 Game-changing personal loan trends that will make India future ready, MT) Medical loans seem to a simple route to financing medical treatments, but then it is important for the applications to get accepted. If the application gets rejected, then the respective individual needs to apply again for the chosen medical loan. This makes the individual value the procedure and accordingly prepare for the same. Digitization of the personal loans such as medical loans has also eased the task of the interested individuals to apply for the medical loans as per their requirement. There is stiff competition in the world of digital medical loans providers. This makes it much challenging for the individuals to save time and money while finding out the right medical loan provider for the treatment. These days one of the greatest changes which has arrived in the field of medical loans are flexible EMI's which are created as per the convenience of the individuals opting for the same. Nowadays, increasing number of firms are offering medical loans for helping patients to have effective and value-based treatments as required in their case. One of the excellent features which revolve around medical loans received via online platforms is that of ease in application for the same along with least number of documents required to get started with the loan processing procedure.

Medical loans:

What does it mean by Instant Medical Loans?

Instant Medical Loans are one of the fastest growing types of treatment assisting loans which are gaining a huge demand in the general population. This is happening especially in the case of the individuals including professionals who are not able to pay for the medical treatments with their own finances. Instant medical loans prove to be beneficial for the patients who require urgent assistance with respect to their medical treatments. You can seek the assistance of medical loans to make sure that your medical treatments sail through smoothly without making you face any kind of financial problems. The process of application is a simple one. Once you apply for the medical loan you will receive the funds within a day depending on the fulfillment of the eligibility criteria.

How does Instant Medical Loan work?

The sources from where the funds of medical loans are received on a regular basis include Government Funds, Banks, Non Banking Finance Companies (NBFCs). In some cases, P2P lenders also play an important role in the funding the medical loan requests received from the patients in need. Ela also offers medical loan solutions to ease up the treatment journey of the patients. This amount can be efficiently used in different medical treatments to have a smooth journey with respect to the respective treatment. Patients can now reap the benefits of the medical loans for their medical treatments such as In Vitro Fertilization (IVF), Intrauterine Insemination (IUI) procedures as well. Patients also go ahead and reap the benefits of other additional treatments as well to make sure that they fetch the desired results in the form of a positive pregnancy, thus leading to the birth of the baby. (Source:Get Personal Loans for Medical Emergencies, i2iFunding)

Factors which need to be considered while comparing medical loans of two organizations:

It is essential to make a smart choice while determining the right financial organization where patients can successfully apply for the medical loans. The rate of interest for the loans are calculated as per effective Annual Percentage Rate (APR). Usually, the interest rates which are associated with the medical loans range from very low at 5 to 6 percent to a very high interest rate of 20 percent. Therefore, it is important to choose the right loan provider to make sure that the required amount of loan is received for the medical treatment. The payment of the medical treatment related loans is paid such that the flexibility and monthly repayment amount is taken into consideration while paying for the loans. This helps patients to pay the loan amount as per their convenience. There are different types of loans based on variable and fixed interest rates. These are available for patients who want to collect funds for their respective medical treatment based on their current financial status. The time duration in which the medical loan amount needs to be paid back also plays a crucial in deciding the final cost associated with the medical loan. It is always important to find out the best medical loan option depending on the priorities of the patient. (Source:Medical Loans Basics: Should You Get a Medical Loan?, The Balance)

Medical Loans by Ela:

Key Features and Benefits of Medical Loans:

There are certain key features of the medical loans which are available in the form of personal loans for medical emergency. These features play an important role in determining whether an individual must opt for the respective medical loan.

Instant Approval of Medical Loans: One of the challenging phases for patients include that of approval of medical loan application. With Ela Medical Loans, it's important to understand that patients do not have to worry about the timing of the loan approval. This is because the time taken for the loan approval is much less than the other types of loans. Most of the times, Ela approves and provides the loan amount to the applicant within 24 hours of approval of the application.

Minimum Paperwork: The paperwork associated with the medical loans offered by Ela is much less than that usually expected. This proves to be one of the most helpful features of medical loans by Ela. This saves ample of time of the patients which proves to be beneficial for them in the long term.

Collateral free loans: Most of the loans are collateral based loans. Ela offers medical loans which have no collateral related aspects linked to it. This keeps patients in a positive and relaxed frame of mind while applying for the respective medical loan. Once the documents are verified by the concerned department, the loan amount is processed successfully.

Repay Later: Most of the individuals who opt to finance their medical treatments with the assistance of medical loans can effectively trust the medicals loans offered by Ela. The terms and conditions associated with the time period of repaying the medical loans is quite flexible and patients can reap the benefit of this feature for making easy payments. Each of the patients opting for the medical loans can pay back the loan amount in the form of installments till the span of 5 years.

These are some of the well-known benefits of opting for medical loans from Ela which will help patients to successfully execute their respective medical treatment. Patients need to make sure that they weigh the pros and cons of the medical loans in their respective case and go with the best possible solution. This will help them in choosing best medical loan for their respective medical treatment.

What are the best advantages of Medical Loans over Health Insurance?

When a patient faces a health related crisis, then it becomes challenging for him to go ahead with the treatment. This is because there is a lot of financial crisis which occurs due to lack of sufficient funds for effectively undergoing the chosen medical treatments.

Quicker approval and disbursal process: The time taken for the completion of the approval followed by loan amount disbursal procedure is much smoother than that of the health insurance policies. Patients can take prompt decisions and make sure that they are opting for the procedure without any delay.

Flexibility of amount: The amount which is received in the form of medical loans is flexible and can vary from one individual to another. This is one of the best factors which monitors the usage of the medical loans while paying for the final cost of medical procedures.

No requirement of Premium: Health insurances require individuals to pay premium amount while choosing a certain health insurance plan. The premium amount is usually fixed but this is not the case of medical loans. In medical loans, the EMI will vary as per the total loan amount of the patient. This helps patients to gain flexibility with respect to their respective medical loan.

No requirement of coverage: Coverage is one of the important parts of any type of health insurance. Medical loans do not comprise any type of coverage which eases patients experience with respect to financial aspects of the medical treatments. One of the features of health insurance policies is that it does not cover certain important procedures such as cosmetic surgeries which are in great demand in today's world. Medical loans assist interested individuals to undergo several advanced medical procedures which serve the purpose of improving the overall health and appearance state of the individuals.

Time for usage of funds: The use of the funds received from the health insurance can be done only at the times of emergencies. This is possible as per the pre-decided terms and conditions associated with the respective health insurance. In case of medical loans, the funds received can be used right at the time of medical treatments. It makes the financing process for the patients much easier than expected. Thus, availability of instant funds irrespective of the type of medical treatment is one of the significant assets of medical loans which prove to be beneficial for patients.

Discounts: When a patient decides to pay for the medical treatment on his own and plans to go with the solution of medical loans, then there are certain hospitals which offer discount schemes for patients who are arranging treatment amount on their own. Patients can make use of this aspect and accordingly plan to move forward with the chosen treatment.

Multipurpose: Unlike health insurances, medical loans offer overall financial assistance to the patients. Medical loans can be useful for diagnosis of various basic to complicated medical disorders of patients. However, health insurance does not offer any kind of financial support to the patients after the completion of the treatment. In some cases, it also does not help patients with the diagnostic procedures.

Risk associated: If the health status of the patient is not marked healthy by the concerned doctor, then there are high chances that the application of health insurance policy gets rejected. Practically speaking, if an individual with a life-threatening health condition opts for the health insurance, then he is usually rejected most of the times. But this is not the case of medical loans. Medical loans are offered to the patients irrespective of the current medical condition of the patient. (Source:Benefits of Getting a Medical Personal Loan over Health Insurance, IndiaLends)

Facts and Important Points to know about Medical Loans:

The amount of the medical loan is given to the patient once the bill of the respective medical procedure or surgery is presented. Individuals need to make sure that they have the bill of their surgery or medical treatment before they send the required information for receiving the amount of the applied medical loan.

Nowadays, medical loans are also available in case of emergencies of patients, when they need to pay high fees at the hospital for the chosen medical treatment.

These days, in most of the cases, the no cost EMI option is available for the patients choosing medical loans to fund their medical procedure or surgery.

In the general scenario, the interest which needs to be paid by the patient usually varies depending on the type of medical loan, income, and the organization where the patient is serving in his professional life. In today's time, patients need to be careful enough to prevent any kind of confusions or frauds with respect to loans and their related interest.

Medical Loans: Eligibility Criteria (Salaried Employees or business person)

While opting for a medical loan for any of the medical treatments, it becomes important for the patients to know the eligibility criteria which needs to be fulfilled at the time of filling the application form.

Here are some of the conditions which need to be followed while choosing a certain type of medical loan for the medical treatment in focus.

The age of the applicant must fall in between 21 to 55 years of age.

One needs to have a monthly income of at least Rs. 20,000, if he wants to apply for the decided medical loan and get approved. If an individual is a self-employed professional, then one needs to understand that the annual income will be effectively considered while deciding his eligibility for the medical loan. If an individual is earning less than the amount mentioned in the eligibility criteria, then he can sign up for the medical loan with a suitable co-applicant. This individual can sign legal documents associated with the medical loan and help the individual to receive the funds of medical loan.

The interested applicant needs to have clear history in terms of any kind of pending defaults with respect to the last taken loans. Proper verification of the financial and income background will be carried out by experienced officials. This will prevent offering the loan amount to an individual with a poor history with the concerned loan.

Individuals who are interested in applying for the medical loans need to reside in the metro cities or the tier 2 cities. This includes Delhi/NCR, Bangalore, Kolkata, Chennai, Mumbai, Ahmedabad, Hyderabad, Pune, Jaipur, and Lucknow as well.

Indications of Medical treatments for medical loans:

Medical loans offered to patients help in successful medical procedures and treatments in the following sectors:

Fertility treatments: In the times of increased professionalism, infertility treatments are taking place in the lives of the couples due to reduced chances of successful conception in the natural manner. Medical loans particularly prove to be a boon for couples as it acts as fertility treatment finance assistance in their journey towards parenthood. Treatments such as IVF, IUI are performed for helping patients achieve success with respect to having babies.

Weight loss surgeries: Weight loss surgeries are in great demand in the recent times. An increasing number of individuals are going ahead with their respective treatment after being financed with a trusted source. Medical loans prove to be a lot beneficial in such significant treatments of patients.

Cosmetic Surgery: In the recent times, there is a great demand of cosmetic surgery due to improved features which it provides to the overall look of the individual. The results of cosmetic surgery procedures are long-lasting and the investment for the procedure is worth it. So, patients need to think well and decide to go ahead with the chosen cosmetic surgery procedure.

Orthodontic treatments: Orthodontic treatments are an important part of dental treatments. Individuals who are conscious with their smiles and want to get it improved with respect to sequencing of teeth and looks plan to opt for orthodontics treatments. These treatments cost quite a good amount which makes it essential for most of the patients to take assistance of medical loans.

Documents required for a medical loan:

While applying for a medical loan for a medical treatment, it is essential to know which documents are required to be submitted. This will help to understand the eligibility status of the respective individual applying for the loan. The types of documents required varies with respect to the profession of the individual. The important documents which need to be collected and submitted at the time of commencement of medical loan granting procedure include the following:

Salaried professionals:

Identity proofs of the individual including Adhar Card, Driving License, Voter Card, or Passport as per the terms of the respective organization.

Birth certificates are also required for routine verification of the candidate.

The interested individual also must submit passport size photographs along with other vital documents.

Professionals also need to submit salary proofs or slips of the company where they presently work.

Last 3 months of bank statements also need to be submitted on time to avoid any kind of delay in the medical loan application process. The documents which need to be submitted must be self-verified well before submission of the same to the concerned department.

Self-employed:

Self employed professionals also need to submit certain crucial documents such as Adhar card, Voter Card, Driving License or Passport. They can inquire and get clarifications about the required documents for the process of medical loan application.

Birth certificates of the concerned self-employed individual also needs to be given to support other crucial documents for the procedure.

Self employed professionals have to positively submit the address proofs of their office which includes rent agreement, water or electricity bill.

The bank statements of last 3 months are collected from the candidate who needs to apply for a medical loan to fund a medical procedure.

If a couple or individual is self-employed, then must submit ITR and audited balance sheet for verification of the business finances which will make him eligible for the medical loan of choice. (Source:Documents required after Digital Approval, TikLoan)

Documentation part plays an important part in finding out the eligibility of a working individual towards receiving the required amount under the concept of medical loan.

How will Ela help you with Medical Loans?

When opting for medical loans, it is important to know that Ela medical loans offer much more benefits than that of other governmental and non-governmental organizations which provide medical loan facilities for the treatment of patients.