Factors to note when applying
for a medical loan
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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
Personal Loan can help you meet unexpected expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables.
Applying for a personal loan is a lot easier, quick, and convenient with Kotak Mahindra Bank.Click https://www.kotak.com/en/personal-banking/loans/personal-loan.html to apply for the same.
No, you do not have to provide any security or collateral to obtain a personal loan. Personal loan is a type of unsecured loan. This essentially means that it is not backed by the guarantee of collateral. You are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. As there is no security to assure loan repayment, the bank will focus on the income and financial stability of the applicant.
There are several benefits of availing a personal loan from Kotak bank. Some of the most notable benefits include:
The eligibility to avail Personal loan is as follows :
You can apply for a personal loan by following the below steps:
On Mobile banking
On Net Banking
Or
By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.
Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.
You can apply for a personal loan by following the below steps:
On Mobile banking
On Net Banking
Or
By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.
Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.
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11 MARCH, 2020
The cost of medical care and services is always expensive, especially when one requires urgent and long term hospitalization. During such testing moments, health insurance taken by you for yourself and your family members can be the ultimate savior. However, there are times when medical expenses run too high. In such cases, the exorbitant bills may not be completely covered by the insurance provider. This is when you can opt for a medical loan.
A medical loan is a type of personal loan that covers your medical expenses, especially during an emergency. Many banks and financial companies provide medical loans to individuals in need. Fortunately, most banks today have also streamlined their procedures so that the loan is disbursed at a much faster pace.
Here are some things to know when applying for a medical loan:
Make a rate comparison
Many banks charge different interest rates for a medical loan. The interest rate gaps can be huge and could majorly impact your savings. Hence, it is important to make a rate comparison of different banks and financial institutions that provide medical loans. Post analysis, pick the one which brings you the best value.
Documentation
Make sure to know what documentation is required by the bank or the financial institution in order to get the loan approved. The most common documents needed will be proof of address such as Aadhaar card, driver’s license, passport or PAN card. Bank statements, salary slips or income tax returns will be required to access proof of income.
Affordable EMIs
It is wise to use an EMI calculator to check and compare the EMIs of different banks and financial institutions before availing a medical loan. The payable EMI will vary depending upon the loan amount, interest rate and loan tenure.
Other charges
Banks and financial institutions usually charge certain fees like processing fees, re-payment charges, pre-closure charges, dishonor charges and penalty charges to name a few. So before applying, research and compare the various fees levied by different financial institutions.
Credit score
Your credit score could impact the interest rate that is charged on your medical loan. A good credit score will let you negotiate with your lender for a better rate of interest. So before applying for a loan, it is important to check your credit score.
Avoiding delays in getting medical loans
Provide valid documents
One important reason for the delay in the approval of medical loans is the lack of proper documentation on the part of loan applicants. As a loan applicant, it is essential to provide authentic address and income proofs as demanded by the bank.
Choose banks known for quick loan disbursal and smooth procedures
Make sure that the bank you choose to apply for a personal loan for a medical emergency has a reputation of disbursing loan amounts without any delays. After all, you do not want to face delays when stressed by a medical emergency.
Also, some banks still follow cumbersome procedures of approval of medical loans which leads to delays. It is advisable to first research about the bank and the loan approval procedures before deciding on the right pick. It also serves well to check customer feedback and reviews with regard to the bank, to be sure about the same.
Read more to know about how to manage your medical emergencies with personal loans here.
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