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A medical loan is a type of personal loan that offers financial coverage against expenses that you might have to incur in the event of a medical emergency. Medical loans can be used to pay for medical expenses such as your hospitalisation bills, medical prescription bills, surgeries, bypass surgery, chemotherapy, and other similar treatments.
A few leading banks and financial institutions that offer medical loans are as follows:
Lender | Interest Rate | Loan Amount | Loan Tenure |
---|---|---|---|
Tata Capital (Medical Loan) | 11.25% p.a. onwards | Rs.75,000 to Rs.25 lakh | 12 months to 72 months |
Fullerton India (Salaried Personal Loan for Medical Emergency) | 11.99% p.a. onwards | Up to Rs.25 lakh | As per the lender’s terms and conditions |
MoneyTap (Medical Loan) | 13% p.a. to 24/03% p.a. | Rs.3,000 to Rs.5 lakh | 2 months to 36 months |
Indiabulls Dhani (Medical Loan) | 11.99% p.a. onwards | Rs.1,000 to Rs.15 lakh | 3 months to 24 months |
In the event of a medical emergency, you can avail a medical loan to cover the expenses that you may have to incur. Healthcare, today, has become expensive and not everyone can afford to have a solid health insurance plan that protects them from all the medical uncertainties in life. During such times, a medical loan can come to your aid.
Processing Fee | EMI (for Rs.5 lakh) | Repayment | Pre-Closure Charges | |
---|---|---|---|---|
Up to 2% of the loan amount? | Rs.16,607 | Rs.6,07,858 | 4% | Enquire |
*Note: For the EMI?and repayment?calculation, it?is assumed?that a loan amount of Rs.5 lakh has been availed for a?3-year term at an interest of 12% p.a. In this illustration, it is also assumed that a processing fee of 2% of the loan amount has been levied by the lender.
**The repayment amount includes the principal borrowed, total interest, and the processing fee charged.
Penalties/Internal Charges:Processing Fee | EMI (for Rs.5 lakh) | Repayment | Pre-Closure Charges | |
---|---|---|---|---|
Up to 6.5% of the loan amount? | Rs.23,771 | Rs.5,95,502** | As per the lender’s terms and conditions | Enquire |
*Note: For the EMI?and repayment?calculation, it?is assumed?that a loan amount of Rs.5 lakh has been availed for a?2-year term at an interest of 13% p.a. In this illustration, it is also assumed that a processing fee of 5% of the loan amount has been levied by the lender.
*The repayment amount includes the principal borrowed, total interest, and the processing fee charged.
Penalties/Internal Charges:Processing Fee | EMI (for Rs.5 lakh) | Repayment | Pre-Closure Charges | |
---|---|---|---|---|
As per the lender’s terms and conditions | Rs.24,243 | Rs.5,81,840 | As per the lender’s terms and conditions | Enquire |
*Note: For the EMI?and repayment?calculation, it?is assumed?that a loan amount of Rs.5 lakh has been availed for a?2-year term at an interest of 15% p.a.
**The repayment amount includes the principal borrowed and total interest charged.
Processing Fee | EMI (for Rs.5 lakh) | Repayment | Pre-Closure Charges | |
---|---|---|---|---|
Up to 5% | Rs.44,659 | Rs.5,55,904** | As per the lender’s terms and conditions | Enquire |
*Note: For the EMI?and repayment?calculation, it?is assumed?that a loan amount of Rs.5 lakh has been availed for a?1-year term at an interest of 13% p.a. In this illustration, it is also assumed that a processing fee of 4% of the loan amount has been levied by the lender.
**The repayment amount includes the principal borrowed, the total interest charged, and the processing fee.
Penalties/Internal Charges:The general eligibility criteria for a medical loan is listed below.
*Note: The exact eligibility criteria will vary from lender to lender. Thus, it is advisable to check the lender’s eligibility criteria before applying for a medical loan.
Listed below are the documents that need to be submitted to avail a medical personal loan.
Listed below are a few features and benefits of medical loans:
Before you apply for a medical loan, here are a few things that you should take into consideration:
Lenders, today, give prospective borrowers the option to apply for medical loans through online channels or by directly visiting their branch. Once you have checked your options and have decided which lender to apply to, you can apply for the loan online through the lender’s website, if this option is available. In this case, you will need to visit the official website of the lenderand click on ‘Medical Loan’.
Once you are on the medical loan webpage, you will need to click on ‘Apply Online’, which will redirect you to another webpage. Here, you will need to fill up the online application form, wherein you may be required to key in a few details such as your name, date of birth, mobile number, your city of residence, net monthly salary, etc. Once you fill up the required details, you will need to submit the online application form. Post this, you can expect representatives from the bank/financial institution to contact you.
If you wish to apply for the loan through offline channels, you will need to directly visit the lender’s nearest branch and submit the application form and the required documents.
If you require funds to pay for your medical expenses, you can opt for a medical loan or a personal loan with quick disbursal. Make sure to compare the various loan options and apply for a loan that is well suited to your requirements.
There is no need to make any deposit or down payment to avail a medical loan.
The interest and the tenure of the loan will be decided based on the customer’s loan needs, their eligibility criteria, and the lender’s terms and conditions.
This will vary based on the lender’s terms and conditions. That said, it is advisable to maintain a credit score above 750 if you would like to be charged an affordable interest rate.
No, the bank has no role in deciding what type of treatment should be provided.
No, a medical loan can be used to fund any kind of medical expense.
There is no waiting period applicable to medical loans. The interest and the tenure of the loan will be decided based on the customer’s loan needs, their eligibility criteria, and the lender’s terms and conditions.
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