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Medical Loan

Medical Loan

A medical emergency can strike without any notice. It could be due to environmental factors, lifestyle choices, or sometimes an underlying undetected issue. Since healthcare costs in most cities are escalating, what is needed at the time of emergency is good healthcare services and sufficient funds to pay for medical services. So, during a crisis, instead of worrying about funds or breaking into your savings, why not apply for a medical loan?

A medical loan is an unsecured personal loan which can be used to pay for healthcare-related expenses. This amount can be used for any medical reason, including paying off medical bills, buying medicines, or paying doctors’ fees. Having a medical loan makes it easier for you to pay for all such expenses.

A medical loan from Finnable can help you in times of need. At Finnable, we believe in prioritizing your health first and providing you with an easy and quick loan for medical treatments so that medical care does not suffer due to lack of funds.

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Medical emergencies do not come with a prior warning; sometimes, the illness is so critical that expenses go beyond what your health insurance will cover. In such scenarios, you can either use your cash reserves or take a personal medical loan to meet the expenses. With a medical loan, you can choose the best medical treatment without worrying about medical costs. 

A medical loan is an easy way to get financial assistance at the time you need it most. Finnable is the fastest-growing NBFC that offers medical loans to consumers facing medical emergencies. It is a short-term to medium-term unsecured loan granted to an individual on the basis of their repayment capacity, credit score, occupation profile, etc. A medical loan covers the costs of almost all medical treatments.

Finnable provides you with hassle-free loans in times of medical emergency. The medical loan covers a diverse range of medical expenses such as hospital bills, doctor’s fees, surgery costs, medicine costs, rehabilitation, recovery, treatment costs, operation costs, etc. These loans are readily available to ensure you can get quality medical care without delays. You can apply for a personal medical loan online, and Finnable disburses the funds after approval. The entire process is transparent and hassle-free to ensure you get funds easily for optimal care of your loved ones.s. A personal loan is becoming increasingly popular due, in part, to the fact that they are simple to process and do not warrant any security because they are unsecured loans. Secondly, you can obtain a personal loan from any bank or non-banking financial institution of your preference.

Features and Benefits of A Medical Loan

Overcome any unforeseen medical event with our medical loan that covers various medical expenses. Mentioned below are some of the benefits of using a medical loan:

  • You can easily apply online and avail of funds easily for almost all types of medical treatment.
  • The personal medical loan amount ranges between Rs. 50,000 to Rs. 10 Lakhs.
  • We at Finnable offer loans with minimum paperwork and robust customer support.
  • Instant disbursal of loans by Finnable to avoid any delays in medical treatments.
  • Attractive interest rate.

Medical Loan EMI Calculator

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When you take a medical loan, you have to pay interest on the principal amount. The borrower needs to repay the principal and interest to the financial or non-banking financial institution as Equated Monthly Instalments (EMIs) within a predetermined tenure. EMIs are the fixed monthly amount you pay to the lender for the period you have taken the loan. Finnable also offers an EMI facility to repay loans. An EMI calculator can help you plan to repay the loan on time. 

An online EMI calculator helps borrowers calculate the amount they need to pay in fixed monthly installments and enables them to plan their loans according to their repaying capacity. There are three main components of an EMI calculator. You can calculate the EMI by changing these values on the basis of loan terms offered to you and plan your loan in accordance. Here is a quick guide:

  • Loan Amount– This is the amount you have been sanctioned or want. In the initial planning stage, you should enter the loan amount you wish to borrow. The amount of EMI depends on the principal loan amount, and the EMI increases or decreases according to the loan amount.
  • The Interest Rate– It is the rate at which the loan is granted to you. The person needs to pay it to the lender on the amount of the loan sanctioned. The medical loan interest rate varies from lender to lender and the wide customer base of the same lender. The interest rate is also dependent on various variables, such as the customer’s eligibility criteria and credit score.
  • Duration of Loan– It refers to the time frame for which the borrower wants to take a loan. It can be expressed in months or years. In other words, it is the tenure of the disbursed personal medical loan. The longer the loan tenure, the lower the EMI will be, and vice versa.

A borrower may calculate the EMI of a personal medical loan using the Medical Loan Calculator, as it is very beneficial for borrowers and helps them plan the loan efficiently and optimally. Medical Loan calculators can be easily found on the internet. To use this calculator, the borrower needs to enter the loan’s principal amount, interest rate, and tenure. 

Whenever a loan is taken, the borrower must repay it in EMIs. A medical loan calculator comes in handy to determine how much you need to pay as EMI each month. An EMI calculator helps you get accurate monthly instalment computations in just a few clicks. Medical loan EMI calculators are free to use and let you calculate the EMI to enable you to decide if you can accept this much as credit. Knowing the EMI amount helps you evaluate the loan alternatives given by various competent lenders, such as Finnables, and allows you to make informed decisions. 

Medical Loan Interest Rate

Many banking and non-banking institutions in India offer personal medical loans. However, all these institutions charge different interest rates on loans. You can easily apply for the loan online, but you must compare the interest rates before making the final decision. The medical loan interest rate may range anywhere from 16% to as high as 28%. The interest rates depend on various factors, including the lender’s policies. The medical loan interest rate depends on your income, employment status, stability of your employment, credit score, etc.

Tips And Tricks To Avail The Best Medical Loan Interest Rates

Given below are the tips to avail the best interest rates on a medical loan:

  • If you are taking the loan for the first time, then you must apply for a score builder product and build your credit history. This facilitates faster loan processing when you need a loan.
  • Paying all your installments on time without missing a single installment will help you maintain a good credit history.
  • Avoid applying for a loan with multiple lenders at the same time, as this indicates you are desperate for credit, and it impacts your credit score negatively.
  • Never ever default on a loan.

Why Should You Get A Medical Loan?

There are multiple reasons to apply for a medical loan in an unforeseen event of a medical emergency. A few of the reasons why should I get medical loan are listed below:

  • Easy Loan Disbursement

It is easy to get a personal medical loan which is why it is beneficial in a medical crisis. In the time of a medical emergency, when you are already stressed because of the medical condition of a loved one, a medical loan saves you from the hassles of running from pillar to post to arrange funds. Since a medical loan can be easily applied online, you do not have to make several trips to the bank to submit documents, get approval letters, etc. All this can be done online, and the loan gets approved and disbursed within a day. A person can get a medical loan for the majority of medical treatments.

  • Quick And Hassle-Free

You can easily apply for medical loans online and get instant approvals. Online medical loans are quick and hassle-free, and you are no more required to go to the bank and can easily get a loan approved from the bank within a few minutes from anywhere and at any time.

  • No Clauses or Exclusions

Health insurance coverage is a must and helps you in times of medical emergency. However, at times your health insurance coverage is not enough to meet the medical expenses, or your health insurance does not cover certain medical conditions. Moreover, there are certain clauses and exclusions because of which you cannot make a claim even if a person has an active medical insurance policy. In such cases, the medical loan is of great use and enables you to meet all expenses incurred during a medical emergency without worrying about clauses or exclusions.

  • In Addition To Health Insurance

Health insurance offers you a cover-up to a specific amount only. However, medical treatment expenses may be higher in certain medical emergencies, and your health insurance coverage may be insufficient. In such scenarios, a medical loan comes in handy and offers you the amount you need in a hassle-free way. You can choose the amount based on your needs. It is advised to borrow only as much as you need to meet the medical expenses.

  • Savings Remain Intact

A medical emergency can force you to break your savings. However, you can apply for a medical loan and keep your savings intact for other purposes.

  • Attractive Interest Rates

All banking and non-banking financial institutions offer medical loans at attractive interest rates for medical surgeries, hospitalisation, recovery, medicinal expenses, etc. Moreover, you can easily get a loan at affordable rates if you have a good credit score. Since medical loans are easily available at attractive interest rates, it makes them a great finance option.

  • EMI Schemes

A medical loan can be repaid in EMIs. The repayment terms are flexible, and a borrower can choose a loan tenure as per their financial capabilities. So, you can easily get a loan, use it to meet medical expenses, and repay it through EMIs.

Can I Get A Loan For My Medical Bills

Anyone who meets the following criteria can get a loan for medical bills:

  • Credit Score

The person should have never defaulted on a loan and have a good track record of making timely repayments on all loan installments, past/existing loans, and monthly credit card payments.

  • Age

The salaried person should be between the age bracket of 21-60 years.

  • Type of Company

The company in which a borrower is employed should have personal loan terms. If the associated company is listed, the borrower has a better chance of obtaining a personal loan.

  • Consistency

If the borrower is a salaried person, he/she should be a permanent employee in the current company.

How To Get A Medical Loan Online?

To get a medical loan, you will need the following documents:

Age Proof

You can submit any one of the documents as age proof. These documents include an aadhar card, voter ID card, PAN card, passport, or driving License.

Address Proof

You can submit any one of these documents as address proof. These include a Lease or Passport, the latest utility bill, registered rent agreement, aadhar card, or bank statement.

Income Documents

Salaried employees should submit their salary slips for the last three months and bank account statements if required reflecting salary credit.

Other Documents

Apart from the documents mentioned above, you need to submit a loan application form and passport-size photograph.

Medical Loan features

Finnable Valuable Customers
4496 people have applied for loan in the last 24 hours
5/5
5000 people have rated this loan as the best product

Low EMI's

Enjoy lower EMI’s with interest charged on reducing balance method. As opposed to Flat rate of interest, Reducing balance ensures EMI amount remains low.

Personal Loan Assistant

Get loans quickly

Apply for a personal loan in a few clicks by submitting only a few basic documents and get the loan money transferred in your account as quickly as 2 hours. The entire process is 100% digital.

High Loan Amount

High Loan Amount

Apply for personal loans with minimum documentation and get high loan amounts of upto Rs.10 Lakhs. The loan tenure can be anywhere between 60 months.

Get rewards

Personal loan Assistant

Please write to your personal loan assistant at makeiteasy@finnable.com for any support. We aim to provide you a seamless and hassle-free experience.

Get rewards

Low EMI's

Enjoy lower EMI’s with interest charged on reducing balance method. As opposed to Flat rate of interest, Reducing balance ensures EMI amount remains low.

Instant Personal Loan

Get loans quickly

Apply for a personal loan in a few clicks by submitting only a few basic documents and get the loan money transferred in your account as quickly as 2 hours. The entire process is 100% digital.

High Loan Amount

High Loan Amount

Apply for an instant personal loan with minimum documentation and get high loan amounts of upto Rs.10 Lakhs. The loan tenure can be anywhere between 6 and 60 months.

Personal Loan Assistant

Personal loan Assistant

Please write to your personal loan assistant at makeiteasy@finnable.com for any support. We aim to provide you a seamless and hassle-free experience.
Finnable Valuable Customers
4496 people have applied for loan in the last 24 hour
5/5
Over 5000 customers have rated us 5 stars in Play store

Personal loans can be used for multiple purposes- to fulfil your desires or meet urgent financial needs. This is why we bring you a range of instant loan products to suit your needs and desires.

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Medical Loan FAQs

A medical emergency can arise without any prior notice. It can happen to anyone and at any time. At times like these, the last thing you need to do is worry about healthcare costs. This is why a medical emergency loan is crucial. Essentially, a healthcare loan is an unsecured personal loan that you can avail of for medical emergencies.

A medical loan can be used for any medical expenses, including hospital charges, doctor’s fees, purchase of medicines, etc.

Yes, you can take a Medical loan to pay for any medical expenses arising out of any medical emergency or for any other medical procedures. Finnable provides easy and quick Medical loans from 50k upto 10 Lakhs as per your eligibility.

The medical loan rate of interest as charged by Finnable is between 16% to 26%. The final rate of interest on the medical loan depends on factors such as age, credit score, current income, and current employment status, among others.

You can reach Finnable’s customer care via email id: makeiteasy@finnable.com where all your queries will be answered.

Being able to take quick and timely decisions is of utmost importance in a medical emergency. Since Finnable offers all types of medical loans for any emergency, this enables you to take those important decisions in a timely manner. 
You can apply for a medical emergency loan through our personal loan app:  
1. Fill out your application form, for which you will need your basic details, including your employment and financial details, and soft copies of documents.
2. You can then select the amount required for the medical loan and the repayment tenure. 
3. After submitting the above-mentioned details, your medical loan will be disbursed within 6 hours of approval

You can take a medical loan from a different city, provided you can furnish the required documents at the time of application. If you have moved to a different state for employment reasons, a letter from your employer can be one of the document proofs that you can submit.

To be eligible for a loan, the individual should:
Be a resident of India
Be employed full time in a private or government sector
 Have minimum work experience of 6 months in total and more than 3 months in their current organisation
 Have a salary of more than Rs. 20,000/- per month if living in a tier 1 cities and Rs.15,000/- per month if living in tier 2 cities
Receive Salary in a bank account

  • Identity proof such as Aadhar Card and Pan Card
  • Income proof, which can be 1 months’ pay slip and 3 months’ bank statement showing salary deposits

No, a borrower is not required to make any down payment to avail of a medical loan for surgery.

Though, it is advisable to maintain a credit score above 700 to secure a loan at an affordable interest rate. However, whether a person can get a loan with an average credit score will vary based on the terms and conditions of the lenders.

A medical loan can be used to meet any kind of medical expense. The banks do not have any restrictions on the type of treatment.

No, Finnable offers unsecured medical loans. Hence, you can get a medical loan without any security or collateral.

No, the loan for medical bills is available instantly, and there is no waiting period in case you meet the eligibility criteria and other terms and conditions.