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    Medical Loan

    Healthcare in these times is expensive and not everyone can afford to have a solid health insurance plan that protects them from all the medical uncertainties in life. It is at times like this medical personal loans come to rescue. Personal medical loans are Personal Loans that aim at offering cover for unseen medical expenses. These medical loans can be used to pay for medical expenses including hospitalisation bills, medical prescription bills, surgeries such as angioplasty, bypass surgery, chemotherapy and others similar treatments.

    Though health insurance is more popular than medical loans, not everyone can afford it. Medical loans can be used to pay up for any medical expenses while the cover offered by health insurance is limited. Another advantage of medical loan is that there is no need to pay collateral or deposit. A personal medical loan ensures that you get quality medical care with no delay.

    Medical loan eligibility criteria

    The general eligibility criteria for a medical loan is listed below.

    • Any salaried and self-employed individual Indian citizen
    • A pensioner who has taken voluntary retirement is also eligible
    • Most of the banks don’t require the individual to have a minimum salary.
    • No deposit
    • No collateral

    Documentation required for medical loans

    Listed below are the documents that need to be submitted to avail a medical personal loan.

    • Identification proof- Passport copy/Driving license/Pan card copy
    • Address proof- Passport/Voter Id/Ration card/Driving license/Recent electricity or telephone bills
    • Date of birth proof- Birth certificate
    • Passport size photograph
    • 3 latest salary pay slips
    • Form 16
    • Company appointment letter
    • Recent 3 months bank statements
    • Valid income documents (for self-employed individuals)
    • Proof of qualification

    Medical loan interest rates

    Medical personal loans offer two types of interest rates for the loans provided.

    1. Fixed interest rate- The fixed interest rate remains constant and doesn’t fluctuate over the tenure period. This is suitable for people with fixed budgets as it makes it easier for the loan repayment.
    2. Floating interest rate- The floating interest rate depends on the market economics. Floating interest rate fluctuates with the inflation and deficit in the market rate. Floating interest rate is usually lesser than the fixed interest rate given that it fluctuates.

    Features and benefits of Medical loans

    Listed below are the features and benefits of Medical loans

    • Affordable medical care
    • Quick loan approval
    • No security
    • No collateral
    • Loan can be repaid in installments
    • Loans are available for both salaried and self-employed individuals
    • Simple and minimal documentation
    • The loan money can be used for any sort of medical expense
    • Flexible tenures
    • Flexible interest rates- The loan offers Fixed and Floating interest rates
    • Loans up to Rs.25 lakh
    • Most of the medical loans can be bought online

    Benefit of Medical loans over health insurance

    Though health insurance is more popular and well known, medical loan has a few advantages over health insurance. Listed below are some of the ways that explain why medical loan is better than health insurance.

    • Quick approval- Medical loans are approved quicker than health insurance
    • Coverage- Health insurance has some restrictions when it comes to coverage. Most of the health insurance policies don’t cover critical illnesses and sexual related diseases. But medical loans can be used to cover any sort of medical expenses.
    • No waiting period- Health insurance policies have waiting period for certain ailments but with medical loans, the loan is granted immediately and can be used to fund for medical expenses. There is no waiting period for any ailment with medical loans.


    1. What category does medical loan fall under?

      Medical loan is a type of personal loan catering to finance medical expenses.

    2. Is there a need for deposit for medical loans?

      There is no need to make any deposit or down payment with a medical loan

    3. How will the interest rate and the loan term be decided?

      The interest and the tenure of the loan will be decided on the customer’s loan needs and their eligibility criteria.

    4. Can I still get a loan if I have an average credit history?

      There are medical loan plans for all kinds of credit histories.

    5. Who will the money be paid to?

      The money will be paid to the healthcare provider.

    6. Does the bank play a role in determining the type of treatment prescribed?

      No, the bank has no role in deciding what type of treatment should be provided.

    7. Does medical loan have any restrictions on any medical ailments?

      No, medical loan can be used to fund any kind of medical expense.

    8. Is there a waiting period for any medical ailment?

      There is no waiting period in medical loans.

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