India is currently dealing with an evolving technology, rising population and global warming – hence medical issues and sicknesses form an inevitable part of our life. With the rise in multiple illnesses, the country has witnessed a rise in medical bills, hospital expenses and in turn higher debts. As per research reports, 50% of all debts are related to medical loans.
Peer to Peer Lending platform- A rescue for individuals in meeting their healthcare needs
With the increase in demand for doctors and hospitals, the prices of medical supplies as well as medical billsare rising. Moreover, there are always chances that an illness or an injury comes to anyoneunexpectedly. While health insurance doesstand and play a role here, it turns out that most of the population in India is either not covered or these insurances are not sufficient to cover these expenses.
Even after availing medical insurance, people obtain medical loans in many cases. This usually ends up adding on to the insurance strains and in the times of emergency, it is a tedious process of- filling applications, submitting documents, completing paperwork etc. which is quite difficult during tough times. With peer to peer lendingis fast emerging as the one of the major alternative options in India for borrowing loans. Now, with almost all major P2P companies have got their licenses from RBI; P2P is turning out to be a great option for medical loans.
Banks and NBFCs are unequipped to offer loans in a very short time span due to which, people turn with a bitter tooth towards their friends and family for support, or opt for informal sources of borrowing money, which further charge exorbitant rates of interest.
Unlike banks, peer-to-peer platforms provide borrowers with an online portal to create, apply and access loans at any point of time and at any place of choice. The entire process is seamless and transparent which is followed by an assessment and evaluation process of the loan. People can also skip high-interest rates, debt traps, and the long, stressful waits that a loan generally comes with.
Traditional financial institutions have various parameters to adhere to before getting a medical loan approved. On the other hand peer to peer lending platforms provide fixed medical loan upto five lakh rupees depending on the borrower’s eligibility; 3 months to 3 years of repayment periods; zero payment penalties and quick loans which take only 2-3 days to credit the loan amount into the bank. The interest rates offered by P2P lending platforms are very affordable too, it ranges from 12% – 25%.
Since these platforms consider over 100 parameters during loan evaluation, the chances of loan approval also increase and there is no waiting period. Once loan amount is approved, almost immediate disbursements are made directly to bank account in a transparent and a secure manner.
Peer to peer lending platforms not only provide fast and affordable medical loans but also avoid waiting periods and prepayment penalties. With quick and affordable medical loans peer to peer lending platforms are emerging as credible alternative solution to the healthcare needs in India.