Medical Loan – Apply Online in India


In a medical emergency, the last thing one really wants to bother about is the medical bill. But let’s face it, eventually one has to make that payment. Most of the people are insured with their insurance providers. So why take a medical emergency loan? iServe offers medical emergency loan to all those in need, those who do not have insurance cover, or if it is expired, or for various reasons where banks or NBFC’s refuse to cover the cost, iServe helps you. The team at iServe believes and wants customers to take care of their patient rather than running around pillar to post to arrange funds for the emergency. iServe offers transparent and hassle free Online Application & Instant Approval of medical emergency loans. Apply today and get the money as soon as tomorrow without stepping out.

Know About Medical Loan

Mahatma Gandhi once said, “It is health that is real wealth and not pieces of gold and silver”. Time and health are the two valuable assets that a man does not appreciate until they have been drained. Without health a life is not worth living. Imagine being struck with a cataclysm. Your doctor said you are in need of some tests or surgery and you are short of funds. If something like this happens and you are not in the state of mind to explore sources to arrange money. A medical emergency might appear in any form and if you’re not careful, this can easily annihilate all the money you have saved. In situations like these, ones that demand enormous funds immediately, a medical loan will give you a way out from this situation. A loan from a reputed bank could help you ease the excess baggage.

What are Medical Loans?

A medical loan or say a healthcare loan is a kind of loan that can be used for multiple medical emergencies such as a surgery, procedure, therapy and so on. A medical loan covers all your expenses from doctor’s fees to hospital bills and expenses on medicine. All the private as well as public sector banks offer medical as well as dental loans. These loans are similar to personal loans. Many banks offer medical loans under the category of personal loans. Unlike other loans, these loans do not demand any type of collateral or deposit. They are easy available as well and you get quality medical care without any delay.

Why You Should go for a Medical Loan?

A loan for medical procedures is the safest bet to borrow money in case of any medical emergency. If you want to spread the cost of medical procedure without handling any extra burden on your pocket, than you can go for a loan for medical treatment. The reasons for taking out a medical loan are as follows:

  • Medical loans are easily available. The assistance of these loans allows the applicant to borrow small funds for a small tenure.
  • Unlike other loans, these types of loans are collateral free and do not demand any deposit.
  • No additional costs of hidden fee are attached to this loan.
  • You don’t have to worry about the medical expenses as this loan will help you with immediate funds.
  • You can also apply for a medical loan even with a poor credit history which is a must in other loans.


Features and Benefits of Medical Loan

There are certain features and benefits of applying for a medical treatment loan. They are as follows:

  • It provides an affordable medical care to the borrowers in case of any type of medical emergency.
  • These loans are easy to apply and are quick approval loans. These can be approved within a day depending upon the borrower’s profile.
  • A personal loan for medical emergency does not require any collateral or security since they are unsecured loans.
  • Borrowers can pay the loan in instalments with easy repayment options.
  • Both salaried as well as self-employed professionals and businessman can apply for this loan.
  • They require very minimal and simple documentation.
  • The loan amount can be used for any medical expense like doctor’s fees, hospital bills and can also be used in any kind of surgery that requires immediate funding.
  • Banks are now providing loans with flexible tenure.
  • Loans can be taken with fixed as well as floating interest rates.
  • Loan amount can go from 10,000 to 30 lakhs.
  • Pre-closure facility is also available with these loans.
  • The tenure for a medical loan ranges from 1-5 years.


Eligibility Criteria of Medical Loan

There are certain factors on which an eligibility of an applicant who wants to apply for a medical loan in India depends:

  • Any salaried as well as self-employed individual holding an Indian citizenship is eligible to apply for personal medical loan.
  • Any pensioner who has taken voluntary retirement from his service can also take this loan.
  • Though most of the banks do not ask for a minimum salary but it is still considered to be INR 20,000.
  • A loan for medical does not ask any deposit.
  • No collateral is required to be eligible.


Documentation Required for Medical Loan

Several banks and NBFCs in India either offer health loan or personal loan for medical expenses under the category of personal loan. Before loan disbursement the bank will ask few documents from the borrower.

Documents for salaried employees :

  • Identity proof such as Passport/PAN Card/Aadhaar/Driving License.
  • Address proof- Passport/Voter ID/ Ration card/Driving License.
  • Birth certificate of applicant.
  • Passport Size photographs.
  • Last 3 months salary slips.
  • Form 16.
  • Latest 3 months banks statement.
  • Appointment letter from the company the applicant is working.


Documents for self-employed individual :

  • Identity proof such as Passport/PAN Card/Aadhaar/Driving License.
  • Address proof- Passport/Voter ID/ Ration card/Driving License.
  • Birth certificate of applicant.
  • Passport Size photographs.
  • Office address proof- Electricity bill/utility bill.
  • Audited balance sheet of last 3 years.
  • Income tax return documents of last 3 years.
  • Last 3 months bank statements.
  • Qualification proof of applicant including the mark sheets and certificates.


Interest Rate of Medical Loan

Medical loans are unsecured loan and hence comes with a high interest rates as compared to home loans. Most of the banks offer competitive medical loan interest rates to lure the customers. Generally banks charges interest rates between 10%-25%. Loans are offered on the following interest rates:

  1. Fixed Interest rates :
    In this, the rate remains constant and does not change over the period of the loan. Patients with fix budget and lower tenures can apply for a fixed interest rate as this will allow them to plan their repayment cycle.
  2. Floating interest rates :
    Here, the rate depends on the fluctuations in the market and changes with inflation and deficit in the market. For those who want to go for a loan with a longer tenure, a floating interest rate is suitable.


How to Apply for a Medical Loan

With many banks including private and public banks providing health loans and also there are several medical loan companies offering loans at attractive interest rates, it has become quite easy to apply for a loan for any medical emergency. Here is how you can apply for a medical loan:

  • Collect all the information regarding the loan and choose the bank which suits you best.
  • You can either apply online or offline.
  • Once you have applied bank will check your eligibility. If found eligible bank will precede your application further.
  • You will be asked to submit your documents for verification.
  • After loan approval, bank will provide you a promissory note stating the terms and conditions which you have to sign.
  • The loan amount will be disbursed to your account within 1-2 days.


Fees and Charges of Medical Loan

Along with the interest rate, there are certain charges levies by the banks and NBFCs that an applicant need to know about while applying for any healthcare loan in India. These charges are as follows:

  • Processing fee :
    This fee is non-refundable and charged to process the loan application. It is usually between 1-2% of the outstanding loan amount.
  • Prepayment fee :
    This fee is charged if the borrower pays the loan EMIs before the tenure and is between 2-5% of the outstanding loan amount.
  • Late penalties :
    Bank usually charges late payment fee between 2-3% of the EMIs in case of any delay in the monthly EMIs.
  • Cheque bounce charges :
    Bank also charges some amount for every bounced cheque which is given for the loan amount payment. This charge varies from bank to bank but is generally between Rs.200-500.
  • Documentation fee :
    Banks charges some amount for verifying the documents to process the loan amount. These vary from Rs. 500-1000.


Top 5 Banks Providing Medical Loan

  1. HDFC Bank :
    HDFC bank offers medical loans to both account and non-account holders. Account holders can apply online and non-account holders have to apply for the loan offline. The loan disbursal with HDFC may take around 3 days. Interest rates offered between 12%-20% and the tenure may range from 1-5 years.
  2. ICICI Bank :
    The bank offers medical loans for surgery, therapeutic treatment, dental problems and other health issues. The loan amount ranges from 15,000 to 15 lakhs with repayment tenure of 1-5 years. Interest rates offered is between 13.49%-17.50%. The loan approval process is quick and loan is approved within 72 hours.
  3. State bank of India :
    The state lender offers medical loan under a scheme named Medi Plus. The loan amount ranges from Rs 50,000 to Rs. 2 lakhs. The repayment tenure is up to 5 years. Interest rates offered starts from 14.50% and processing fee is 0.50% of the loan amount.
  4. Arogya Finance :
    Arogya finance is another option to take medical loans. They check creditworthiness through a psychometric test. The loan gets disbursed within 3-48 hours and the bills are directly paid to the hospitals. Repayment tenure ranges between 12-60 months.
  5. Bajaj Finserv :
    Bajaj Finserv is one of the leading NBFCs when it comes to loans. They offer medical loans under the category of personal loan. The maximum loan amount is Rs 25 lakhs and the amount gets disbursed within 72 hours.


Why iServe Financial ?

iServe Financial connects customers with over 50 financial institutes. We provide our customers with the option of applying for a holiday loan online and let them choose the best medical loan among the best medical loan schemes. We provide minimum interest rates and easy documentation with a very less processing time as compared to other loans. Iserve financial is one stop solution for all your expenses. Here is why you should apply for a health loan with us:

  • Customer can choose to pay EMI immediately after disbursal or 6 months later, till then they can pay only interest.
  • Customers can avail a Top- Up loan along with a medical loan after 6-12 months based on your repayment track record.
  • Iserve financial provide tenure of up to 60 months.
  • We offer minimum loan amount of 30,000 and maximum loan amount of up to Rs 10 lakhs.
  • One also gets insurance protection along with the loan.
  • We provide you the option of stepping up or stepping down your EMIs.


FAQ’s About Medical Loan

  1. What can the loan amount be used for? :
    The loan amount can be used for any medical needs. The amount can be used for paying medical bills and other expenses.
  2. How do I repay the loan? :
    The loan can be repaid in instalments through post dated cheques.
  3. Does medical loan demands any deposit? :
    No, medical loan does not demand any deposit or down payments.
  4. Can I get a medical loan with bad credit history? :
    Yes, one can get a medical loan for bad credit history. Medical loans can be availed for all kinds of credit history.
  5. Does medical loan have any restrictions on the usage of loan amount? :
    No, loan amount can be used to fund any kind of expenses. There are no restrictions on the funds disbursed.
  6. Do I have to wait for my loan to get disbursed? :
    There is no waiting period on a medical loan. Some banks even disburse the loan on the same day.

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