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Medical treatment and surgeries are very expensive. Whether it’s a planned joint replacement or sudden cardiac arrest, the expenses of surgeries can range from ₹50,000 to ₹10 lakh or even more. This amount is huge for many people, and they can’t afford it. Even if you have health insurance, the surgery costs can exceed the health insurance limit. At this time, a personal loan for surgery comes into the picture.
A personal loan will cover all your surgery-related costs, including surgery expenses, hospital bills, and medicines. This will reduce your financial burden, and at the critical time of surgery, you don’t have to look here and there for funds.
Several lenders in India provide personal loans for medical emergencies and surgery-related expenses. In this blog, you will learn in detail about this.
A personal loan for surgery is an unsecured loan offered to you during a time of medical emergency. It can help you cover surgery costs, hospital bills, pre and post-operative care, medicines and even travel for treatment. Unlike some specialised loans, the borrower will receive the sanctioned amount directly in the bank account, and it can be used for expenses allowed by the lender.
As this is an unsecured loan, you don’t have to provide any collateral. The lender will evaluate your income, credit score, employment, existing liabilities and repayment capacity before approving the loan.
A personal loan for surgery has many advantages when you need funds for immediate or planned surgical treatment.
One of the major advantages of a personal loan for surgery is that it doesn’t ask for any collateral or security. This is very beneficial for those who don’t have any assets to pledge.
Medical surgeries require immediate attention. Hence, many lenders provide this loan digitally, and even quick disbursal is available for pre-approved customers. This makes the loan process very fast.
Borrowers can select the repayment tenure as per their convenience, which spreads the cost across manageable EMIs. A longer tenure will have smaller EMIs, but it increases the interest paid. Whereas a shorter tenure will reduce the interest paid and also helps in repaying the loan faster.
Certain expenses are not covered in health insurance. These can be certain exclusions, deductibles, co-payments or expenses above the insured limit. These can be covered under a personal loan.
You don’t have to sacrifice all your savings for surgical treatment. You can partially or fully repay the expenses through a loan. This will help you preserve your savings for emergency circumstances.
There are several disadvantages of a personal loan for surgery, which are as follows: –
This loan comes with interest costs, which increase the total amount you repay. As a result, the overall cost of your surgery becomes higher than the original medical expenses.
In order to get the loan approved, you will have to fulfil the eligibility requirements. If you don’t meet the criteria, then your loan is not approved.
The lender can also levy various charges like processing fees, late-payment fees, and various other fees. This can increase the overall cost of borrowing.
If you take a large loan amount, then it can increase the EMI cost. This can disturb your monthly budget if you are already managing other expenses too.
If you don’t pay the EMI on time or delay in making payment, then it can have a negative impact on your credit score. With a lower credit score, it would be difficult for you to get any loans in future.
If you opt for a longer tenure, then your monthly EMI reduces. But with a longer tenure, you will have to pay more interest.
Surgical expenses depend a lot on the type of treatment, hospital, surgeon, location, technology used and duration of hospitalisation. Some of the major surgeries included are: –
Whether a loan is available for particular surgical treatment or not depends on the personal loan provider’s terms rather than the medical category alone.
Before you apply for a personal loan for surgery, it’s important to understand the eligibility criteria. The eligibility criteria can vary among different lenders. But here are some of the common requirements of the majority of lenders: –
To apply for a personal loan for surgery, you will have to submit certain documents. Here are the documents needed: –
The interest rate for a personal loan for surgery at lendingplate starts at 12%. However, the final interest depends on various factors like your income, documents, credit history, work experience, debt-to-income ratio, etc.
Apart from the interest rate, medical loans come with various personal loan charges, which are as under: –
| Processing Fee | 1-5% |
|---|---|
| Conversion Fee | 1-3% |
| Mandate Return Fee | 500/- (Inclusive of GST) |
| Overdue Interest | 0.5% per day |
| Foreclosure Fee | 5% Nil if prepaid on or after the 1st EMI due date |
| Freelook period | 1 day |
Medical expenses are rising, due to which surgery treatment can be very costly. A personal loan for surgery can be very helpful at this time as it covers all surgery-related costs. This loan doesn’t require collateral and is processed very fast. It also covers expenses which are excluded from health insurance or have crossed the upper limit.
You can easily get this loan if you fulfil the eligibility criteria and submit the documents on time. However, before taking a loan, you should understand the overall borrowing cost and how much EMI you will have to pay so that you can repay the loan without burden.
Yes, you can get a personal loan for surgery expenses. Many lenders offer this kind of personal loan that covers surgery and medical costs.
The types of surgeries covered under a personal loan can vary among different lenders. However, it mostly covers cardiac, orthopaedic, neurological, cancer-related and other medically necessary surgeries.
Yes, one can use a personal loan for payment of expenses that are not covered under health insurance. This will reduce your financial burden, and you will not have to rely on anyone for these additional medical expenses.
The sanctioned loan amount can depend on various factors like your income, credit score, debt-to-income ratio, employment and the lender’s terms.
Also Read: Loan Sanction Letter
Yes, you can apply for a personal loan for planned surgery before the scheduled date. You will have to meet the eligibility criteria. Applying early can give you enough time to compare various offers and choose the right option.
The timeline can vary depending on the lender. However, the majority of lenders provide these loans quickly, within 24-48 hours.
Surgery personal loans are unsecured. This means you don’t have to offer any collateral for these loans.
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Unifinz Capital India Limited is a Non Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). lendingplate is the brand name under which the company conducts its lending operations and specialises in meeting customer’s instant financial needs.
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