When faced with the need for surgery, many people are concerned about both the cost of the procedure and their own health. In some cases, a surgical medical loan can provide financial assistance. This tutorial will explain Medical Loans for Surgery, how they work, and how to choose the best option for your needs.
What are Medical Loan for Surgery?
In essence, a medical loan is a kind of personal loan that you might obtain especially to pay for medical operations or treatments. It gives you the money you need to pay for cosmetic surgery, which can frequently be very expensive.
Eligibility Criteria for a Medical Loan
- Monthly income: You should earn at least Rs. 15,000 every month.
- Age: At the time of the final EMI date or retirement age, whichever comes later, you must be between the ages of 21 and 58.
- Work stability: Salaried workers should be employed by their current firm for at least six months and have at least one year of work experience.
Documents Required for a Medical Loan
- ID proof
- Salary slips
- Income proof
- Address proof
- Employment certificate
Benefits of a Medical Loan for Cosmetic Surgery
- Pocket-friendly EMIs: Personal loans include reasonable interest rates and manageable monthly installments.
- Flexible repayment tenure: Cosmetic procedures might cost anywhere from hundreds to lakhs of rupees. Depending on your financial circumstances, You can pay back a medical loan over five to seven years.
- Use of funds: The fact that there are no limitations on how you may spend the money is one of the main benefits of getting a personal loan for cosmetic surgery. You are free to use the loan amount however you see fit.
- Quick and hassle-free process: Applying for a medical loan for cosmetic surgery is simple and convenient. With Tata Capital, you may apply online and get approved in a few short minutes. The required funds are then immediately deposited into your bank account, making it simple for you to cover the cost of the treatment.
- No collateral required: Since medical loans are unsecured, you are not required to pledge any assets as security for the loan balance. This makes it simpler for people to get a loan without having to worry about risking their assets.
Interest Rates & Charges
| Rate of Interest | 10.85% to 24.00% (Fixed Rate) |
| Processing Fees | Upto ₹ 6,500/- + GST |
| Tenure | 03 Months to 72 Months |
| Documents Required | No Documents for Pre-approved Personal Loan |
| For Non Pre-approved – Last 3 Months Bank statements, 2 Latest Salary Slip and KYC |
How to Apply for a Medical Loan Online?
- Visit any broker’s Website
- Enter your cell phone number to register.
- Check Your Eligibility by Entering Your Basic Information
- Uploading your KYC documents will validate your profile.
- Give the details of your bank account.
- Select the Loan Amount and Term
- Receive the loan directly in your bank account.
Sample Calculation
Let’s look at an example computation to better demonstrate how affordable a medical loan is:
Let’s imagine you want to pay for cosmetic surgery with a Rs. 5,00,000 medical loan that has an annual interest rate of 12%. Use the Personal EMI calculator offered by Tata Capital to determine the amount of your monthly instalment. According to the calculator, your monthly EMI would be around Rs. 8,896. This example demonstrates how easy it is to manage the EMIs, allowing you to finance your perfect cosmetic procedure without going over budget.
Conclusion
Medical Loan for Surgery is a tangible solution for people looking for loans to afford expensive treatments. Because of which this type of loan provides access to healthcare with a flexible repayment plan, it does not require collateral and has a quick approval process. Weighing interest rates, eligibility and terms can ensure a pressure-free payment process when paying for the medical services.