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Medical Emergency Loan

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.

Medical Emergency Loan Interest Rate

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

Interest Rate

11% p.a. onwards

Processing Fees

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.

Features & Benefits of a Medical Loan

High Loan Amount

High Loan Amount


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.

Flexible Repayment Tenure

Flexible Repayment Tenure

You can choose a repayment tenure that suits your financial capabilities. You have the freedom to pay off the loan anywhere within 6 months and 7 years.
Quick Approval

Quick Approval

Medical emergencies demand that you have the required funds with you as soon as possible to be hospitalised, avail medication and get treated. Most lenders ensure that your loan application is approved within 5 minutes.
Immediate Disbursal

Immediate Disbursal

Due to the immediate nature of urgent healthcare, you need an instant loan for a medical emergency. Thanks to the simplified application process, you get the money in your bank account within 24 hours of getting approval.  This way, you can address your health straightaway. 
Ease of Repayment

Ease of Repayment

The  personal loan EMI or monthly instalment that you pay for this loan is also convenient. With an affordable  personal loan interest rate and by choosing the right tenure, you can repay your loan without strain.You can also benefit from the part prepayment facility to clear off your dues before the tenure ends to save more. 
Minimal Documentation

Minimal Documentation

Since the entire application process for most personal loans is online, you can avail of this loan quickly and with minimal paperwork. This also helps in completing the loan application and approval process near instantly.

Calculate EMIs for Medical Loan

Loan Amount
  • Months
  • Years
Rate of Interest

Monthly EMI

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest Amount
Year Principal Interest Balance

Eligibility Criteria for Medical Loan

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

Documents Required for Medical Loan

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. 

How to Apply for Instant Medical Loan?

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.

FAQs on Personal Loan for Medical Expenses

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.

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