Medical loan Philippines – in recent years, it has become apparent how valuable our health is. This new awareness has motivated many people to invest more in a healthy body and self-improvement. The health insurance system in the Philippines generally provides good primary health care. Nevertheless, services that are not medically necessary are often only partially covered or not covered. Many use their savings for such services or take out a Medical Loan Philippines.
Everyone has health problems. A loan for medical services is the best solution that allows you to receive a large amount immediately and stretch payments over time. Thus, the necessary treatment will be received on time, and the impact on the budget will not be that big.
- What is a Medical Loan Philippines?
- Features of Loans for Medical Services
- Benefits of a Medical Loan Philippines
- How Can You Apply?
- List of Requirements for Applying for a Health Loan
- For What Medical Purposes are Loans Taken?
- Where to Apply for a Loan
- Security Bank
- MoneyCat Medical Loan Philippines
- Digido & How One Can Help
- You Must Take This Into Account When Applying for a Loan
- Things to Remember
- Wrapping Up Medical Loan in the Philippines
What is a Medical Loan Philippines?
Bank services are in great demand these days, and they constitute an essential element of the lives of the country’s residents. Financial aid is now accessible in a variety of sectors. Professional schooling, the purchase of a car, real estate, and the implementation of a substantial company endeavor are all examples. In fact, quality healthcare credit solutions are now accessible. Many modern clinics meet the needs of their clients by offering a loan for treatment. Medical centers, including dental ones, enter into a service agreement with one or more banks.
A medical loan Philippines is a targeted loan provided to pay for medical services, such as expensive surgeries, dental services, plastic surgery, and the purchase of medicines, treatment in a private hospital, and laboratory tests. Funds under the agreement are transferred to the medical institution chosen by the client. Applying for a loan at a bank involves more favorable conditions than applying for a loan directly at a medical institution.
A Medical Loan Philippines provides an opportunity to pay for medical services for the borrower or his relatives. The price includes laboratory tests, surgical operations, dental and oncological treatment, etc. The program also consists of cosmetic surgery (liposuction, breast lift, rhinoplasty). A separate popular area is a dentistry on credit.
The decision to issue a medical loan is made quickly — from several hours to several days. If you have a significant operation, the bank may ask you to take out life insurance and find guarantors.
Features of Loans for Medical Services
A feature of a loan for treatment is a low-interest rate and a low amount of funds provided. If you need low-cost medical care, for instance, you are planning to get your teeth treated on credit, choose targeted programs. With long-term treatment, loan conditions may differ, and sometimes for the better. So, you can take out a loan for surgery and other urgent needs at a lower interest rate.
A medical loan Philippines is considered a private loan. Therefore it does not require documentary confirmation of the goals — certificates and extracts from a medical card are unnecessary. The rest of the funds can be used for other purposes, such as paying off a loan or household expenses.
Benefits of a Medical Loan Philippines
Not everyone in the Philippines sees a physician on a regular basis and keeps track of their health. The majority of the population seeks medical treatment only when it is absolutely necessary, such as in the case of illness. As a result, medical assistance loans in the Philippines have become an important aspect of the healthcare industry.
There are such positive sides:
- the quick decision by the bank to provide a consumer loan for treatment;
- you don’t need a lot of documents;
- a large amount of the loan;
- there’s no need to waste time attending financial offices and researching loan programs;
- the capacity to heal any ailment or take a checkup without breaking the bank;
- the ability to cure any disease or undergo an examination without putting a strain on the household budget.
How Can You Apply?
Numerous people wonder how I get a medical loan Philippines. A loan application is submitted online or at a bank branch. The review takes 5 minutes. After approval, if you apply online, you need to sign a loan agreement.
To obtain a medical student loan Philippines or any other type of loan, you need to use an online calculator. It will show you the amount you need to repay the loan. There will be no additional fees or commissions. The calculator indicates only the amount.
After that, you will need to fill out an application for a loan. The online application contains passport data and a bank card number to which the funds will be transferred. An application for a loan online will be reviewed in just 5 minutes. After that, the funds will be instantly credited to your card.
List of Requirements for Applying for a Health Loan
People wonder can I get a medical loan Philippines — there are some demands which can help you figure it out. Keep in mind that the requirements for obtaining a loan differ from bank to bank.
However, it is worth remembering some universal positions that are the same in most cases for everyone:
- age and, therefore, business and creditworthiness;
- official residence in the Philippines;
- checking account;
- personality identification;
- proof of income.
Workers with a permanent contract of employment, government employees, and public sector workers can relatively quickly provide proof of income by submitting their employment contract, payslips, and relevant bank statements. Self-employed freelancers, entrepreneurs, and merchants have a slightly harder time convincing a bank that they have a steady income.
For What Medical Purposes are Loans Taken?
Before finding out how to take out a medical loan Philippines, it is vital to understand for which purposes you can use it. A medical loan can be issued for any medical purpose. It does not require a doctor’s note, medical certificate, referral, or prescriptions for medicines.
You can get a medical loan for:
- consultation of a medical specialist, including narrowly focused ones;
- dental services (therapy, surgery, and orthopedics);
- surgical procedures and operations;
- plastic surgery;
- vision correction surgery;
- biomaterial analyzes;
- ultrasound diagnostics, X-ray, MRI, CT, and other studies;
- gynecological procedures and operations, incl. childbirth;
- medical tourism;
- purchase of medicines prescribed by a doctor;
- purchasing health insurance for yourself or family members;
- other medical services.
The list goes on and on. No one will require a documentary report on the funds spent. Having taken a loan for medical services, you have the right to spend it on any branch of medical care.
Where to Apply for a Loan
Suppose you wonder where to get a loan in the Philippines. In that case, you can apply for a loan directly at a clinic, pharmacy, or medical loan company. An application for a medical loan is completed online. There is no need to take a break from your health concerns. However, you can also get a loan from banks — many financial institutions provide this opportunity. The main thing is to choose the right bank or lender that will satisfy all the client’s needs.
Security Bank is one famous bank that makes it easy to get a loan for doctor visits and other medical needs. This institution provides favorable conditions to many Filipinos who are interested in how to get a loan. According to the bank, the Security Bank delivers many advantages.
Among the main features of this institution:
- Within five working days, you can receive approval for the application;
- The bank offers excellent payment terms for up to 60 months;
- You can arrange automatic debiting of funds from your bank account;
- The minimum loan amount is 100,000 Philippine pesos;
- The maximum loan amount is Php 1,000,000.
Pay attention that if you wonder how to get a personal loan in the Philippines, you need to be a Filipino, from 21 to 65 years old. Gross monthly income must be PHP 30,000.
MoneyCat Medical Loan Philippines
MoneyCat is another great option for helping you realize how to get a medical loan Philippines. Here, such a loan is presented in the form of a personal loan, which can be used for your needs in medicine.
According to MoneyCat, there are a lot of great offers for customers here:
- You can take a loan for 3-6 months;
- Loan amounts from 500 to 20,000 Philippine pesos;
- Rates 0.43% per day; 13% per month;
- Money transfer is carried out within 24 hours.
The beauty of going to this institution is that it is a proven and safe lander with requirements set forth by the Data Privacy Act, as evidenced by the registration certificate issued by the National Privacy Commission. Moreover, the client can get a loan on the day of application. Repaying a loan is also easy as there are online and offline options.
Digido & How One Can Help
For people in need of money, Digido is a fantastic choice. However, it does not currently provide loans for medicinal purpose; nevertheless, ordinary personal loans are available. Anybody in need of health care, according to Digido, can take out a personal loan from Digido and spend the money for their purposes. This company provides the following requirements:
- The client must be a citizen of the Philippines;
- The client must be between 21 and 70 years old;
- The borrower must be employed or able to provide proof of source of income;
- You need to have a Filipino phone number.
It is necessary to create an online account before applying for a loan. If you take out a loan from Digido, you should know that there are no payment plans available. The debt must be paid in full, plus interest. The beauty of Digido credit is that it does not need you to visit a physical establishment. It is not necessary to wait in line. You will also receive money in your bank account once accepted.
You Must Take This Into Account When Applying for a Loan
Before taking out a loan for medical treatment in the Philippines, there are a few things to consider. You must first receive several loans offers to choose the best offer then. You should remember the following points:
- interest amount;
- amount of monthly payments;
- possibility of special prices;
- the opportunity to pause.
The most crucial point is interest rate: it depends on the amount whether you finance prostheses cheaply or expensively. Be sure to compare several offers to find the cheapest one. Before taking out a loan, you should calculate exactly how much money you have in your financial plan each month. The number of monthly payments depends on this and, in turn, on the loan term. Furthermore, note that some lenders allow repayment pauses and special payments, while others do not.
Things to Remember
Credit information and proof of income submission may be omitted depending on the health loan format and provider practices. Still, the requirements for most products go hand in hand. Consumers should analyze what they have fixed costs per month, especially concerning income, despite the temporary repayment of the loan must cover. Borrowers should not expose themselves to undue financial burden, regardless of their planned cosmetic and medical loan-based investments. Rent, additional costs for rent, maintenance, and incidental expenses should still be paid without any problems — in short: all regular payments should not be canceled just because a health loan is required.
Wrapping Up Medical Loan in the Philippines
«Health« is a common desire of people. And that doesn’t just mean «not getting sick», but also that you feel good and can actively shape your everyday life. Thanks to modern research and today’s medical technology, we have many opportunities to maintain or improve our well-being. Unfortunately, health insurance does not cover all services. For some treatments, you would like to decide which doctor or hospital you trust or which medication you want to use. A health loan can often be essential support here. Philippines citizens want to know how to get loans Philippines. It is enough to apply for a loan to comply with standard conditions: to have Philippine citizenship, permanent or temporary registration in the region where the bank’s offices are located, and a source of regular income. Depending on the amount you plan to take from the bank, you may need documents confirming the income level. Before going for a loan for treatment or other medical services, you can check all the details with a loan officer.