Information About Medical Loan

What does the Medical Loan cover?

Our Medical Loan is all-encompassing. We cover everything from surgeries to therapy. The approval of the loan and the amount does depend on your income. 

Interest Rates

Our interest rates that start at 10.99% are competitive amongst the other players in the industry. However, it depends on loan eligibility, income, whether salaried and other criteria to determine the interest rates for the loan offered.

How much EMI do you need to pay?

Equated Monthly Instalment depends on the loan amount, the interest rate charged and the period for which the loan is taken. We provide Medical Loans with loan tenure up to 72 months.

You can choose your EMI amount that is comfortable for you by using the Medical Loan EMI calculator. 

How can you repay a Medical Loan?

You can decide how you want to repay the loan. For a fixed amount of loan and interest, you can choose the tenure and EMI that is comfortable for you. The longer the tenure, lower will be the EMI. You can also prepay your loan after meeting defined terms and conditions. 

 You can pay your loan through auto debit or ECS facility. In exceptional cases, you can also opt for a post-dated cheque payment facility.

You are eligible for a Medical Loan if you are a salaried person, aged 21-58 years, with one year of work experience and should have been with the present organization for six months at least.  You should also be earning a minimum salary of ₹ 20,000 per month. 

Documentation

These are the documents you will need to submit:

• The documents required to establish your credentials (Voter ID, Aadhaar Card, Ration Card, Driving License –any one).
• Proof of identity and proof of residence
• Salary slips, documents relevant to your salary

Find out more about Eligibility and Documents for more details.

You have to meet some basic conditions in order to get a Medical Loan. At Tata Capital, we offer loan with minimal paperwork, reasonable interest rate and flexi EMI plans.

What’s the maximum amount of Medical Loan you can get?

The maximum amount of a Medical Loan depends on your income. You need to have a minimum income of ₹ 20,000 per month. You would be eligible for a maximum loan of ₹ 25,00,000. 

What is a Medical Loan EMI Calculator?

The Medical Loan EMI calculator helps you to understand the EMI that you will pay towards the principal payments and interest payment over the loan tenure. Use the EMI calculator to know how much money you can pay monthly over a course of time to repay your personal loan for medical emergency. With the help of EMI calculator, you can plan your monthly instalments and pay off the loan with ease.

What does a Medical Loan EMI Stand for?

Equated Monthly Instalments (EMI) give you the convenience of paying back the Personal Loan amount in smaller instalments. The instalment consists of both the principal and interest amount.

How to calculate your Medical Loan EMI using a calculator?

Enter the following information to calculate your EMI:

• Medical Loan Amount (the loan amount you wish to get) Interest Rate (Tata Capital Medical Loan interest rate begins at 10.99%)
• Loan Tenure (Tata Capital offers 12 - 72 months of time)
• Click the Calculate button. The system shows your EMI monthly break-up of both the interest and principal payment.
• If the Medical Loan EMI is higher or lower than you want to pay, edit the principal amount and follow the same steps from 2 to 4.

The 3 Hows of deciding the right EMI

• How soon do you want to pay off the personal loan for medical emergency?
• How much can you afford to pay in a month?
• How much of an interest rate are you comfortable with?