Loan on Aadhaar Card for Medical Emergency

The biggest advantage of an emergency loan is the instant and immediate disbursal of a large amount of money. With Aadhaar card that too becomes easier while availing a medical loan through Buddy Loan aggregator.  

Features of a Buddy Loan

A medical loan is a personal unsecured loan that a borrower avails from a bank for purposes of paying off an urgent medical bill. The medical credit from the bank is issued to the applicant against their salary as security. Some lenders offer secured personal medical loans against collateral. Buddy Loan disburses the best of a medical loan with lower interest rates and no collateral. 

When you make your application for a Buddy Loan, you can get your funds in a short turnaround time. Usually, this is an essential factor when you have a medical emergency. Within a few business days, you could have the money in your account.

When you have an excellent CIBIL score, taking a personal loan online is a more efficient and cost-effective method of paying for your hospital bill. The interest rates are way cheaper than when you decide to use credit cards. Medical loans may be availed for up to 25Laks, and they require less documentation.

However, applicants who have a less than a perfect score, sometimes end up with a more expensive facility. These are usually not a significant factor that you consider when looking for a medical loan owing to the urgency you may need one. A medical loan only provides you with the ability to pay for the bill, not to reduce the bill.

Features

• You enjoy affordable medical treatment.
• Banks offer medical loans under the unsecured category of personal loans.
• There is no collateral or deposit required.
• Loans can be repaid in EMIs.
• The loan amount is disbursed directly to the hospital when you present the surgery bill.
• The interest in medical loans depends on income, the Company you work for and the city of residence.
• Minimum documentation and rapid sanctioning of loans.
• Medical loans can be availed online.
• A medical loan can have tenure of around 1-5 years.
• Banks charge interest of about 12-20% a year. The processing fees are about 1-2% of the loan amount.
• A medical loan does not have hidden charges.
• Health insurance plans may not cover all diseases/medical procedures. Medical loans are available to cover any medical procedures.
• Health insurance plans have a waiting period before conditions are covered. With medical loans, diseases are covered with no waiting period.
• A medical loan can be availed for emergency hospitalization ranging from Rs 15,000 to Rs 15 Lakhs. This includes most medical emergencies.
• A medical loan can be used for doctors’ fees, hospital bills, or surgery.
• The role of Aadhaar card is quite prominent and beneficial while availing an emergency loan.

The role of Aadhaar card is quite prominent and beneficial while availing an emergency loan.

Also Read: I Need 50000 Loan Urgently- Check How to Get a Quick Loan in Minutes?

Aadhaar card for easy approval of an emergency loan!

To get any kind of Instant personal loan from a bank, NBFC, or loan provider, the applicant must provide a set of documents and papers that will be used in verifying and authenticating the applicant. Buddy Loan App disburses instant medical loan with lower interest rates and no collateral. Also, based on these documents, the issuing party will decide whether or not to approve the loan to the corresponding applicant. 

Buddy Loan has a large number of loan service providers like NBFCs and banks that require certain documents for the applicants if medical loans. The providers of Buddy Loan utilize these documents to determine the financial prowess of the applicant before issuing personal medical loans.

The documents that are asked by the different loan providers may vary from place to place. The nature of these documents can also be affected by the fact of whether or not the applicant is self-employed or a salaried individual.

 Many financial institutions demand specific documents for verification and cross-checking of information. On the flip side, there are also loan providers like Buddy Loan, who have banks and NBFCs under its name who are much more flexible when it comes to providing documents for a personal medical loan.

The Requirement of Aadhaar card

When it comes to the case of simple personal loans, the providing of an Aadhaar card is not compulsory. Regardless of the fact of whether the applicant is a self-employed individual or a salaried person, the bank or loaning institution is not required for an Aadhaar card. The main purpose of an Aadhaar card is to act as a proof of identity and proof of address. 

It also can serve as proof of age when applying to certain services and programs that are directly related to the Government.

Most banks ask for an Aadhaar card for proof of identity and proof of address as it makes the whole process of verification and authentication that much simpler for the bank.

If the applicant of a personal medical loan does not have an Aadhaar card to their name, then he or she can provide some other official government document as proof. This can come from the applicant’s voter ID card, Passport, driver’s license, etc.

There are many loan-providing organizations like Buddy Loan that provide instant medical loans with the need for minimal documentation. 

 If a person does not have an Aadhaar card to his or her name, they can still apply and get approved for an easy medical loan without any hassle or complication.

There also another important document that enables instant approval and enhances your credit score

PAN Card, a Mandate For a Medical Loan!

To get any kind of personal loan from a bank, NBFC, or loan provider, the applicant must provide a set of documents and papers that will be used in verifying and authenticating the applicant. Also, based on these documents, the issuing party will decide whether or not to approve the loan to the corresponding applicant. Opt for Buddy Loan to an instant medical loan with zero collateral. 

Buddy Loan has a large number of loan service providers like NBFCs and banks that require certain documents for the applicants if medical loans. The providers of Buddy Loan utilize these documents to determine the financial prowess of the applicant before issuing personal medical loans.

The documents that are asked by the different providers may vary from place to place. The nature of these documents can also be affected by the fact of whether or not the applicant is self-employed or a salaried individual.

The Requirement of PAN card

There is a multitude of documents that are required for an instant medical loan. Out of these, the PAN card is one of them. The PAN card is solely used to verify and authenticate the identity and the age for the applicant.

If you are a self-employed individual who is applying for an easy medical loan, then the applicant must provide his or her PAN card as proof of their age and identity. 

On the other hand, if you are an employed or salaried individual and are applying for personal medical loans, then the provision of a PAN card may not be compulsory. Other documents for age and identity can be provided like passport, voter’s ID card, and Driving license for proof of identity, and proof of age can be provided in replacement.

The requirement of the PAN card also depends on the different loan providers of Buddy Loan. Some NBFCs and online loan providers are flexible regarding the matter and can accept other documents for proof of age and identity. At the same time, some bank insists on having the applicant provide their PAN as proof for applying for personal medical loans.

If the applicant is a minor who does not have a PAN card yet, for them, a special exception can be made, but that is a decision made by the loan provider that the applicant has approached.

Importance of Form 16 for a medical loan!

Form 16 is nothing but a form that states and represents a particular state of salary paid to the employee by the employer. This form mainly comprises of the TDS, which has been deduced, details of challans, TAN details regarding the employer, and other such tax-related information for any particular financial year. Avail an instant medical loan with Buddy Loan aggregator. 

Many loan service providers like Buddy Loan have numerous Banks and NBFCs under its name, which provide personal medical loans to individuals in need. These people can be salaried individuals as well as self-employed individuals. The loan offered requires a particular set of documents from the loan applicants to authenticate their credentials and verify if the applicant is financially viable enough to be eligible for an instant medical loan.

Need for Form 16

Typically, employers are expected to issue the form 16 to their employees by the 15th of June of the next fiscal year. This is so that the employees may use the form as:

• Proof that their employer has deducted tax from their salaries and have deposited it with the government.
• It helps the employees file their income tax returns through the e-filing process.
• Employees may present the form to banks and financial organizations when they need to approach them for a personal loan.

Is Form 16 Compulsory for a Personal medical Loan?

When it comes to self-employed individuals, banks and NBFCs and other loan providing services like Buddy Loan, do not require the applicant to submit Form 16.

But for people who are a salaried employee working for a business organization, for then to apply for an unsecured medical loan from a bank, they are required to produce Form 16.

This is because, while applying for an urgent medical loan, the bank will wish to see the applicant’s annual/ yearly earnings. This is so that the bank may determine or not the applicant has a steady source of income and will be able to repay the loan in time without complications or not.

Many banks also take the applicant’s Income Tax Return for the corresponding year as a measure to check the same.

The Benefits of a Medical Loan!

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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