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    Medical Loan

    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.

    Compare Best Medical Loans in 2019

    A few leading banks and financial institutions that offer medical loans are as follows:

    Lender Interest Rate Loan Amount Loan Tenure
    Bajaj Finserv (Personal Loan for Medical Emergency) 12.99% p.a. onwards Up to Rs.25 lakh 24 months to 60 months
    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.

    Bajaj Finserv (Personal Loan for Medical Emergency)

    Benefits/Key Highlights:
    • Your personal loan application will be approved in less than 5 minutes.
    • Prospective borrowers who wish to avail this loan need to submit minimum documents to the lender while applying for the loan.
    • Once your documents are verified, the loan amount will be disbursed into your account in just 24 hours.
    • Borrowers can opt for a repayment term that suits them best.
    • Individuals between 23 years and 55 years of age can apply for this loan, provided they are employed with a public sector firm, a private company, or an MNC.
    Processing Fee EMI (for Rs.5 lakh) Repayment Pre-Closure Charges
    Up to 3.99% of the loan amount? Rs.17,089 Rs.6,30,197** As per the lender’s terms and conditions

    *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 14% p.a. In this illustration, it is also assumed that a processing fee of 3% 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:
    • Bounce charges: Rs.600 to Rs.1,200 per instance
    • Penal interest: 2% of the EMI payable per month plus taxes or Rs.200 per month, based on whichever of the two sums is higher
    • Secure fee: Rs.4,499
    • Outstation collection charges: Rs.65 plus applicable taxes
    • Foreclosure charges: 4% plus applicable taxes
    • Part-payment charges: 2% plus applicable taxes

    Tata Capital

    Benefits/Key Highlights:
    • Individuals who wish to apply for this loan can check their eligibility online within a matter of minutes.
    • Once your loan application is verified, you will receive instant approval.
    • The lender offers a Flexi EMI plan.
    • No collateral or security is required to avail a medical loan from Tata Capital.
    • Minimum paperwork is required to apply for this loan.
    • Part-payments can be made 6 months after availing the loan without having to pay an additional fee.
    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%

    *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:
    • Part-payment fee: 2% of the amount paid plus GST, if the amount paid amounts to over 25% of the principal loan amount

    Fullerton India (Salaried Personal Loan for Medical Emergency)

    Benefits/Key Highlights:
    • The lender gives prospective borrowers the option of checking their eligibility for this loan online.
    • Those who wish to apply for the loan can submit an online application form on the lender’s website and upload the required documents. Once your application and documents are verified, the lender will give online approval to the applicant.
    • Money is disbursed into your account in a timely manner in order to ensure that you have immediate access to the required sum of money.
    • Fullerton India does not require loan applicants to submit any collateral when applying for this loan.
    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

    *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:
    • Collection of cash or cheque: Rs.300
    • NACH/cheque/ECS dishonour charges: Rs.30
    • Swap charges: Rs.500
    • Loan cancellation charges: Rs.1,000
    • Foreclosure charges: 3% to 7%

    MoneyTap (Medical Loan)

    Benefits/Key Highlights:
    • The lender offers real-time approval of the loan amount.
    • With this loan, you can withdraw as much you need, subject to a minimum loan amount of Rs.3,000 and a maximum of up to your approved loan limit.
    • Borrowers are only required to pay interest on the amount that they use.
    • When applying for this loan, applicants are only required to submit a proof of address and proof of identity.
    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

    *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.

    Indiabulls Dhani (Medical Loan)

    Benefits/Key Highlights:
    • You can apply for this loan to cover any type of medical expense including hospital bills, surgery charges, prescription medicines, etc.
    • The application process is completely digitalised.
    • The money will be transferred to your account instantly.
    • Minimal documentation is required for this loan.
    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

    *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:
    • Loan foreclosure charges: 5%
    • Bounce charges: Rs.400 per instance (Rs.750 for self-employed individuals
    • Late payment penalty: 3% per months
    • Duplicate NOC: Rs.500 per request
    • Loan cancellation charges: Rs.3,000

    Eligibility Criteria

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

    • Any salaried/self-employed individual can apply for this loan.
    • You should be between 21 years and 58 years of age to apply for a medical loan.
    • You should have an overall work experience of at least 1 year and should have been employed with your current organisation for at least 6 months.
    • You should earn a minimum salary of at least Rs.20,000 per month. Those who live in metropolitan cities may need to earn a higher monthly income.
    • The applicant should be an Indian citizen who resides in India.

    *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.

    Documentation Required

    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
    • Passport-size photograph
    • Latest salary pay slips
    • Form 16
    • Company appointment letter
    • Recent months bank statements
    • Valid income documents
    • Certificate of employment

    Features and Benefits

    Listed below are a few features and benefits of medical loans:

    • Loans are approved quickly.
    • No security or collateral is required.
    • The loan can be repaid in installments.
    • Medical loans can be availed by both salaried and self-employed individuals, subject to the lender’s terms and conditions.
    • Simple and minimal documentation is required to apply for a medical loan.
    • The loan money can be used for any sort of medical expense.
    • Flexible loan repayment terms are offered.
    • Many lenders give applicants the option of applying for medical loans online.

    Things to Consider When Applying for a Medical Loan

    Before you apply for a medical loan, here are a few things that you should take into consideration:

    • Disbursal Time: In the event of a medical emergency, it is likely that you will want to receive the funds immediately. Thus, it is vital that you check the disbursal time of the loan. For medical emergencies, it is best to opt for a medical loan with the least disbursal time.
    • Interest Rate: There are a number of lenders that offer medical loans at varied interest rates, which are decided based on the lender’s terms and conditions. Given this, it is in your best interest to check and compare the interest rates charged by different lenders. Although the interest rate should not be the only factor that you consider when applying for a medical loan, it is advisable to opt for a medical loan with a comparatively low interest rate to keep the overall cost of your loan low.
    • Other Charges: Lenders usually levy charges like the processing fee, pre-payment charge, pre-closure charge, dishonour charges, penalty charges, etc. Before you apply to a particular bank or financial institution for a medical loan, you should ensure that you compare the various fees charged by different lenders.
    • EMIs Payable: Make sure to use the EMI calculator, which you are likely to find on the official website of the lender or on a third-party financial services website, to check and compare the payable EMI for different lenders. The EMI payable will vary based on the loan amount that you choose, the interest rate charged on the loan amount, and the loan tenure. It is recommended that you avail a loan with affordable EMIs.
    • Credit Score: Your credit score will affect the interest rate that you are charged for a medical loan. If you have a good credit score, you will be charged a lower interest rate. Further, you may also be able to negotiate with the lender for a better interest rate. Thus, before applying for the loan, it is in your best interest to check your credit score.

    How to Apply for a Medical Loan?

    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.

    FAQs

    1. Are borrowers required to pay a down payment to avail a medical loan?

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

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

    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.

    3. Can I still get a loan if I have an average credit score?

    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.

    4. 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.

    5. Do medical loans have any restrictions on the type of treatments that can be availed?

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

    6. Is there a waiting period for medical loans like in the case of health insurance?

    There is no waiting period applicable to medical loans.

        

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