Need an Instant Medical Loan? Here's How to Apply and Get Quick Approval

Facing a sudden medical emergency can be worrying, especially if you are concerned about paying for urgent care.

A fast medical loan allows you to cover health expenses without dipping into long-term savings. Such financing provides quick funds so you can focus on getting better rather than stressing over finances. But how do you apply for a loan and receive money instantly into your account?

This guide offers helpful suggestions on picking the right lender, meeting eligibility criteria, completing the application process, and getting cash in 24 hours.

How to Select a Suitable Lender

Picking the right lender is essential to get a loan you can repay. Consider below points before finalising the lender:

1. Compare Interest Rates

To lower financing costs, select lenders who provide competitive rates.

2. Review Repayment Flexibility

Find options with flexible 12-to 60-month terms to match EMIs to your cash flow.

3. Check Loan Amount Limits

Check to see if the loan provider offers enough coverage for medical bills. Many provide sizable loans of up to ten lakh rupees.

4. Assess Processing Time

Good lenders disburse quick funds in medical emergencies within 24 hours of approval.

5. Review Additional Charges

Choose lenders with minimal fees and no hidden prepayment or late payment penalties.

Loan Eligibility Criteria

Here are the key eligibility criteria to check before applying for a medical loan:

1. Job Status

Both salaried individuals and self-employed can apply.

2. Age Bracket

Most loan providers require applicants to be between 21-60 years old.

3. Credit Score Requirement

You need a strong credit score, usually at least 730, to qualify.

4. Documents Needed

The primary identity proofs required are:

PAN Card
Aadhaar Card
Address verification includes voter ID, utility bills, etc.
Income statements

Applying Step-by-Step for an Instant Medical Loan:

Below are the steps to follow for a straightforward application. We are understanding by taking an example of IDFC FIRST Bank:

1. Visit Lender’s Website

After the QR code prompt, go to the lender’s portal and register using your mobile number.

2. Check Eligibility

Share personal details, income information and credit score for instant confirmation of eligibility.

3. Choose Loan Preferences

Select the desired loan amount from ₹5,000 to ₹10,00,000 and suitable repayment tenure.

4. Link Your Bank Account

5. Complete Video KYC

If needed, participate in video KYC by displaying your PAN card.

6. Submit the Application

Double-check details before submitting the final application.

7. Receive Loan Disbursal

Get the loan amount credited within a quick turn around time of 24 hours on approval in your bank account.

Tips for Quick Approval

Follow these tips to improve your chances:

Maintain a healthy credit score: A score of 730 or higher will show lenders you are creditworthy and lead to better approval odds.
Select a trusted lender: Look for ones with simple applications and less paperwork.
Use online EMI calculators: Many lenders have repayment calculators on their sites. Use these to estimate monthly instalments and choose a plan that matches your budget.
Ensure Accuracy: Thoroughly verify all information in your application to avoid delays caused by mistakes.
Utilise Online Tools: Leverage EMI calculators on lender sites to determine the optimal loan amount.
Provide Accurate Information: Avoid errors by cross-checking all data points shared.

Conclusion

Instant medical loans can provide timely financial assistance for pressing health needs without dipping into savings. You can access financing quickly by selecting lenders with reasonable rates, flexible terms, and fast disbursal. Meeting eligibility criteria and providing accurate details further facilitates smooth and fast approval. Use these loans judiciously as part of prudent financial planning.