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15 DECEMBER, 2021
Medical emergencies are always unpredictable. We cannot prepare for them in advance. And, with the current cost of medical treatments, it is typically challenging to pay for all of them through your savings. At such crucial times, a medical loan can be of a great help. A medical loan can meet your urgent financial needs without depleting your savings or investments.
Here are three easy steps to apply for a medical loan from Kotak Mahindra Bank. Read on.
What Is a Medical Loan?
A medical loan is an unsecured loan that you can avail from a bank or financial institution. The lenders charge a certain personal loan interest rate after checking your eligibility. You need not furnish any collateral to avail a personal loan for a medical emergency. You can repay the medical loan through flexible tenures as per your financial viability.
How to Apply for a Medical Loan in Three Steps?
You can apply for a medical loan following the below three steps:
Fill the Application Form
Choose tenure and amount
Now enter the loan amount and tenure in the space provided. You must choose the amount after calculating all your medical expenses. Take into consideration the cost of medicines, surgeries and post-surgery therapy if needed. You must ensure to borrow the right amount. If you borrow more than what is required, it can be a burden on your finances. Similarly, if the loan amount is insufficient, you could have to borrow again, which can be a time-consuming and tedious process.
Similarly, choose the tenure carefully. Though long tenure reduces your EMI amount, it can increase the cost of borrowing. You can opt for a short tenure if you can afford a high EMI. You can use a personal loan EMI calculator to check your affordability and choose a perfect tenure for you.
Submit the documents
You must ensure to furnish updated documents with the application form. You would need to give your identity proof, address proof, income and employment proof. You will get the loan approval after your documents are verified. You must ensure to submit the complete and updated documents.
Facing a medical emergency can drain you mentally. However, let it not exhaust your savings and create more worries. With a medical loan, you can easily fund all the expenses of hospitals, medicines and therapies. Moreover, you can comfortably repay the amount as per your financial comfort. So, what are you waiting for? Visit the loan section and apply for a medical loan today.
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