Personal Loan for Medical Purpose

Personal Loan for Medical Purpose

How to Get Personal Loan for Medical Purpose?

A personal loan can instantly be availed for a medical purpose at a competitive interest rate. An instant personal loan is offered by many leading banks and NBFCs with a maximum loan amount of up to Rs.20 lakh. The flexible loan tenure options, minimal charges, and no security is what makes the personal loan a reliable choice for medical purpose. Do not forget to check your personal loan eligibility also keep your documents always ready for the fastest approval of the personal loans for medical treatment.    

Details of Instant Personal Loan for Medical Purpose

ParticularsDetails
Interest RatesStarting at 10.99% per annum
Loan AmountUp to Rs.20 lakh
TenureUp to 5 Years
Processing Fee1.50%-2.50% of the loan amount+GST
Cibil ScoreAbove 750 (out of 900)
Minimum Monthly IncomeRs.35,000
Foreclosure/Prepayment ChargesUp to 5% of the principal outstanding+GST

Personal Loan for Medical Purpose – Eligibility Criteria

Eligibility CriteriaSalariedSelf-employed
Minimum Age2124
Maximum Age5865
Minimum IncomeRs.35,000 monthlyRs.2 lakh(annual)
Credit/Cibil ScoreAbove 700(out of 900)Above 700(out of 900)
Minimum Job/Business Stability1-2 Years2-3 Years
Minimum Work/Business Experience1-2 Years3 Years
Minimum Profit After TaxNARs.1-2 lakh(annual)

Documents Required to Get Personal Loan for Medical Purpose

Medical Purpose Personal Loan for Salaried:

  • Duly signed application form for personal loan balance transfer along with passport size photograph
  • Identity Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • Age Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • PAN Card copy (Mandatory)
  • Address Proof (Aadhaar Card/Passport/ Landline Bill/ Latest Electricity bill/Rent agreement etc)
  • Last 6-month bank statement
  • Salary slip for the last 3 months
  • Statement of personal loan from a current lender (a loan that needs to be transferred)

Medical Purpose Personal Loan for Self-employed:

  • Duly signed application form to do loan balance transfer along with passport size photograph
  • Identity Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • Age Proof (PAN card/driving license/passport/voter ID/Aadhaar Card etc)
  • Address Proof (Aadhaar Card/Passport/ Landline Bill/ Latest Electricity bill/Rent agreement etc)
  • TAN Card
  • Last 3 years Balance sheet along with profit and loss statement pertaining to business
  • Last 6-month bank statement of individual and business entity
  • Statement of personal loan from a current lender (details of the loan that need to be transferred)

How to Get Personal Loan for Medical Treatment?

An instant personal loan can easily be applied online. Yes, the process is simple, quick as well as secure thus you can have a hassle-free personal loan journey. A borrower first needs to send a loan application online, he will receive a quote based on his eligibility, the next step is to submit the required documents hence finally instant approval and fastest disbursal. It is easy and fast.    

What is an Instant Personal Loan For Medical Purpose?

Apply Online for Personal Loan

A medical loan is an instant personal loan for those who cannot afford to instantly pay those huge bills charged for heart surgery, dialysis, or even a regular full-body health check-up. Instant medical loans have proved to be boons in such circumstances. You can apply for an instant loan online depending upon the type of company you work for, your net salary, your residence, and various other factors.

Features and Benefits of Personal Loan for Medical Purpose

Speedy Approval: The prime feature of instant personal loans for medical purpose is that it comes with speedy approval. Yes, soon after meeting the eligibility, the next step is to give personal loan approval.   

Fastest Disbursal: With the fastest approval comes speedy disbursal which means a borrower can expect the required loan amount instantly in his bank account. Yes, a personal loan for medical purposes needs to be transferred quickly to serve the purpose. 

Minimal KYC Documentation: Instant medical loans can be availed by submitting minimal documentation. A borrower just needs to send a few KYC documents and within a few minutes, his instant personal loan for medical purposes is approved and disbursed. 

Maximum Loan Amount: A personal loan comes with a maximum loan amount of up to Rs.20 lakh which means your medical emergency needs can easily be fulfilled. 

Flexible Repayment Tenure: With flexible repayment tenures, it would be easy for you to repay your loan. An instant personal loan comes at a maximum tenure of 5 years which means a borrower has enough time to repay the loan in affordable EMIs. 

Minimal Processing Fee & Other Charges: A personal loan comes at a minimal processing fee and charges which means your loan burden will also be reduced. With less processing and other charges, your loan burden will eventually come down. 

No Collateral/Security: With no collateral or security feature, availing a personal loan would be a lot easier. The borrower doesn’t need to submit any sort of security to the lender at the time of availing the loan thus the loan could be processed quickly.  

Frequently Asked Questions (FAQs)

Q. Can a personal loan be availed for medical purposes?

A. Yes, personal loan is a multi-purpose loan can be availed for medical purpose. 

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

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

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

A.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.

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

A.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.

Q.Does the bank play a role in determining the type of treatment prescribed?

A.No, the bank has no role in deciding what type of treatment should be provided.

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

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

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