It isn't always possible for everyone to keep aside a chunk of cash just in case of a medical emergency. The only other option that people have is taking a medical loan for fulfilling their health care expenses.

To go about it systematically, we usually prefer investing in medical insurance rather than a loan. But a general insurance would only cover a fraction of things when compared to a medical loan. For this reason, Medical Loans are always the right choice.

It's understandable that there might be specific questions that you have about medical loans. Even more so, if you are thinking about taking it for the first time. 

This post puts together a list of questions along with their answers to clear up all your doubts.

1. Who is eligible for the loan?

These loans are available for everyone who is going through a medical or healthcare emergency. It follows the same verification factors which are included in a personal loan eligibility criteria list. Apart from this, people of all ages can take benefits from a medical loan. In short, whether you are going for your regular check-up or are suffering from an incurable disease which needs immediate assistance. You will always be eligible for a medical loan irrespective of the situation.

2. What type of costs does it cover?

Most financing agencies like to set a usage limit when it comes to their funding schemes. However, regarding a medical loan, there are no such restraints whatsoever. It can cover almost any type of personal expense that you incur while dealing with a medical situation. Some of the typical examples can be your hospital stay expenses, medication bills, fluid text bills, CAT scan bills, etc. Overall you can spend the money on any healthcare related thing. 

3. How significant is the interest on such loans?

The interest percentage for a medical loan depends on the total amount that you borrow. Although, it is still comparatively lower and way more affordable than some of the other loan types. You can try checking through the online Loan calculator to know the EMIs in advance. They will show you a price based on your income, loan amount as well as the preferable repayment period.

4. Is collateral or guarantee required?

No, one does not require any collateral or guarantee to take a medical loan. The entire process starts by submitting your medical condition files to the financing firm. After reviewing the facts and cross-checking them with the mentioned hospital, the organisation will move forward with the rest of the formalities. You may even need to submit your salary slips to prove your repaying capabilities. Other than that, it is a loan without security deposits.

5. How long does it take to get funds?

Financing organisations that provide these loans understand how critical timing is in such a situation. Hence, they follow the same funding period as it generally takes for personal loan approval. To do this, they keep their verification requirements to a minimum. Besides, they typically go out of their way to make the entire transaction convenient and straightforward for patients going through medical emergencies.