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.
|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|
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.
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.
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.
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.
|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.
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.
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.
Answer: Personal loans are mostly offered to salaried applicants but some banks such as IndusInd Bank, ICICI Bank, etc. do offer personal loans to self-employed individuals.
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.
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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