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Need a personal loan for medical expenses? Medical emergencies can strike unexpectedly and drain your savings in moments. Medical loans provide a critical financial solution when medical expenses overwhelm your resources.
A medical loan represents a specialised financial product designed to cover healthcare expenses quickly and efficiently. These loans help patients access immediate medical treatment without compromising their financial stability. You can use these funds for surgeries, hospital bills and tests. We understand the stress of unexpected medical costs and offer compassionate financial support.
Before acquiring a medical loan, it is of paramount importance to gain profound knowledge of its main features. A borrower of this loan does not need to pledge any valuable asset as collateral or security. So, many people in medical emergencies find this personal loan more appealing. Here are the primary features that make this kind of loan highly sought after.
Hassle-free online loan application procedure
Flexible Equated Monthly Instalment (EMI) options
Flexible loan repayment period
Competitive medical loan interest rate
The loan is ideal for covering various healthcare expensed
No physical paperwork
No hidden fees
Zero or minimal foreclosure charges
Healthcare financial support transforms challenging medical situations into manageable experiences. Medical emergency loans offer multiple advantages that provide critical support during health challenges:
Medical loans provide rapid financial assistance when time matters most. Patients receive funds within 30 minutes after approval.
These loans eliminate complex documentation processes. Individuals can secure financial support without risking personal assets.
Customised repayment structures accommodate different financial capabilities. Patients can select convenient EMI options matching their monthly income and budget constraints.
You know what is medical loan. Now, applying for medical financial support involves straightforward steps ensuring quick and efficient processing:
Complete our short application form online. Share your banking information for quick processing within minutes.
Upload your KYC and proof of income through the app. Our team reviews everything promptly.
Your loan amount reaches your account within 30 minutes of approval.
Your loan application needs to meet these basic criteria:
Age: 21-60 years
Monthly Income: Minimum ₹5,000
Stable employment history
Acceptable credit score
Residential stability
Keep these ready for a smooth application:
Identity Proof: PAN Card
Address Proof: Aadhaar Card
Latest salary slips
Bank statements
Photograph
How to get a medical loan? Medical loan amounts vary based on individual requirements. We offer loans ranging from ₹5,000 to ₹2.5 lakhs.
Monthly income levels:
Monthly income is how much money you get each month. We want to ensure you have enough regular income to repay the loan comfortably.
Credit history:
It tracks your previous loan payments and credit card use. A good credit history suggests you are reliable in managing financial commitments.
Employment stability:
It is how consistent and secure your job is. We look at how long you have worked and your job type. A stable job means you have a reliable source to repay the loan.
Existing financial obligations:
They are your current financial responsibilities (such as ongoing loans and credit card payments). We check them to understand how much additional financial burden you can handle alongside your other financial commitments.
Medical treatment costs:
Medical treatment costs represent the total expenses associated with your specific healthcare needs. These vary widely depending on the type of medical procedure, hospital, duration of treatment and required medical services. We consider these costs to determine appropriate loan amounts.
We offer competitive wedding loan interest rates with clear terms. Your rate depends on your credit profile and income –
| Charges | Details about the Charges |
| Processing Fee | 1% - 5% of loan amount |
| Conversion Fee | 1 - 5% of the amount |
| Interest Rate | 12% - 36% per annum |
| Foreclosure | 5% of the amount [Nil when prepaid on or after your] |
| Mandate Return Fee | 500/- [inclusive of GST] |
The following are the repayment terms for medical loans –
Loan Tenure:
Medical loans usually have a tenure of 3 to 15 months.
EMI Options:
We give the amounts for Equated Monthly Instalments depending on the loan amount and interest rate. Your repayment period is also considered.
Prepayment Choice:
Prepayment or foreclosure of medical loans with minimal or no additional charges is possible with us.
A personal loan provides quick and flexible access to money when:
Regardless of policy limits or delays in insurance acceptance, it promptly pays out a lump sum, enabling you to select any hospital. But keep in mind that a medical loan is not a prepaid protection, unlike insurance. Thus, it is a must for borrowers of personal loans for medical procedures to pay an EMI.
Make a thorough budget that helps you manage your medical loan EMIs.
Here are the common medical expenses usually covered by the loan –
Surgeries:
Medical loans offer finance for surgical procedures and treatments.
Diagnostic Tests:
You can get coverage for tests like MRIs and CT scans.
Post-Treatment Care:
Recovery involves ongoing care & rehabilitation. It may also include the purchase of specialised medical equipment. Personal loans may supplement insurance coverage or personal savings to cover post-treatment expenses.
Take the loan only after considering these things –
Assess Treatment Costs:
Carefully evaluate the total projected expenses for your healthcare needs before applying for a medical loan. This includes –
Compare Lender Offerings:
You may consider aspects such as interest rates or repayment terms.
Review Loan Terms:
You need to assess the loan terms clearly.
Personal loans for medical expenses can include expenses for surgery and hospital bills. It may also include expenses for tests and therapies.
We approve medical loans on short notice within minutes.
Medical loans offer flexible repayment from 3 to 15 months.
You can pay the loan without any penalty.
Medical loans typically include processing fees that depend on the amount of the loan. You must review the complete fee structure and other potential charges.
Credit history is imperative but you may get a medical loan with poor credit profiles.
A reputable online instant medical loan provider like lendingplate gives approval within 30 minutes.
No, the need for pledging collateral is not there to secure a medical emergency loan in India.
The maximum personal loan amount is usually INR 2.5 lakhs for medical purposes.
Whether the rate of interest on your medical loan is flat or reducing, it will depend entirely on the loan provider you select.
Yes, there can be multiple borrowers for a medical loan.
Select the loan details you want to know
Select the loan details you want to know
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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