Empty pockets often compel people to skip medical treatments which not only deteriorate one’s health but also result in deaths.
Fifty percent Indians can’t access tertiary level healthcare due to lack of immediate funds. Thirty percent of urban Indians and 70 percent of rural Indians raise loans to fund medical expenses but half of them from sharks at exorbitant interest rates and only a few of them actually approach the nationalised banks.
There is a good news for people who do not have enough cash reserves . They can now hope early treatment as a number of nationalised banks are now offering medical loans at affordable prices.
one of the country’s healthcare networks Oxxy has announced medical loans to the needy.
Medical loan eligibility criteria
The general eligibility criteria for a medical loan is listed below.
Any salaried and self-employed individual Indian citizen
A pensioner who has taken voluntary retirement is also eligible
Most of the banks don’t require the individual to have a minimum salary.
Documentation required for medical loans
Listed below are the documents that need to be submitted to avail a medical personal loan:
Identification proof- Passport copy/Driving license/Pan card copy
Address proof- Passport/Voter Id/Ration card/Driving license/Recent electricity or telephone bills
Date of birth proof- Birth certificate
Passport size photograph
3 latest salary pay slips
Company appointment letter
Recent 3 months bank statements
Valid income documents (for self-employed individuals)
Proof of qualification
Medical loan interest rates
Medical personal loans offer two types of interest rates for the loans provided.
Fixed interest rate- The fixed interest rate remains constant and doesn’t fluctuate over the tenure period. This is suitable for people with fixed budgets as it makes it easier for the loan repayment.
Floating interest rate- The floating interest rate depends on the market economics. Floating interest rate fluctuates with the inflation and deficit in the market rate. Floating interest rate is usually lesser than the fixed interest rate given that it fluctuates.