Medical loans are a valuable financial resource designed to assist you in managing the often substantial costs associated with healthcare. Medical expenses can place a significant burden on your finances, but with the availability of competitive interest rates, personal loans can effectively address your medical emergencies and healthcare needs while safeguarding your overall financial stability.
In India, medical loans are readily accessible, and the application process is streamlined for your convenience. These loans offer flexible repayment options, ensuring that you can address your medical requirements without compromising your financial well-being.
In India, personal loans designated for medical purposes typically initiate with interest rates commencing at 10.49% per annum. Here, you'll find a compilation of the leading banks in India, each presenting their competitive interest rates, making them prime options for securing the most favorable 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% |
In India, individuals can now opt for Medical Loans from Non-Banking Financial Companies (NBFCs) instead of relying on conventional loan options. This avenue offers a convenient and expeditious means of obtaining crucial financial assistance, particularly in the event of medical emergencies. Below, you'll find a compilation of leading NBFCs in India that offer medical loans:
| 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% |
Medical emergencies don't adhere to a specific schedule and can come with substantial expenses. In such situations, insufficient financial resources can leave you in a precarious position. While seeking financial assistance is one primary reason for considering a personal loan, there are various other circumstances where such a loan can be beneficial. These include:
In summary, a personal medical loan can serve as a lifeline in various healthcare-related situations, providing the financial flexibility needed to address unexpected or substantial medical expenses.
A medical loan EMI calculator serves as a helpful tool for determining the monthly installment amount for your borrowed loan.
Now, you have the ability to compute your loan using this EMI calculator, enabling you to make well-informed choices regarding the loan amount, repayment duration, and interest rates. Utilizing this tool can assist you in effectively managing your financial planning.
Escalating healthcare expenses can impose a significant financial strain on individuals. To tackle this issue, medical loans have emerged as a solution. Nevertheless, similar to any other form of financing, you must satisfy specific eligibility criteria for medical loans. These criteria encompass:
| Nationality | Indian |
| Age | 21 - 60 |
| Minimum Monthly Income | Rs 20,000 |
| CIBIL Score | 750 above |
| Employment | Should be Salaried or Self employed. |
Medical loans play a crucial role in offering a financial lifeline during healthcare emergencies. However, before you apply for one, it's vital to comprehend the interest rates and fees associated with medical loans, which can vary depending on factors like the loan amount, repayment duration, credit score, and the specific lender you choose. It's worth noting that some of these fees may also apply to medical equipment loans, but their specifics can differ from one lender to another.
| 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. |
Various factors come into play when determining the interest rate for medical loans. Familiarizing yourself with these factors can assist you in gauging your eligibility and improving your negotiation position with a lender. These key factors encompass creditworthiness, income stability, employment history, loan amount and duration, prevailing market conditions, and the lending institution's specific policies.
Specific documentation is necessary when applying for a medical loan in India. These documents serve as essential tools for lenders to assess your eligibility for obtaining a medical loan at a competitive interest rate. In addition to the application form, the requisite supporting documents include:
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 loans offer numerous benefits to individuals and families facing unexpected healthcare expenses or those seeking elective medical treatments.
Achieve swift loan approval and secure a more favorable interest rate by understanding how to enhance your likelihood of obtaining a medical loan in India.
Applying for a medical loan with CredBharat generally involves the below outlined steps:
Repaying a medical loan is a financial responsibility you must meet with the lender from whom you borrowed funds for medical expenses. This entails adhering to a repayment plan that specifies the installment amount, whether on a monthly or quarterly basis, and the loan duration. To facilitate this process, a medical loan repayment calculator can be quite helpful.
There are two common methods for repayment: prepayment and part payment.
When it comes to repaying the loan, you have various payment options available, including:
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