Medical loans are personal loans that are borrowed from the bank for purposes of paying for an accruing medical bill. Usually, for an applicant to apply for an urgent medical loan, it is a result of unforeseen circumstances. A medical loan may be an unsecured medical loan or a secured medical loan. Buddy Loan disburses the best medical loan that has zero collateral and low interest rate.
A secured medical loan requires collateral for the bank to finalize the processing. An unsecured medical loan is issued against a salary. The applicant does not need a minimum wage to avail an unsecured medical loan. Some benefits are associated with applying for a Buddy Loan.
A personal medical loan is beneficial because:
- When applying for an easy medical loan to pay for medical bills, the age and medical history of the patient is not an impending factor. However, when you are applying for a medical cover, those issues would affect the cost of cover.
- With health insurance, you can pay for huge premiums even when you have not been to the hospital. Some procedures are still not covered under a medical cover. However, when you apply for a medical loan from the bank, you are at liberty to pay for any process. You also get to pay only for the amount you use when you are in the hospital.
- Depending on the insurance premiums that you can be charged, sometimes, you will need to pay heft premiums that may not be used by the due date. However, the EMIs will be charged in the amount of loan that you take which is most likely lower.
- Amount: Most of the time, the amount of insurance is capped to certain conditions and specific amounts. These sometimes translate to the patient paying cash even when they are covered. However, a medical loan allows you to go beyond those caps, and you can pay for everything, which translates to a lower cost to the individual.
- Medical loans are easy to process and require less documentation.
- When you are looking for an urgent medical loan, then Buddy Loan will prepare that for you. With minimal documentation and once all the details are verified, the money is then credited into your account.
You also get only to pay back the amount that you will have used. Not necessarily on loan approved.
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