Medical Loans

While the out-of-pocket expenditure (OOPE) on health by households in India has decreased over the years, it still remains high compared to global levels. High levels of OOPE push almost 55 million Indians below a stage of impoverishment annually.  

Life can be uncertain, and even a small surgical operation can dent your savings by a huge margin. While health insurance covers the cost of such medical emergencies, they can fall short of the required amount for a procedure. 

Moreover, they do not cover cosmetic procedures and come with exclusions based on the plan you purchase. A medical emergency loan can help you avoid such a huge impact on your wallet. Read on to know more about how personal medical loans work and how you can avail of them.

If you are looking for a loan for a medical emergency, you can apply for a personal loan. It allows you to use the loan amount for various purposes, including the cost of medical treatment as well as diagnostics and medication. 

Moreover, if you opt for this medical emergency loan, you get to enjoy competitive interest rates. This allows you to save a sizable amount on interest payments. The loan has basic eligibility criteria for you to meet and offers a speedy application procedure. 

You can also avail of a top-up loan on your existing personal loan easily with  Bajaj Markets.

If you are thinking of getting a personal loan for a medical emergency, you must be aware of its interest rates and other charges. Check all the applicable fees in the table below: 

To apply for a personal loan for a medical emergency, make sure that you fulfil a few eligibility requirements, which are:

• You must be between 21 and 80 years of age

• You need to be an Indian resident 

• You should be a salaried employee at an MNC, a private or a public limited company

• Your CIBIL score has to be 685 or higher

• Your monthly salary must be above ₹25,000

In order to apply for personal medical loans, you will need to submit the following documents: 

• KYC Documents: Aadhaar card, PAN card, Passport, or Voter’s ID

• Employment Proof: Employee ID card

• Income Proof: Salary slips and bank account statements for the last three months  

After you submit the necessary documents, the lender will verify your paperwork. Once your application is approved, you will get the money in your bank account within 24 hours. 

Medical emergencies can dwindle your finances when you have to pay a large amount out of pocket. Your healthcare bills can even dent your savings if you decide to use them for this purpose.

To avoid such scenarios, you can avail an instant medical loan. By meeting the simple eligibility terms, you can get funds instantly to meet urgent healthcare needs. 

A loan for a medical emergency has got you covered as the lender takes only 5 minutes to approve your application. With the funds in your account within 24 hours, you can address medical needs without compromise or postponing important procedures. 

Know all about different types of personal loans.