Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Guide for Availing Medical Loan Online

Medical Loan

Guide for Availing Medical Loan Online

Guide for Availing Medical Loan Online

In
India, the rate of inflation in healthcare is almost two times than in other
sectors. Even with health insurance, out-of-pocket expenditures on medical
treatments can put many families into dire financial constraints. Unforeseen
expenses can disrupt your life savings. 

Know More

However,
instead of liquidating your investments for paying exorbitant medical bills,
you can apply for medical loan. This is a type of personal loan wherein you do
not have to pledge collateral and can use the proceeds for meeting healthcare
costs. If you need information on how to get a medical loan in case of emergencies,
here is a brief guide.

Compare interest rates

Several
banks and NBFCs offer loans for medical procedures and treatments. The interest
charged depends on your job profile, the reputation of the company you work in,
your monthly salary, the city you live in, and other such parameters. You can
research online and find a lender that offers the most competitive medical loan
interest rates.

Check your eligibility

You
can find out the loan you are eligible for by visiting the financial
institution’s website. Your age, the number of months you have been working in
your current organization, your monthly salary and work experience determine
whether you can avail of a loan for medical treatment. Try to find the
financier with the least stringent eligibility criteria and terms that suit
your requirements.

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

Determine the EMI

You
can use a medical loan calculator on the lender’s website to determine how much
you have to pay in equated monthly instalments (EMIs). If you want to lower
your EMIs, you can select a longer repayment tenure. It’s always advisable
to find out the EMIs for different loan tenures and then decide accordingly.

Prepayment, foreclosure, and other charges

If
you want to repay the loan in part or in full, you might be charged for
prepayment or foreclosure. Some lenders will allow part payment of the
principal amount without charging any extra amount. 

The
company granting the loan will also ask for some non-refundable fees to process
the loan. Moreover, if you delay EMI payments, you will have to pay an
additional penalty interest on the overdue amount. You can also be fined if
your EMI check bounces due to insufficient funds in your bank account. Find out
more about such miscellaneous fees and opt for a lender that charges the least
to avoid increasing the overall cost of your loan.

Documents required

You
will need to provide documents in support of your eligibility to avail of a
medical loan. These documents include:

  • Photo
    identity proof
  • Address
    proof
  • Your
    latest salary slips and updated bank statements
  • A
    certificate stating the period you have been in continuous paid employment

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

Conclusion

Nobody should delay medical treatments for lack of money. If you need money to cover healthcare costs, apply for a personal loan for medical emergency from Tata Capital. Get quick access to funds with instant loan approval and get the best possible treatment at the earliest.

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

Apply now
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Important Information

Investor Information

Visit us on:,Visit us on: www.tatacapitalmoneyfy.com,www.tatacapitalmoneyfy.com

Our Private Equity Funds

Amalgamated Companies

Top Branches
Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.