For medical emergencies, you can get a personal loan with interest rates ranging from 10% to 31.50% per year. The loan sum will range from Rs.50,000 to Rs.40 lakh, with repayment periods ranging from 12 to 72 months. For more details, read the article to check out the medical emergency.
A medical loan is a form of personal loan that provides financial protection against medical expenses that may arise in the event of an emergency. Medical loans may be used to cover costs such as hospitalization, prescription drug costs, operations, bypass surgery, chemotherapy, and other related treatments.
Banks offering Personal Loans for Medical Emergencies
Here are some banks offering personal loans for medical emergencies at a low interest rate. Thus, you can choose one of these banks for availing personal loan:
|Name of the Bank||Interest Rate (p.a.)||Loan Amount|
|Kotak Mahindra Bank||11.50% to 24%||Rs.50,000 up to Rs.15 lakh|
|Tata Capital||Above 10.99%||Rs.75,000 up to Rs.25 lakh|
|HDFC Bank||10.75% to 21.30%||Rs.50,000 up to Rs.40 lakh|
|IndusInd Bank||11.00% to 31.50%||Rs.50,000 up to Rs.15 lakh|
|YES Bank||10% to 24%||Rs.1 lakh up to Rs.40 lakh|
Features and benefits of personal loan for medical emergencies
If you are applying for a personal loan for medical emergencies for HDFC Bank, IndusInd Bank, Tata Capital, Kotak Mahindra Bank, etc. then, check out the common features and benefits:
- Simple Application Process – The entire loan application process can be completed electronically on the banks’ official websites with minimal effort. The loan approval and disbursement are also simple.
- No protection or collateral is required – A personal loan for medical emergencies would not require any security or collateral.
- Flexible repayment options – The loan can be repaid in equated monthly installments (EMIs) that fit comfortably with your budget.
- Minimal paperwork – Obtaining a personal loan does not necessitate submitting a large number of papers. Everything you’ll need is your Know-Your-Customer (KYC) records, such as payslips and bank statements.
Steps to apply for a personal loan for a medical emergency?
Applying for a personal loan for medical emergencies is simple and can be done online via the bank’s or financial institution’s official website.
- First, you will be required to complete an application form as well as upload some documents.
- After your information is checked, the loan sum will be credited to your bank account.
- On the official website of Afinoz, you can also apply for a personal loan. Afinoz provides you with a list of personal loan lenders as well as their benefits.
- Before deciding on a lender, you should compare the benefits provided by each.
- After you’ve decided on a lender, you can apply for a personal loan by clicking the ‘Apply Now button.
Eligibility criteria of personal loan for medical emergency
Here is some generic eligibility check for medical emergency loan listed below:
- This loan is available to anyone who is working or self-employed.
- To apply for a medical loan, you must be between the ages of 21 and 58 years.
- You should have a minimum of one year of work experience and at least six months with your current employer.
- You should be paid at least Rs.20,000 a month as a minimum. Residents in metropolitan areas will need to receive a higher monthly wage.
- The applicant must be a resident of India and a citizen of India.
Note: The exact eligibility requirements will differ from one lender to the next. Before applying for a medical loan, it’s a good idea to review the lender’s eligibility requirements.
Documents required for a medical emergency loan
Some essential documents required for a medical emergency loan are as under:
|Identity Proof||PAN Card/Passport/Driving License/Voter’s ID/Aadhar Card|
|Address Proof||Passport/Aadhar Card/Driving License/Utility Bills, etc.|
|Proof of Income||Form 16 and latest 3 months’ salary slip or certificate|
|Bank Statement||Recent 3 months bank statements|
Important aspects to consider when applying for a medical loan
Applying for a medical loan, here are some essential points that must consider before applying for the same:
- Disbursement Time: In the case of a medical emergency, you would most likely want the funds as soon as possible. As a result, you must verify the loan’s disbursal period. It is best to choose a medical loan with the shortest disbursal period for medical emergencies.
- Interest Rate: Medical loans are available from a variety of lenders at varying interest rates, which are determined by the lender’s terms and conditions. Given this, it’s in your best interest to compare and contrast the interest rates paid by various lenders. Although the interest rate should not be the only consideration when applying for a medical loan, it is advisable to choose a medical loan with a lower interest rate for the overall cost of your loan.
- Other charges: Collection fees, pre-payment charges, pre-closure charges, dishonor charges, termination charges, and other fees are commonly imposed by lenders. You should compare the various fees paid by different lenders before applying for a medical loan with a specific bank or financial institution.
- EMIs Payable: Use an EMI calculator to search and compare the payable EMI for various lenders, which you can find on the lender’s official website or a third-party financial services website. The amount of the EMI depends on the loan amount, the interest rate paid on the loan amount, and the loan tenure. It is suggested that you take out a loan with a low interest rate.
- Credit Score: The interest rate you are paying for a medical loan is influenced by your credit score. You would be paid a lower interest rate if you have a decent credit score. Furthermore, you might be able to negotiate a lower interest rate with the lender. As a result, it is in your best interest to review your credit score before applying for a loan.
The main aim of the personal loan for medical emergencies at a low-interest rate. You can choose the loan amount according to your financial purpose, repayment tenure, and interest rate. For further information, you can contact Afinoz for more details.