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Medical Loan

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What is a Medical loan?

Life can be unpredictable at many times, and bring us face-to-face with unforeseen medical emergencies. Although we might have medical insurance and savings to take care of such eventualities, there could be times when we find ourselves not sufficiently equipped to financially handle the situation. In such times, it’s more important to focus one’s attention on the person undergoing medical treatment rather than worrying about finances. And that’s exactly what a medical loan can help you do.

A medical loan is a type of unsecured personal loan which provides you with financial coverage to handle multiple expenses during the time of a medical emergency. You can use the sum to pay for any type of medical expense including prescription bills, chemotherapy, hospitalization bills, surgeries, angioplasty and any type of medical treatment.

What is its eligibility criteria?

The general eligibility criteria to avail a hospital bills loan or a medical loan in India is as follows:

  • You should be a salaried or a self-employed individual / business person to apply for a medical loan in India.
  • Your age at the time of loan application should be between 21 years to 58 years. Some banks and NBFCs might relax the upper age limit to 60 years.
  • Salaried individuals should have a work experience of minimum 1 year and should have been in the current employment for at least past 6 months. Their monthly salary should be a minimum of 20,000 per month. In case of metropolitan cities, the bank or financial company might ask for a higher monthly income.
  • You should be a citizen of India, permanently residing in the country.
  • Please note, the bank or lending establishment would ask for all pertinent documents such as salary slips, address proof, photo ID proof, bank statements, employment certificate etc. to ascertain your eligibility for the medical or hospital bills loan.

Probable interest rate & loan tenure

You can avail a medical loan in India from any of the reputed banking establishments or nonbanking financial companies such as Bajaj Finserv, Fullerton India, ICICI Bank, Tata Capital, Indiabulls and more. The interest rate normally charged on such loans ranges from 11% p.a. to 25% p.a. You can opt for either fixed interest rate or a floating interest rate. In case of the former, the interest rate will stay fixed over the tenure of the loan, while in the latter arrangement, it will fluctuate depending upon the market conditions. In general, it makes sense to opt for a fixed interest rate for medical loans of short tenure and floating interest rate for longer tenures.

The tenure of medical loans or hospital bills loans can vary from 2 months to 72 months depending upon your requirement/s, the lender you opt for and how well you meet the availability criteria.

How to avail a Medical loan in India?

The ideal way to avail of medical loan in India is by going through and comparing multiple loan offers available on our website GoSahi.com. You can even take help of our experienced personnel who can guide you through the entire process and make sure that your medical loan is disbursed well in time, without any hassles.