Medical Loan

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Life is way too unpredictable. It may suddenly bring with it unforeseen medical contingencies. And with something which is truly unpredictable.

Your health insurance plan may or may not offer your coverage for all types of treatments and ailments. This why there is always a risk! In situations like these, you need not bother about managing finances since your focus should be to manage your loved one’s health. With the availability of medical loans, all the medical emergencies would be taken care off.

A speedy treatment is what one expects in case of a medical contingency. However, the medical treatments may rip off your savings and put you in stress for arranging funds. Medical loans ensure that you receive your money in the fastest and the most hassle-free manner possible. This is an emergency that helps you to get access to the finances for surgeries, for medical treatments, prescription payment and hospital bills etc.

Medical Loan - Factors to be considered

Credit Score

Credit Score

In case your credit score is good, the lender will charge you a low interest rate. Additionally, you can still check with the bank if even best interest rate would be offered on account of having a good credit score

Interest Rate

Interest Rate

There are many banks who offer medical loan at a lower interest rate. However, this may depend on one bank to another. Additionally, it is important that you compare the interest rates as well as other terms and conditions and the features offered from various banks. It is best to opt for a bank that has a comparatively lower interest rate.

EMIs Payable

EMIs Payable

Ensure to use the medical loan EMI calculator to understand the amount of the EMI payable. Make sure to use the EMI calculator to compare the interest rates too on the medical loan amount.

Disbursal time & other charges

Disbursal time & other charges

Medical emergencies are crucial. Therefore, it is important to check how long the bank will take to do the loan amount disbursal. It is important to consider various charges that a bank levies on account of foreclosure, dishonor of cheques, EMI bounce charges, penalties, processing fees, etc..

Step-by-step procedure to apply for a Medical loan

  • Research about the different banks that offer medical loan and then opt for the bank that best suits your needs

  • You may wish to apply online by visiting the lender’s website or visit the branch for medical loan application

  • The lender will verify your eligibility and then process the medical loan application

  • Submission of the documents

  • In case the lender approves your loan, you will have to sign on the promissory note that will mention the terms and conditions of the bank
  • The bank will disburse the loan amount in 2-3 days

  • Covers all your expenses including the prescription medicines, hospital bills, surgery, Doctor’s fee, etc

  • You can opt for a medical loan in case of medical issue
  • Offers interest rates that are competitive
  • No requirement of any collateral
  • Offers Medical Loans that ranges from Rs.1,000 to Rs.15 Lakhs
  • Process is completely digital
  • Offers easy and quick documentation process
  • Medical loan tenure ranges from 3 to 36 months
  • Instant disbursal of funds

Some of the frequently asked questions about Medical Loans

Mentioned below are the general eligibility criteria if you want to opt for a medical loan.

  • You should be either salaried or self-employed.
  • You should be an Indian citizen residing in India
  • You should be minimum 21 years and maximum 58 years for medical loan application.
  • Minimum 1 year work experience and currently should be employed with your current organization for minimum 6 months.
  • You should be earning a minimum salary of Rs 20,000 per month. If you reside in a metropolitan city, you may need to draw a higher monthly income.

These eligibility criteria may differ from one organization to another.


Mentioned below is the list of documents required for application of a medical loan.

  • Proof of Identification
  • Proof of Address proof-
  • Passport size photograph
  • Last 3 month’s salary slips
  • Form No. 16
  • Appointment letter of your Company
  • Last 3 months bank statements
  • Valid documents of income
  • Employment Certificate

Well, every lender is different and so are their terms and conditions. Usually, any credit score beyond 750 is considered as a good score to get advantages of a lower interest rate

No, any kind of medical expenses can be paid off using the medical loan amount.

Processing Fees ..

Q. What is the processing fee that is levied by the banks on medical loans?

A. Usually a bank in India will charge around 1-2% of the total loan amount as a non-refundable processing fee. In case you wish to foreclose your Medical loan, you bank will charge a fee of around 2-4% of the outstanding loan amount. In case you delay in making the late fee payment, you will be charged a fee of around 2-3% of the EMI. For document verification too the bank will charge a fee.

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Calculate your Needs?

Many questions may come in your mind before deciding on the Loan. ‘How much Loan I would need, how many years I shall invest for, what would be the EMI’s, etc. Loans Calculators are life-savers. They help you know your needs and assess the potential costs. Grey Font brings to you various Loans Calculators and interactive tools to help you calculate your needs. In order to get better results, ensure to enter a value in all the possible fields.


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