• Personal Loan For Medical Emergency

    You can take a personal loan for medical emergencies at interest rates ranging between 10% and 31.50% p.a. The loan amount will range between Rs.50,000 and Rs.40 lakh while the repayment tenures can range from 12 months to 72 months.

    Banks Offering Personal Loans for Medical Emergencies

    Name of the Bank Interest Rate (p.a.) Loan Amount
    Kotak Mahindra Bank 11.50% to 24% Rs.50,000 to Rs.15 lakh
    Tata Capital 10.99% onwards Rs.75,000 to Rs.25 lakh
    HDFC Bank 10.75% to 21.30% Rs.50,000 to Rs.40 lakh
    IndusInd Bank 11.00% to 31.50% Rs.50,000 to Rs.15 lakh
    YES Bank 10% to 24% Rs.1 lakh to Rs.40 lakh

    Benefits of Availing Personal Loan for Medical Emergencies

    • Easy Application Process – The whole process of loan application can be done online on the official website of the banks without any hassle. The approval and the loan disbursal are also quick.
    • No collateral required – You need not provide any security or collateral to avail a personal loan for medical emergencies.
    • Flexible repayment process – The repayment of the loan can be done in equated monthly instalments (EMIs) that are comfortable with your budget.
    • Minimal paperwork – You need not provide a lot of documents to avail a personal loan. All you need to provide is your Know-Your-Customer (KYC) documents, salary slips, bank statements, etc.

    Special Personal Loans for Medical Expenses

    • Loans for Dental Procedures

    You can avail a personal loan for paying for dental procedures such as surgery, braces or any kind of teeth reconstruction. Some dental procedures are considered to be elective procedures, however the personal loan covers both elective procedures as well as small surgeries.

    • Loans for Cosmetic Surgery

    Elective procedures such as breast reductions, liposuction, nose jobs or implants can also be funded by personal loans. As this kind of procedures usually cost a lot, a personal loan is the best bet to cover expenses.

    • Loans for Medical Expenses during Travel

    If you are travelling abroad, you can avail a personal loan for getting a medical check-up at a medical centre or hospital for any surgery or special treatment. Banks provide customised personal loans for such cases.

    How to apply for personal loan for medical emergency?

    Applying for a personal loan for medical emergencies is hassle-free and can be done online on the official website of the bank/financial institution. You will need to fill up an application form and upload some documents. The loan amount will be credited to your bank account once your details are verified.

    You can also apply for a personal loan on the BankBazaar website. BankBazaar shows you a list of lenders offering personal loans, along with their benefits. You can compare the benefits offered by all lenders before you decide on one. Once you decide the lender, you can click on the ‘Apply Now’ button to apply for a personal loan.

    Documents required for personal loan for medical emergency

    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

    Please note that the documents required will vary from lender to lender and depend on the type of occupation, i.e. if you are salaried or self-employed.


    1. Isn’t using my health insurance better than taking a personal loan to meet medical emergencies?
    2. Answer: Yes, in case of medical emergencies, using your health insurance to cover your costs is always better. However, health insurance does not cover all expenses and hence, taking a personal loan to fund such costs is a good idea.

    3. Do I have to provide a medical certificate to avail a personal loan for medical emergencies?
    4. Answer: No. You do not have to provide a medical certificate to avail a personal loan for medical emergencies. Personal loans can be used for any purpose and you need not give any justification or proof of your spending.

    5. I am a self-employed individual. Can I get a personal loan?
    6. Answer: Personal loans are mostly offered to salaried applicants but some banks such as IndusInd Bank, etc. do offer personal loans to self-employed individuals.

    7. Will my credit score affect my eligibility for a personal loan availed for medical emergencies?
    8. Answer: Yes. Most lenders will look for a credit score above 750 to offer you a personal loan. In case your score is lower than 750, you may find it difficult to get a personal loan and even if you do, you may be charged with a higher interest rate.

    9. What is the maximum tenure offered on personal loans?
    10. Answer: Most lenders offer a maximum tenure of 5 years on their personal loans. However, there are some lenders who offer longer tenure of up to 7 years. One such lender is Tata Capital.


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