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:
Medical Loans Interest Rates and Other Charges
11% p.a. onwards
Up to 4% of the loan amount
Disclaimer: The interest rate and other charges provided in the table above are subject to changes at lender’s discretion. Check the current rates and charges with the lender before applying.
You can avail of a loan amount of up to ₹50 Lakhs for your healthcare bills. You can use this amount to cover your expenses on medication, treatment, tests, or hospitalisation.
at % interest rate for months
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.
To apply for a personal loan for a medical emergency, you can follow this step-by-step application process:
Visit the official website of Bajaj Markets
Go to the ‘Loans’ section and select the ‘Personal Loan’ Category
Click on ‘Apply For Personal Loans’ to navigate to the application form
Fill in your personal, financial, and employment details
Click on the ‘Check Your Offer’ button
Select your preferred lender from options
Choose a suitable loan amount
Submit the required documents to a representative, who will get in touch with you
Once the loan is approved, you will receive 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.
When applying for a medical personal loan, make sure that you fulfil the lender’s eligibility criteria and have all the relevant documents. Moreover, make sure that your credit score is 685 or higher and your monthly salary is above ₹25,000.
Your personal loan for a medical emergency application is approved within 5 minutes if you qualify for it as per the eligibility terms.
With an instant medical loan, you can avail of a maximum amount of ₹40 Lakhs. This helps you address a wide range of expenses related to healthcare from hospitalisation to consultations, medicines, lab tests, and more.
No, you can use personal medical loans to cover the cost of any type of medical treatment.