What is a Medical Loan ?
A Medical Loan is extended by a bank or a financial institution under the category of personal loans. It can be availed for various contingency situations related to health or any urgent medical needs such as an operation, surgery procedure, therapy, or for any concerns related to health. The interest rate for a medical loan is based on multiple factors such as the organization you work for, your salary range, and the city of your current residence.
It is recommended to check and compare the interest rates, eligibility for a medical loan across various banks before you select one of them.
What are the current interest rates on medical loans ?
Medical loans can be availed from various banks and mostly comes under the category of personal loans. The interest rate on a medical loan depends on various factors such as the loan amount, the organization where you are employed, range of your salary, and the city you are based in currently. There could be other factors that might differ from one bank to another. Interest can vary from 12% to 25% depending on the personal loan eligibility.
Interest on a loan amount is the portion that is over and above the principal amount that has to be repaid to the bank. You can choose to take up the interest rate in various forms - Reducing or diminishing rate of interest, Flat rate of Interest, fixed rate of interest, or floating rate of interest.
Why Tata Capital ?
Tata Capital makes it a point to offer medical loans with minimal documentation and clears it within days for your contingency situations.
Am I eligible for a Medical Loan ?
Medical loans come in the bracket of personal loans and can be availed from different banks or financial institutions. The personal loan eligibility criteria for each bank differs, but being an unsecured loan, there is no need to mortgage or get a guarantor for the medical loan. Eligibility for your Medical Loan mostly depends on your salary bracket, the organization you work for, and evaluation of your financial capability to repay the loan. Documentation is simpler for a Medical loan, as it an unsecured loan.
Some basic eligibility factors are listed below:
How Much EMI do I Have to Pay ?
Repayment of the loans is done with calculated EMIs, where the portion of the EMI totally depends on the amount of loan taken and the interest rate applied on the amount.
You can calculate the EMI on the Medical Loan EMI calculator.
What are the documents you need ?
Medical loans need absolutely basic documentation. This a quick list that you can refer to.
|Salaried Applicants||Self-employed Applications|
|Application form with the latest photograph||Application form with the latest photograph|
|Identity proof - passport copy/Voter ID/Driver's license||Identity proof - passport copy/Voter ID/Driver's license|
|Address proof||Address proof/office address proof|
|Residence ownership proof||Residence ownership proof|
|Bank statement of last 6 months||Business Existence proof - Eg. Shop establishment Act|
|Income proof with latest Form 16||Income Tax returns for the latest 2 years, Balance sheet, Audit report, etc.|
|Existing loans (If any)||Existing loans (if any)|
Nothing is above Living a Full Life
Medical loans help you to address your or your loved one's medical needs on an emergency basis. With the soaring healthcare costs, it is not possible for every person to be ready for the required medical expenses. Nothing can beat the importance of healthcare and medical in our lives and Medical loans are a way to deal with contingency situations in an effective manner.
At Tata Capital, we not only offer you medical loans at the best rates but also advise you to make it easier for you to finish the loan repayment in time.
Why opt for a medical Loan
Medical loans are unsecured loans and you need to go through rigorous documentation to avail it. These are some obvious reasons why should consider taking a medical loan.