Loan for Health-Related Emergencies


Loan for Health-Related Emergencies

Medical emergencies arrive all of sudden and if you don’t have a insurance plan or an emergency fund, you’re in deep trouble. this is often once you check out a medical loan.A medical loan is an unsecured loan a bit like a private loan. It are often used for emergency hospitalization like an operation, surgery, day care procedures or a therapy.With a medical loan you don’t got to liquidate FDs, break investments or sell a property.

Things to understand on medical loan

 The loan amount is disbursed on to the hospital once you present the surgery bill.Banks and NBFCs may approve the medical loan within 3 days.Medical loan are often a no cost EMI Loan. during a medical loan, the hospital pays the lender, interest on the loan called upfront subvention fee. this suggests the hospital bears the interest cost on patient’s medical loan.

  • Interest on medical loans depend upon income, the corporate you’re employed for and therefore the city of residence.
  • Banks offer medical loans under the unsecured category of private loans.
  • A medical loan are often availed for emergency hospitalization starting from Rs 15,000 to Rs 15 Lakhs. This covers most medical emergencies.
  • A medical loan can have tenure of around 1-5 years.
  • Banks charge interest of around 12-20% a year. The processing fees are around 1-2% of the loan amount.
  • A medical loan doesn’t have hidden charges.
  • A medical loan are often used for doctors fees, hospital bills or a surgery.


Eligibility criteria for a medical loan

  • A salaried, self-employed or maybe a pensioner who has taken VRS can avail a medical loan provided he/she is an Indian citizen.
  • This is an unsecured loan with no need of a collateral or deposit.
  • Salaried/Self-employed must be between 21-60 years to avail a medical loan.
  • You must have work experience of a minimum of 2 years and must be residing within the city for a minimum of a year.
  • Banks would search for a minimum salary of Rs 20,000 a month.
  • Banks demand a CIBIL score of a minimum of 650 before sanctioning the medical loan. Some NBFCs check creditworthiness through a test .


Documents required for a medical loan


  • Identity proof like Passport, PAN Card, Aadhaar or a driver’s license .
  • Address Proof like Passport, Voter ID or a card .
  • Your certificate .
  • The last 3 months salary slips.
  • Passport sized photographs.
  • Form 16.
  • Latest 3 months bank statements.
  • Appointment letter from the corporate where you’re employed .



  • Proof of qualification like mark sheets and certificates.
  • Self employed citizens require office address proof like electricity or a water bill/rent agreement.
  • Identity proof like Passport, PAN Card, Aadhaar or a driver’s license .
  • Address Proof like Passport, Voter ID or a card
  • Your certificate .
  • Latest 3 months bank statements.
  • Audited record and ITR of last 3 years.


Benefits of Medical loans

  • You enjoy affordable medical treatment.
  • Loans are disbursed real fast within 2-3 days.
  • There’s no collateral or deposit required.
  • Loans are often repaid in EMIs.
  • Minimum documentation and rapid sanctioning of loans.
  • Medical loans are often availed online.
  • Health insurance plans might not cover all diseases/medical procedures. Medical loans are often availed to hide any medical procedures.
  • Health insurance plans have a waiting period before diseases are covered. With medical loans diseases are covered with no waiting period.


Please enter your comment!
Please enter your name here