Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    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.

    FAQs

    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.

    Medical Loan Reviews

    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The helpline number was not easily approachable whenever I call the bank bazaar customer service, it does not connect with the representative. I have been using it for 6months. Earlier I took my credit, the process was simple. The mobile app is convenient to check the credit score and have no issues.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Better"
      0.5 4.5/5 "Excellent!"
      There was delay in the loan process and HDFC have taken around one month. The rate of interest and charges are little bit high compared to others. I have submitted the documents online and also to the executive. I can do pre closure with extra charges and part payment can be done after one year. The loan duration is 2 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 18, 2019
    • ICICI Bank Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I approached ICICI personal loan through online channel, ICICI taken care and disbursed the amount within two to three weeks of time, But I felt interest rate is good in Tata capital as compared to ICICI. But still I recommend ICICI bank its good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Axis Bank Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan some time back and i had foreclosed this loan a long time back. The overall experience with them has been quite good where the interest rate with them has been nominal when compared with the market rate and there has not been any foreclosure charges with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been quite a good experience i had with this loan and the loan amount which they had provided has been sufficient as well. The interest rate which they where offering has been nominal with the market rate, and there is some pre closure charges with them and there has also been some processing fee with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Quick Wind for the financial products"
      0.5 5.0/5 "Blown Away!"
      I never seen such kind of support any where like Bank Bazaar, whenever I update any request I get reply through msg or mail. Its a right path or helping source for the people to take the banking products on the time schedule. The customer support is very nice and helpful.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Tata capital Personal Loan
      "Good Professional Service"
      0.5 5.0/5 "Blown Away!"
      When I browsed the online channel, Tata capital is the one having less interest with zero processing fee. That is the reason I took this personal loan from them. The loan process was quite good, the processing time is less. The interaction between me and executive was professional.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      Although I am not a frequent user of the site, Whenever I need any loans or card that time have visit their website. The website is fine enough. The customer service and response was better. Am using it approx for 6 months. Once have checked the credit score and loan process was simple.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Early Salary Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan from Early Salary through online portal. Everything was fine but executive said will come and collect the documents but nobody turned up . They said if I have refer my friend and will get discount but have not got any discounts. The rate of interest and charges are nominal.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • HSBC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with HSBC bank, ,they have given me sufficient loan amount was sufficient for me, and the rate of interest is very nominal compare to other in the market . There are no hidden charges they have charged me apart from EMI.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 18, 2019
    • Kotak Personal Loan
      "Average"
      0.5 1.0/5 "Really Bad"
      I have taken a personal loan from Kotak Mahindra Bank and it was closed in the year of 2018. My experience is not good, have not received NOC on time. They need to improve the customer service. The rate of interest is more compared to others. The documentation process was easy but foreclosure is very difficult.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was good. I have been using bankbazaar.com for the first time and it was recommended by friend. The process was simple and faster. The mobile application is convenient and easy to compare with the banks. I have checked the credit score.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 18, 2019
    • Tata capital Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have applied my personal loan in Tata Capital through online. The rate of interest and charges are nominal. I have received 2.7L excluding processing fee. The loan duration is 5 years. The documents are collected by executive as well as submitted online. They took max 8 to 9 days to deliver the loan.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Its Convenient"
      0.5 5.0/5 "Blown Away!"
      Its a good experience I had with Bank Bazaar, the entire loan process was smooth I don't want to anywhere. I got the door step service from the bank, the customer support guided well and helped me out through the process. The information is useful to compare the products.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Tata capital Personal Loan
      "Good Experience with Tata Capital"
      0.5 5.0/5 "Blown Away!"
      I got best deal from Tata Capital, the customer support is proactive to process the loan application. But the loan disbursement got delay it should be faster. I got the better interest rate and its zero processing fee from the Tata Capital disbursement.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Interest rate should be standard"
      0.5 4.0/5 "Great!"
      I am not happy with HDFC, comparatively the rates are bit high. Its okay for me, the processing fee is also higher in HDFC, They told some interest but I got some other interest rate. I want to discuss with them and after august it will be one year then I close it.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 18, 2019
    • ICICI Bank Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      That was better experience, interms of rate of interest. ICICI bank agents are proactive they came to my place and collected the documents and done the process. Then I didn't interact with them. I got the better deal from ICICI on the personal loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Good customer support and satisfactory"
      0.5 5.0/5 "Blown Away!"
      The quick on their work, whatever I approached they helped me out. I could check all the information based on the requirement. Its a good customer support I can view all the banking options. I am getting promotional mails through the link I have raised the request for the credit card.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 18, 2019
    • Citibank Personal Loan
      "Rate of interest should be reduced"
      0.5 4.0/5 "Great!"
      Citi bank rate of interest is too high for the amount of Rs. 3 lakhs, they have taken some processing fee from the disbursement but it was quite nominal. The documentation process was smooth, on the expected time I got the loan amount from the bank.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 18, 2019
    • Early Salary Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The rate of interest and charges are nominal. I like the process which was much easier to proceed the personal loan. They did not required any documents and executive came for verification then loan amount was processed. I took 10K and it was paid through online.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 18, 2019
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