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. Buddy Loan 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.
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.