Emergencies in medicine can happen at any time and frequently result in unforeseen costs. Getting a personal loan in these circumstances can offer much-needed financial relief. You can easily navigate the process by reading this guide, which covers the essentials of obtaining a Personal Loan for Medical Emergency.
Personal Loan for Medical Emergency Interest Rates
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.99% onwards | Apply Now |
| HDFC Bank | 10.50% onwards | Apply Now |
| ICICI Bank | 10.80% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Federal Bank | 11.49% onwards | Apply Now |
| DMI Finance | 12.00% – 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% – 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 13.00% onwards | Apply Now |
| Money view | 15.96% onwards | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Features of Personal Loan for Medical Emergency
- Have Quick Disbursal: Personal loans typically take 2-7 working days to disburse following the submission of a loan application. Some lenders use end-to-end digital processing of personal loan applications, allowing these loans to be disbursed more quickly. Many lenders also provide pre-approved instant personal loans to qualified customers based on their credit history. Pre-approved personal loans are typically disbursed within a few seconds of submitting a personal loan application.
- Minimal Documentation: During the documentation process, lenders typically require medical loan applicants to provide proof of their identity, address, income, and so on. However, pre-approved personal loans offered to existing customers do not require new documentation.
- Flexible Repayment Tenure: Most lenders typically offer a flexible repayment period of 1-5 years to applicants seeking a Personal Loan for a Medical Emergency. However, some lenders offer personal loan terms of 6 and 7 years.
Eligibility Criteria
- Applicants seeking a personal loan for medical treatment must be salaried or self-employed.
- The applicant’s age should be 21 years at the time of the loan application.
- The applicant should be 60 years old at the time the loan matures.
- Individuals employed in private limited companies or public sector enterprises
- The minimum monthly income for medical loan applicants should be Rs 15,000.
- Applicants with credit scores of 750 and above have a better chance of getting personal loans for medical emergencies at lower interest rates.
Documents Required
- Pay slip for the previous three months
- Form 16 ITR with the previous two years’ income computations
- ID documentation (passport, driver’s license, voter ID, Aadhar card, PAN card, etc.)
- Proof of address (passport, phone, electricity, Aadhar card, voter ID, driver’s license, PAN card)
FAQ of Personal Loan for Medical Emergency
Q1. What is the monthly minimum income needed to qualify for this loan?
A. To be eligible for a medical emergency Personal Loan, you must earn at least Rs 30,000 per month, which guarantees affordability based on your ability to repay the loan.
Q2. Does a personal loan have any tax advantages?
A. No, there are no tax breaks or benefits associated with personal loans, including those taken out for medical emergencies. The emphasis is on giving financial assistance when needed.
Q3. What is the minimal credit score needed to apply for a personal loan for an urgent medical need?
A. Different lenders may have different minimum credit score requirements for obtaining medical emergency loans. Additionally, applicants with no credit history or a low credit score may be eligible for a personal loan from certain lenders. On the other hand, candidates with credit scores of 750 or higher typically stand a better chance of obtaining personal loans with cheaper interest rates. Higher interest rates are typically imposed on those with lower credit scores.