Medical Loan

Medical loans are unsecured personal loans that are offered to individuals to meet their urgent medical requirements. Lenders usually offer competitive interest rates with flexible repayment tenure. The loan amount usually ranges up to Rs. 50 lakh, depending on the repayment capacity of the borrower.

What is a Medical Loan/Medical Emergency Loan?

A medical loan is a collateral-free loan offered to individuals requiring urgent finances to fund their medical needs. The loan proceeds can be used for hospital bills, medicines, surgeries, etc. Most lenders offer quick loan approval and instant disbursal.

How Much Medical Loan Can You Get?

• Individuals can avail a medical loan of up to Rs. 50 lakh, depending on their repayment capacity.
• Lenders usually consider applicants having their EMI/NMI ratio below 55%, including the existing EMIs and EMI of the proposed personal loan.
• Applicants exceeding this ratio are either denied a medical loan or offered a lower loan amount.

Medical Loan Eligibility

The eligibility of applicants availing medical loans is similar to that of a regular personal loan. Below-mentioned is the eligibility criteria for availing a medical loan:

• The age of the applicant should be between 21 and 65 years.
• Salaried and self-employed individuals are eligible for a medical loan.
• The minimum monthly income of the applicant should be Rs. 25,000.
• Applicants with a CIBIL score of 760 and above usually have higher chances of getting their loans approved.
• The EMI/NMI ratio should be below 55%.

Medical Loan vs Health Insurance - Key Differences