Medical emergencies can occur at any time due to sudden accidents, hospitalization, and chronic diseases, surgery, etc. This pandemic has also increased the demand for medical loans as many people suffered due to Covid-19. That is when a personal medical loan comes to the rescue. Personal loans are nothing but unsecured loans that can be availed to fulfill your sudden financial needs especially during medical emergencies. While availing of this loan, you need not provide any security or collateral unlike other types of loans.
These loans are more convenient because of minimal paperwork and the fast process of verification. The minimum and maximum loan amount for a personal loan range from Rs.10,000 to Rs. 15 lakhs. Buddy loan is one of the best third-party aggregator platforms that offer instant loans online for different categories such as personal loans, marriage loans, medical loans, etc. to meet different needs and requirements of the people.
We all know that Aadhar Card is linked to most of our valid documents such as bank account, mobile number, PAN card, etc. It is also used as proof of identity, address proof and identity proof. Hence, you can avail an instant loan on Aadhar Card without providing any document for verification.
Here is how you can apply for an instant loan on Aadhar card for any medical emergency.
Eligibility Criteria
Before you apply for an instant loan on Aadhar card, make sure that you meet the following eligibility criteria.
- Should be above 23 years old.
- Should be a citizen of India
- Should be employed in either the public or private sector or an MNC. 4. Should have a good credit score.
- Should have a consistent flow of income.
Process to avail an instant loan for any medical emergency
Follow this step-by-step process to avail of a medical loan using your Aadhar Card.
- Login to your lender’s official website or app.
- Check your credit score and eligibility and apply.
- Provide all your details including both personal and professional on the app or the website that you have logged in.
- Select the purpose of your loan.
- Upload your Aadhar card for verification
- After completion of the verification process, the loan amount will be disbursed to your bank account instantly within 24 to 48 hours.
Benefits of taking an instant loan from an Aadhar Card for medical emergencies.
The following are few benefits that one can get when availing an instant medical loan.
- The approval of your loan happens instantly as Aadhar is considered as a base KYC document.
- Fast verification process
- You can repay the loan amount between 6 months to 24 months.
- Low interest rates especially when you have a good credit score. 5. No collateral required
- No other documents required except for your Aadhar Card.
- You can still get a medical loan even if you have a poor credit score.
Conclusion
Lenders offer personal loan of any type only after verifying your KYC document. Likewise, Aadhar Card is also linked to our bank account, PAN card, mobile number, etc making it the base KYC document. It is also created based on the demographic data (such as their date of birth, address, age, etc) and the biometric data (such as their fingerprints, and scan of their iris) of the people. Hence, it is evident that it is not possible to avail of a medical loan or any other type of personal loan instantly without your Aadhar Card.
