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Medical loans help you cover your healthcare expenses with flexible repayment options. Healthcare is expensive, but with competitive interest rates, a personal loan can cover your medical emergency or any medical expenses without disrupting your financial stability. Medical loans in India are easy to avail and apply for through CredBuddha.
Personal loans for medical treatment in India usually have interest rates starting from 10.49% p.a. Below is a list of the top banks in India, with their competitive interest rates, offering the best personal loan for medical expenses:
Medical Emergency Loans in India can now be taken from NBFCs over traditional loans. It is one of the easiest and quickest ways to get urgent financial help, especially during medical emergencies. Some of the top NBFCs in India providing medical loans are listed below:
| NBFC | Personal Loans Interest Rate (p.a.) | Processing Fees (p.a.) |
|---|---|---|
| Paysense | 16% - 36% | Up to 3% |
| Bajaj Finserv | 13% onwards | Up to 4.13% |
| Tata Capital | 10.99% - 19.75% | Up to 3% |
| Indiabulls Dhani | 11.99% onwards | Up to 3% |
| Fullerton India | 11.99% | Up to 6.5% |
| Money Tap | 13% onwards | 2% on loan amount of Rs 25,000 above |
| Paisa Bazaar | 10.49% | Up to 3% |
A medical loan EMI calculator is a tool to help you calculate the monthly instalment amount for the availed loan. Now you can calculate the loan with EMI calculator. Make informed decisions about the loan amount, tenure, and interest rates. Using it can help you plan your finances effectively.
Rising healthcare costs can put a financial burden on individuals. As a solution, medical loans have addressed this challenge. However, like any other loan, you will have to meet certain medical loan eligibility criteria. These are:
Medical loans are fundamental in providing a financial solution to any healthcare emergency. Before applying, it is essential to understand the medical loan interest rate and charges imposed by lenders. These rates and charges differ based on the loan amount, repayment tenure, credit score, and the lenders. Some of these charges may also apply to a medical equipment loan but vary from lender to lender.
There are factors that determine the risk associated with lending money for medical purposes. Understanding these factors will help you assess your eligibility and negotiate better terms with a lender. These factors include:
Medical emergencies are not time-bound and can be quite expensive. In such cases, you may find yourself in a fix if you do not have adequate finances. Financial aid can be one purpose for taking a personal loan; however, there can be many other reasons, such as:
A medical loan is financial aid that can be taken specifically to cover medical expenses. It helps individuals and families manage the costs of various medical treatments, procedures, surgeries, hospital stays, medication, and other healthcare expenses including medical procedures.
Any salaried or self-employed individual who is an Indian citizen and is 21 years and above is eligible for a medical loan. They should have a minimum monthly income of at least Rs 20,000 and a good CIBIL score of 750+.
Yes, you can take a medical loan for any medical treatment you need if you fulfill the requirements and eligibility criteria of banks and NBFCs.
The interest rate for medical loans will differ from one lender to another. It can range between 8.90% to 25% p.a. depending on various factors such as the borrower’s credit score and history, loan amount, and tenure.
You can apply for an instant health loan through the CredBuddha app or online through the CredBuddha website.
Medical loan policy refers to the guidelines, regulations, and practices followed by banks and financial institutions when giving out medical loans to individuals. It includes eligibility criteria, loan amount, interest rate, repayment tenure, documentation, processing fees, and loan disbursement.
