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Medical Loan

About Medical Loan

A guide to Medical loan

A medical loan is a type of loan provided by banks and other money lenders to cover any costs suffered from a medical incident. These loans are used to pay medical bills and come under emergency loans.

An emergency medical loan can be approved fast for amounts up to Rs 50 lakh. As a medical emergency can happen at any time. These can be used to pay your medical bills, medicine costs, therapy costs, convenience fee, surgery costs, amenity bills etc. You can later repay your loan with easy EMI instalments within 1-5 years with LoanzBazar’s loan services.

Connect with us to know more.

Loan Amount

25,000

25,00,000

Rate of interest

11.00%

36%

Loan Tenure

6 Months

72 Months

Calculated EMI*

Easy and quick medical loans at LoanzBazar

With LoanzBazar’s medical loan services, you can get your loan sanctioned within 24 hours which will allow you to pay your medical bills.

Check Loan Eligibility at loanbazar

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Best features of LoanzBazar’s medical loan services

Applying for Medical Loan has never been easier with Loanzbazar. Check details here:

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Fastest medical loans for medical emergency

LoanzBazar guarantees loan approval within 24 hours after screening the required documents and your application for your medical loan.

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Easy EMI instalments for monthly repayments

With the fastest and most convenient loan approvals, LoanzBazar always offers options for repayment in EMIs. You can start paying your medical loans 6 months after the loan transfer.

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Huge loans approvals for medical emergency

At LoanzBazar you can take a loan from anywhere between Rs 50,000 to Rs 10,00,000 for your medical emergency.

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Enough time for loan repayment

You can repay your loan amount with interest within 12 to 60 months by opting for LoanzBazar’s services.

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Emergency medical Loan approvals with less paperwork

When you are opting to take a personal loan with LoanzBazar you won’t be worrying about documents. As a medical emergency can happen anytime the sanctioning of loans is fast and easier with LoanzBazar.

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No extra costs

The loan process at LoanzBazar is completely transparent. You do not need to pay any processing fee or other charges while applying for a medical loan.

Documents to Apply for a Medical Loan

When applying for a Medical Loan, you will need to submit the following documents:
  1. PAN Card
  2. Identity proof (Aadhaar Card, Driving licence, Passport, Voter ID, etc.)
  3. Signature Proof (Passport, PAN card, etc.)
  4. Address proof (Passport copy, Aadhaar card, driving licence, utility bill – gas or electricity bill, Voter ID ,ration card, rent agreement, etc.)
  5. Bank statements of the past 6 months
As a salaried individual, you additionally need to submit the following:
  • As a salaried individual, you additionally need to submit the following:
  • Income Tax Returns for the last 2 years
  • Doctor proof (License, registration certificate, GST number)
  • IT Assessment OR Clearance Certificate
  • Income Tax Challans OR TDS Certificate (Form 16A) OR Form 26 AS for income declared in ITR
Please note that depending on your individual profile and Fullerton India’s policy at the time of loan application, additional documents may be requested.

Loanbazar Medical Loan Eligibility

  • You must be a Salaried Employee
  • Age: 23-55 years old
  • Net Monthly Income must be more than Rs. 20,000.
  • No defaults in the last 24 months.
  • You must be residing in Delhi/NCR, Bangalore, Pune, Chennai,Mumbai or Hyderabad.

What bills can you pay with your medical loans?

You can pay all your medical bill using a medical loan which includes hospitalisation bills, medicine bills, surgeries, bypass surgery, chemotherapy, mental therapy costs, convenience fee, surgery costs, amenity bills etc

Flexible Repayment options

Final installment options for a loan will be decided based on your profile and inputs.

Medical Loan

Repayment done via Fixed Equated Monthly Installments, where EMI=Principal + Interest. Each Installment reduces both interest and Principal amount. Ideal when: You know the precise Loan Amount needed and your income is consistent.

How to apply

Avail our personal loans through your preferred platform and enjoy unmatched convenience at your fingertips…

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Via Website

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Via Our App

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Via WhatsApp

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Via Call

Compare Medical Loan Rate of Interest in Mumbai, Pune, Thane, Navi Mumbai, Delhi, Bangalore

The interest rates for medical loans in SBI are the lowest at 9% for a loan amount between Rs 5lakh to Rs15 lakh for a repayment tenure between 12- 48 months.

Bank Name Rate of Interest for Salaried Employee
HDFC Bank 10.99% - 17.85%
Axis Bank 11.99% to 24%
ICICI Bank 10.99% - 17.85%
Standard Chartered Bank 11% - 16%
IndusInd Bank 14% - 16%
Kotak Bank 11.50% - 24.00%
Bajaj Finance 14.25% - 16.75%
HDB Finance 14% - 21%
Fullerton Finance 13.00% - 24.00%
State Bank of India 11.00% - 17.65%
IDFC Bank 10.99% - 17.85%
IDFC Bank 10.99% - 17.85%
Tata Capital 13.50% - 18%
Yes Bank 12.50% - 16.00%

FAQs

You can get loans depending on bank policies. Rs 10 lakhs is mostly the average amount people take for a medical loan.

No, at LoanzBazar you do not have to pay any extra charges to apply for a medical loan.

Yes, you have to be more than 21-years-old Indian citizen, have a regular salary job or have a regular income.

No, approval of a medical loan at LoanzBazar does not take a lot of time. The loan amount will be transferred within 24 hours.

Yes, a decent CIBIL score is one of the parameters of getting a medical loan