Are you someone who is delaying your dental treatment or your loved ones’ just because of its high cost? You are afraid that it will dig a deep hole in your pocket. We’ve got you. Gone are the days when dental treatments were considered among the cheapest health expenses. In present times, it is as costly as any other health expense.
As the consumption of junk and sugary foods is at an all-time high, the same goes for dental problems and the cost of treating those problems. We have a perfect solution for this—personal loans for dental treatment. Yes, you might not have heard it before, but nowadays, many banks and other financial institutions offer personal loans, especially for dental treatments.
In this article, we will share detailed information about personal loans for dental treatment that you might need. For example, what are they, how do you get them, why do you need them, and so on.Keep reading for all these details.
What is a Personal Loan for Dental Treatment?
A personal loan for dental treatment, or “dental loan,” is a loan that is specially sanctioned for the treatment of dental problems only. It is usually an unsecured loan, meaning no collateral is needed to avail it. In this case, the interest rate might be a little higher.
Need for a Personal Loan for Dental Treatment
One may need a personal loan for dental treatment for various reasons, such as:
- Dental treatments have become very costly, especially in metro areas. Some dental treatments like root canals and dental implants can even cost lakhs. Not everyone can afford them with one-time payments.
- A lot of health insurance policies do not cover dental treatments. Insurance, especially for dental treatments, is also very limited.
- Increase in dental health problems, which require more dentist visits.
- In case of emergencies, many institutions offer advance-salary dental loans, which can be paid once your salary is credited. So, you do not need to request money from relatives or friends.
Eligibility Criteria to Get a Personal Loan for Dental Treatment
The eligibility criteria are almost the same as for a normal personal loan. Here is the list:
- You are a resident of India.
- You are not a minor, which means you are at least 18 years old.
- A person with a regular salary or a self-employed
- You have a good credit score.
- You have all the required documents, like a PAN card, address proof, bank statements for the last 3–6 months, and a salary slip or other income proof.
How to Choose a Personal Loan for Dental Treatment
While choosing a personal loan for dental treatment, remember the following points. You can give importance to any of the points according to your priorities.
- The interest rate charged by different financial institutions varies. For some people, the interest rate is the most important pillar.
- The time taken for the disbursal of the loan: some institutions may charge lower interest rates but take more time for loan disbursal. If it is an emergency, instant approval and quick disbursal are the best choices.
- The complexity of the application process: some people might prefer a less complex application process even if it means a slightly higher interest rate.
- The amount of time for the repayment of the loan.
- Dependency of loan approval on credit scores: people with low credit scores will choose loans with a low dependency on credit scores.
How to Apply for a Personal Loan for Dental Treatment
You can apply for a personal loan for dental treatment by following the steps below.
- First, check your credit scores. You can check your credit scores online at various websites.
- Then, check your loan eligibility and get prequalified if possible. You can use online eligibility calculators for this.
- Next, compare different lenders and their terms and conditions. Choose the lender according to your needs and requirements.
- Collect the required documents that you are going to need.
- Lastly, apply and fill out the application carefully.
- After the loan has been approved, you will receive your funds and can begin your dental treatment.
Credit Card or Personal Loan for Dental Treatment
It becomes confusing for many people whether to take out a personal loan for dental treatment or simply use a credit card. You can make this decision while keeping these points in mind.
- The main thing to consider while choosing between these options is the loan’s interest rate. You should choose the one with a lower interest rate.
- The next thing to check is the monthly payment. Check if it is a fixed amount or a varying amount. You should have a fixed monthly payment.
- You should also keep in mind all the other expenses charged to the credit card and the limit of the credit card. Keep in mind not to max out your credit card. If there are already many expenses on the credit card, it’s better to choose a personal loan for dental treatment.
What Is the Difference Between a Personal Loan for Dental Treatment and a Regular Personal Loan?
The only difference between a personal loan for dental treatment and a normal personal loan is that there is no specific purpose when it comes to a normal personal loan. While you can use a personal loan for any purpose, you can use a personal loan for dental treatment only.
Can the Loan Be Repaid Before the End of its Tenor?
Yes, you can repay the loan before the term ends.You can repay it after approximately 6 months, and there will be no extra charges.
Dental problems are not smaller problems anymore that you can ignore. They are the same as other health problems and require the same attention; personal dental treatment loans make that easier. After reading this blog, we hope you are clear about all the information about personal loans for dental treatment.
If you need more information about this or want to consult about any other financial issue, consider contacting a good institution like Piramal Finance. With more than 40 years of experience, we are here to help you get loans, financial consultation, etc. We also offer free credit score reports and loan eligibility calculators. Visit our website to learn more.