Medical loans help you cover your healthcare expenses with flexible repayment options. Healthcare is expensive, however, with competitive interest rates a personal loan can cover your medical emergency or any medical expenses without disrupting your financial stability. Medical loans in India are easy to avail and apply for.
Personal loan for medical treatment in India usually have interest rates starting from 10.49% p.a. Below is a list of the top banks in India, with their competitive interest rates, offering the best personal loan for medical expenses.
| Banks-Wise Personal Loans | Interest Rates (p.a) |
|---|---|
| HDFC Bank | 10.50% onwards |
| State Bank of India | 11.00% - 15% |
| ICICI Bank | 10.75% onwards |
| Axis Bank | 10.49% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| Bank of Baroda | 10.50% - 12.50% |
| Punjab National Bank | 8.90% - 14.45% |
| Canara Bank | 13% - 14.15% |
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Note: The information above does vary marginally upon the changes reflected in the respective industry.Medical Emergency Loan in India can now be taken from NBFCs over other traditional loans. It is one of the easiest and quick ways to get urgent financial help especially during medical emergencies. Some of the top NBFCs in India providing medical loan is listed below:
| NBFC Personal Loans | Interest rate (p.a.) | Processing Fees (p.a.) |
|---|---|---|
| Paysense | 16% - 36% | Up to 3% |
| Bajaj Finserv | 13% onwards | Up to 4.13% |
| Tata Capital | 10.99%-19.75%s | Up to 3% |
| Indiabulls Dhani | 11.99% onwards | Up to 3% |
| Fullerton India | 11.99% | Up to 6.5% |
| Money Tap | 13% onwards | 2% on loan amount of Rs 25,000 above |
| Paisa Bazaar | 10.49% | Up to 3% |
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Get the medical assistance that you need with a medical loan these features and benefits:
Quick application process
to access funds faster.
Starting from 11.99% p.a.
Get financial assistance
without risking assets.
The loan covers a wide
spectrum of medical
expenses
Get the loan amount that
you need for any medical
procedure.
Choose a repayment plan
that suits your financial
ability.
A medical loan EMI calculator is a tool to help you calculate the monthly instalment amount for the availed loan.
Now you can calculate the loan with EMI calculator. Make informed decisions about the loan amount, tenure, and interest rates. Using it can help you plan your finances effectively.
Rising healthcare costs can put a financial burden on individuals. As a solution, medical loans have addressed this challenge. However, like any other loan, you will have to meet certain medical loan eligibility criteria. These are:
| Nationality | Indian |
| Age | 21 - 60 |
| Minimum Monthly Income | Rs 20,000 |
| CIBIL Score | 750 above |
| Employment | Should be Salaried or Self employed. |
Medical loans are fundamental in providing a financial solution to any healthcare emergency. Before applying, it is essential to understand the medical loan interest rate and charges imposed by lenders. These rates and charges differ based on the loan amount, repayment tenure, credit score, and the lenders. Some of these charges may also apply to a medical equipment loan but vary from lender to lender.
| Interest rate | 8.90% to 25% p.a |
|---|---|
| Processing Fees | 1% to 6% |
| Prepayment or foreclosure charges | 2% to 5% |
| Late payment charges | 1 to 5% of EMI |
| Other charges | Other charges may include documentation charges, loan cancellation charges, or loan conversion charges. |
There’re factors that determine the risk associated with lending money for medical purposes. Understanding these factors will help you assess your eligibility and to negotiate better terms with a lender. These factors are creditworthiness, income and employment stability, loan amount and tenure, market conditions and lender policies
There are certain documents required for medical loan in india. These documents will help lenders determine your eligibility to apply for a medical loan at competitive interest rate. Apart from the application form, the supporting documents required are:
Age proof : Aadhaar Card, Voter ID, Passport or Driving Licence.
Identity proof : Voter ID, Aadhaar Card, Driving Licence or Passport.
Address proof : Rental agreement, Aadhar Card and Utility Bills (Gas Book / Electricity Bill/ Tel Bill)
Income proof for salaried : Salary slips, Form 16, Bank statement (last 6 months) and Income Tax Returns (ITR)
Income proof for self-employed : Audited financial statements, Income Tax Returns (ITR), Business bank statements
Employment Proof : Employment certificate and Appointment letter.
Medical Treatment/Expenses : Medical bills, Cost estimate, Hospital invoices and Doctor’s prescription
Medical emergencies are not time bound & can be quite expensive. In such cases, you may find yourself in a fix if you do not have adequate finances. Financial aid can be one purpose for taking a personal loan, however, there can be many other reasons, such as:
Medical emergencies: Unexpected emergencies can be a source of stress when you do not have immediate funds. However, a medical loan can help relieve you of such a burden. You can take a loan to cover hospitalisation costs, surgeries, or treatments.
Expensive treatments: Certain medical treatments, such as organ transplants, chemo therapies, or advanced surgeries, can be financially demanding. A medical loan will allow you to afford these high-cost treatments.
Health Check-ups and Diagnostic Procedures: Routine health check-ups and diagnostic tests are essential for preventive healthcare. You can avail a Medical loan to cover any comprehensive medical check up or specialised diagnostic procedures.
Dental and Cosmetic Procedures: Dental treatment and cosmetic procedures can cost a fortune and oftentimes they are not covered by insurance. Avail a medical loan to get dental implants, orthodontic treatments, cosmetic surgery or other aesthetic procedures.
Medical equipment and technology: Some medical conditions require an expensive investment in medical equipment and technology for long term treatments. Avail a medical loan to procure such equipment, ensuring better quality of life and timely access.
Non-covered medical expenses: Health insurance coverage has many limitations & exclusions. Avail a medical loan to manage your medical bills more effectively.
Get a quick loan approval and a lower interest rate. Learning how to improve your chances of getting a loan for medical treatment in India will help you in times of medical emergencies. Below are the Dos and Don’ts to avoid rejection while applying for a medical loan.
| Do's | Don'ts |
|---|---|
| Monitor and maintain a good credit score. | Apply for multiple loans at once. |
| Research and compare lenders for competitive rates and loan terms. | Borrow more than you can afford. |
| Provide accurate and complete information in the application form. | Hide existing financial obligations such as loans or credit card debt. |
| Double check all details before submission. | Overlook alternative financing options such as medical insurance, government schemes or assistance programs. |
| Maintain income and employment stability. | Rush into a decision without proper consideration. |
| Demonstrate a genuine need for the loan by providing supporting documents. | Ignore your credit profile and history. |
| Thoroughly review the loan terms and conditions. | Overlook financial planning and budgeting. |
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The process to apply for a loan for medical treatment is simple. All you have to do is follow the steps below:
Medical loan repayment is a financial obligation you must fulfil to the lender of a loan taken for medical expenses. This involves a repayment schedule outlining an instalment amount, whether monthly or quarterly and the loan duration. A medical loan repayment calculator can assist you with it.
Two common repayment options: prepayment and part payment.
Prepayment refers to paying the outstanding loan amount before the scheduled repayment tenure ends. Prepayment is a beneficial option as it helps reduce the overall interest burden.
Part payment is repaying a small portion of the outstanding loan, not the entire amount. This helps to reduce the outstanding balance along with the EMI and loan tenure.
For repayment of the loan, you will have different modes of payment which include Equated Monthly Instalments (EMI), Standing Instruction (SI), Post-dated cheques (PDCs), Electronic Clearing Service (ECS) and Online Payments.
A medical loan is a financial aid that can be taken specifically to cover medical expenses. It helps individuals and families manage the costs of various medical treatments, procedures, surgeries, hospital stays, medication, and other healthcare expenses including medical procedures.
Any salaried or self-employed individual who is an Indian citizen and is 21 years and above is eligible for a medical loan. They should have a minimum monthly income of at least Rs 20,000 & a good CIBIL score of 750+.
Yes, you can take a medical loan for any medical treatment you need if you fulfil the requirements and eligibility criteria of banks and NBFCs.
The interest rate for medical loans will differ from one lender to the other. It can range between 8.90% to 25% p.a. depending on various factors such as the borrower’s credit score and history, loan amount, and tenure.
You can apply for an instant health loan through the Buddy Loan app or online through the Buddy Loan website. For more information please refer to the article above.
Medical loan policy refers to the guidelines, regulations, and practices followed by banks and financial institutions when giving out medical loans to individuals. It includes eligibility criteria, loan amount, interest rate, repayment tenure, documentation, processing fees, and loan disbursement.
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