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Tata Capital > Blog > Medical Loan for Surgery: Cosmetic & Plastic Surgery Financing Options

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Medical Loan for Surgery: Cosmetic & Plastic Surgery Financing Options

Medical Loan for Surgery: Cosmetic & Plastic Surgery Financing Options

Cosmetic surgery has gained immense popularity in India over the years. People from all walks of life are now opting for various cosmetic procedures like liposuction, breast augmentation, rhinoplasty, and more. However, these procedures can be quite expensive, and most insurance companies do not cover them. So, how can you finance your cosmetic surgery? The answer lies in a medical loan for cosmetic surgery.

In this article, we will explore the benefits of a medical loan for cosmetic surgery and guide you on how to apply online. With Tata Capital’s medical financing options, you can turn your dreams of enhancing your appearance into reality.

What is a Medical Loan for Surgery or Cosmetic Surgery?

A medical loan is essentially a type of personal loan that you can avail of specifically for financing medical treatments or procedures. It provides you with the necessary funds to cover the costs of cosmetic surgery, which can often be substantial.

Benefits of Medical Loan for Cosmetic and Plastic Surgery in India

  1. Use of funds: One of the major advantages of taking a personal loan for cosmetic surgery is that there are no restrictions on how you can use the funds. You have complete freedom to utilize the loan amount as per your requirements.
  2. Flexible repayment tenure: The cost of cosmetic surgeries can range from thousands to lakhs of rupees. With a medical loan, you have the flexibility to repay the amount over a period of five to seven years, depending on your financial situation.
  3. Pocket-friendly EMIs: Personal loans come with affordable interest rates and pocket-friendly EMIs. By using Tata Capital’s Personal Loan EMI Calculator, you can estimate your monthly repayments and choose a loan amount that fits within your budget.
  4. Quick and hassle-free process: Applying for a medical loan for cosmetic surgery is simple and convenient. With Tata Capital, you can apply online and get approval within minutes. The required funds are then disbursed directly into your bank account, enabling you to settle your surgery bills conveniently.
  5. No collateral required: Medical loans are unsecured loans, which means you don’t need to provide any collateral or security against the loan amount. This makes it easier for individuals to avail of the loan without worrying about putting their assets at risk.

Also,read – How To Apply For A Quick Medical Loan For Health Emergencies?

Eligibility Criteria for Medical Loan for Surgery/Cosmetic Surgery

1. Age: You must be between 21 and 58 years old at the time of the last EMI date or retirement age, whichever is later.

2. Monthly income: You should have a minimum monthly income of Rs. 15,000.

3. Work stability: Salaried employees should have a minimum work experience of one year and should be working in their current company for at least six months.

Required Documents for Cosmetic/Plastic Surgery Medical Loan

1. ID proof: Aadhaar Card/ Passport/ Driving Licence/ Voter ID.

2. Income proof: Last six months’ salary credits or primary bank account statements.

3. Address proof: Aadhaar Card/ Passport/ Driving Licence/ Voter ID.

4. Salary slips: Copy of your salary slips for the last two months.

5. Employment certificate: A certificate stating continuous employment of one year.

Plastic Surgery Loan Interest Rates & EMI Calculator

The interest rates for medical loans for surgery will differ based on the loan amount, lender policies, and the borrower’s profile. For example, borrowers with high credit scores and good credit history may be able to avail lower interest rates. It is best to research multiple lenders and policies to find one best suited to your financial requirements. 

An EMI calculator is a handy tool when looking for cosmetic surgery loans. They help estimate monthly personal loan repayments by adjusting loan amount, interest rate, and tenure, making it easier to assess affordability, compare offers, and plan your budget accurately. Try Tata Capital’s EMI calculator today!

Types of Cosmetic Surgeries & Treatments You Can Finance with a Medical Loan

Loans for cosmetic surgery may be used to finance a wide variety of procedures. These could include, among others:

  • Rhinoplasty
  • Face lifts
  • Tummy tucks 
  • Liposuction
  • Breast augmentation 
  • Chemical peels
  • Bariatric surgery

They could also cover the costs of medication, post-operative care, and other expenses beyond the procedure itself. However, different lenders may have different policies regarding personal loans for plastic surgery, and which procedures will be covered under medical or personal loans. 

It is crucial to check which procedures are covered under personal loans for surgeries. Check multiple lenders to see which ones suit your requirements!

Also,read – How to Finance your Lasik Eye Surgery?

How to Apply for a Medical Loan for Surgery Online? (Step-by-Step)

If you’re seeking plastic surgery financing, here are the steps to follow:

  • Research and compare lenders: Reviewing different lenders, comparing interest rates, loan amounts, tenures, and charges can help you find an option that best fits your financial needs.
  • Prepare your documents: Keeping your identity proof, income details, bank statements, and other financial records ready will avoid delays.
  • Review your credit score: A strong credit score greatly improves your chances of approval and helps secure better interest rates and repayment terms for your plastic surgery loans.

Once you have selected a lender, collected your documents, and filled in the application form, submit your application online or at a nearby branch. 

Conclusion

The popularity of cosmetic surgery in India has led to an increased demand for financing options that cater specifically to such procedures. A medical loan for cosmetic surgery offers numerous benefits like flexible repayment tenure, affordable EMIs, quick disbursal of funds, and no collateral requirement.
With Tata Capital’s medical financing options, you can easily apply online for cosmetic surgery finance and turn your dreams into reality. Don’t let financial constraints hold you back from achieving the look you desire. Apply for a medical loan today with Tata Capital and embark on your journey towards self-enhancement.

Ease Your Medical Expenses: Get a Quick and Easy Loan Today!

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FAQs

Can I get a medical loan for plastic surgery financing in India?

Yes, many financial institutions, including conventional public- and private-sector banks and NBFCs, offer medical or personal loans for elective procedures and cosmetic surgery.

What is the typical interest rate range for cosmetic surgery loans?

Interest rates for plastic surgery loans vary by lender and borrower profile. Lenders will take your credit history, income, and loan tenure and amount into account. 

Are there student loans or special financing for two-wheeler/cosmetic surgery together?

No, student and two-wheeler loans generally cannot be used for cosmetic procedures. Cosmetic surgery and other procedures are usually financed using medical or personal loans. 

Do I need CIBIL/credit score for a medical surgery loan?

Yes, lenders will usually check your CIBIL credit score to assess your repayment capacity. A higher score improves your approval chances and helps secure lower interest rates and favourable terms.

How long does it take for cosmetic/plastic surgery loan approval & online disbursal?

Loan approval depends on the lender’s policies and processes. Public banks generally take longer to process loans. In contrast, private banks and NBFCs have quicker approval times. 

What is the maximum loan amount available for cosmetic procedures in India?

The loan principal amount will depend on the borrower’s income, credit score, and the lender’s own policies and criteria. The procedure’s costs will also affect it. 

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