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Tata Capital > Blog > Medical Loan > Here Are the Things You Should Know While Applying for a Medical Loan

Medical Loan

Here Are the Things You Should Know While Applying for a Medical Loan

Here Are the Things You Should Know While Applying for a Medical Loan

If you are dealing with substantial medical expenses, consider a personal loan for medical emergencies rather than dipping into your savings to pay a lump sum hospital bill. Medical loans can be availed to pay for medical treatments that even the best insurance policies do not cover like IVF, weight-loss surgery, ENT procedures, cosmetic surgery, etc.

Benefits of Medical Loan

  • A personal loan for medical emergencies can be availed at competitive ROIs and without tedious paperwork. 
  • You can even apply for an instant medical loan online. Fill out the digital form for a personal loan and submit it on the web portal. If your application is deemed eligible, you will receive instant approval.
  • Many lenders also offer a Flexi EMI plan. This repayment option allows you to pay lower EMIs at the beginning of your tenure, and as your salary goes up, you can switch to a higher EMI.
  • The lender does not require any security to sanction a medical loan. It is an unsecured loan.
  • Not a lot of documentation is required to apply for a medical loan.

Medical Loan Eligibility Criteria

  • The applicant must be between the ages of 21 and 65.
  • The applicant must be able to show a stable source of income.
  • The medical loan applicant must have work experience of 1 year. 
  • Salaried employees should have been with their present organization for at least six months.
  • The applicant must have a minimum monthly salary of Rs. 20,000. This number may go up if you live in a metropolis like Mumbai or Delhi.
  • The applicant must be a citizen of India, residing permanently inside the country.
  • The loan for medical treatment can be used for any medical procedure.

Additional Read:- Easy Tips and Ways to Get a Quick Medical Loan

Documents Required

  • Proof of identity – passport, driver’s license, PAN card (any 1)
  • Proof of residence – voter id card, ration card, utility bills, passport, driving license (any 1)
  • Passport size photograph(s)
  • Proof of income – last six months’ salary slips, Form 16, company appointment letter, last six month’s bank statements reflecting incoming salary for employees. ITR of last 2 or 3 years, last six months bank statements, business address proof, certificate of incorporation in case of companies, partnership deed, service tax registration, office address proof, GST registration number for self-employed people.   
  • Credit score – This requirement is not mandatory, but several lenders insist upon a good credit score. If you took a previous loan and repaid it without any defaults, your credit score will be high. Also, if you have been paying your credit card bills on time, you will earn a good credit score. 

Additional Read:- Top advantages of taking a medical loan in case of an emergency

Over to You

Want to take a personal loan for medical emergencies? Look no further than Tata Capital! Our experts are fully committed to assisting you every step of the way, from application to approval. We provide loans for medical expenses, starting at just 10.99%. With our Flexi EMI option, you can tailor your instalments the way you want. So, what are you waiting for? Log on to our website and apply for a medical loan online!

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