When a medical emergency hits out and threatens you or a family member’s life, the situation becomes frightening. Finding proper medical treatment and getting it on time can be stressful if you don’t have sufficient funds at your disposal. However, some people have medical insurance to deal with this but remember not every illness is covered by your policy. So, what’s the alternative in this case? It’s a medical loan.
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Now the question is if you can receive quick funds if you have an Aadhar card. Let’s take a closer look at the article to learn more.
What is a medical emergency loan?
A medical emergency loan is an unsecured loan that can help you cover the costs of both planned and unforeseen medical treatment. You can use the funds for treating the injuries sustained in an accident. You can also use it to pay for advanced medical procedures such as IVF, cosmetic surgery, and other operations. Medical loans cover situations that your health insurance normally does not.
Medical emergency loans are a lot easier to obtain. The emergence of several instant cash loan apps has greatly simplified the loan application process. Unlike other loans, medical loans can be approved in seconds.
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Can I get a Medical Emergency Loan using an Aadhar Card?
Yes, you can easily apply for this loan if you possess a valid Aadhar Card. In fact, the Aadhar card is the most important document that serves as evidence of both identity and address.
However, you must also meet the following eligibility criteria apart from this document.
Who can Apply for a Medical Emergency Loan?
Medical loans are available to both salaried and non-salaried individuals. However, the minimal criteria for these occupation classes differ slightly.
Salaried individuals must hold an Indian nationality. Foreign citizens are not applicable for this loan.
2. Minimum Age:
The minimum age should not be less than 21 years. Whereas; the maximum age must not exceed 58 years. Age helps the lender determine your repayment capabilities. Retirees usually have no or low earning potential; thus, they are ineligible for this loan.
3. Minimum Income:
You must earn a minimum of Rs 15,000 per month to become eligible for medical emergency loans.
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4. Employment Status:
You must have stable employment. Frequent job changes impact your loan eligibility. In addition to that, the reputation of your employer is also important. If your employer does not credit your salary on time or if the payment dates change every month, you can be turned down for a loan.
5. Income Proof:
To demonstrate your income, you must provide documentation such as recent salary slips or a bank account statement from the previous six months showing your credited salary.
Similar to the salaried class, only Indian citizens are allowed to apply for medical loans and not foreigners.
2. Minimum Age:
The minimum and maximum age for self-employed individuals to qualify for this loan are identical to the salaried class.
3. Minimum Income:
You must own a profitable business and should earn at least Rs 15,000 a month from your business.
4. Occupation Status:
You must not switch your business every month to avail of this loan. Furthermore, your business must be legal. The lender will deny your loan request if you are involved in unlawful activities or in an import-export transaction with hostile countries.
5. Income Proof:
Businesses usually have multiple current accounts. In this instance, you must present the latest six months’ statements of the account that have witnessed the majority of your business transactions. In some cases, you might also be asked to furnish recent income tax returns (ITR) documents.
So, is this the only thing that you require to obtain a loan? The answer is no. A few other factors are also important. Existing debt obligations, credit history, and a few more are among them.
Use the loan eligibility calculator to make sure that you can easily get the medical emergency loan using an instant cash loan app.
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What is a Medical Loan Eligibility Calculator?
A loan eligibility tool is an online tool that helps you figure out if you are qualified for a loan. This analytical tool is free to use, and you can use it anytime from the comfort of your home. Follow the steps outlined below to understand how it works.
Open an instant cash loan app and go to the eligibility calculator section. You may also visit the lender’s website for this.
On the calculator, enter your age and monthly income.
Fill in the details about your occupation as well as your residential address. The city in which you live has a significant impact on loan approval. Check to check if the digital lender’s services are available in your area.
Share the details of your financial transactions as well as your existing EMI obligations.
The calculator will go over your information and inform you of the maximum medical loan amount you are eligible for.
You must now be aware of the circumstances in which an Aadhar card can help you obtain a medical loan. So, to cover your medical needs, look no further than an instant cash loan app.