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Personal Loan For Medical Emergency

Medical emergencies can be a source of immense anxiety particularly if you are caught off-guard.

In such situations, CredMudra’s personal medical loan can help you and your loved ones stay protected regardless of your financial circumstance.

Personal Loan For A Medical Emergency

A medical loan is a form of unsecured personal loan, i.e., collateral-free, that can be used for health-related emergencies or any urgent medical needs or health concerns. This type of credit line provides financial assistance to cover expenses that may arise during various medical emergencies, such as:

  • Accidents

  • Dental emergencies

  • Medical prescription bills

  • Cosmetic procedures

  • Prolonged treatments

  • Hospitalisation bills

  • Chemotherapy

  • Surgeries and bypass surgeries

  • Other similar treatments

Furthermore, there may be medical expenses that insurance policies do not cover. In such cases, a medical loan can be a lifesaver, providing access to financial assistance to help meet the expenses of medical emergencies.

Lenders That Offer Medical Loans

Here is a table listing several prominent financial institutions that provide personal loans for medical emergencies:

It is imperative that you compare personal medical loan offers across various lenders before deciding on which one to finalize, as per your financial needs and requirements.

LenderINTEREST RATE (P.A.)Loan Amount
State Bank of India 11% – 15%₹1,00,000 – ₹1,00,00,000
ICICI Bank10.75% Onwards₹50,000 – ₹50,00,000
Tata Capital10.5% Onwards₹75,000 – ₹25,00,000
Axis Bank10.5% Onwards₹75,000 – ₹25,00,000
Axis Bank11.25% Onwards₹50,000 – ₹40,00,000
Fullerton India 10.49% Onwards Up to ₹25,00,000
Kotak Mahindra Bank11.9% Onwards₹50,000 – ₹40,00,000
IDFC First Bank10.49% Onwards₹20,000 – ₹1,00,00,000
IndusInd Bank10.49% Onwards₹30,000 – ₹15,00,000
Bajaj Finserv11% Onwards₹30,000 – ₹15,00,000
Dhani Loans11.9% Onwards₹1,000 – ₹15,00,000
MoneyTap13% – 24%₹3,000 – ₹5,00,000

Features And Benefits Of A Medical Loan

Mentioned below are 9 key features and benefits of personal medical loans:

  • easy online application modes

    Lenders offer easy online application modes for personal medical loans.

  • Instant loan approval

    Instant loan approval process and fast loan amount disbursement process.

  • minimal documentation

    Straightforward and minimal documentation is needed to apply for a medical loan, including proof of identity and address.

  • lowest interest rate

    Interest is charged only on the loan amount that you use, not on the entire sum.

  • Withdrawal amounts are available

    Withdrawal amounts are available as per your financial needs and requirements, up to the maximum approved limit.

  • No need to pledge any security or collateral.

    No need to pledge any security or collateral.

  • flexible loan repayment

    Lenders offer flexible loan repayment terms and EMI options.

  • funds for all kinds of unforeseen medical emergencies.

    Being a loan for medical expenses, these funds can be used to finance any and all kinds of unforeseen medical emergencies.

Medical Loan Eligibility Criteria

Following are the typical eligibility criteria for a medical loan:


You should not only be residing in India but also have an Indian citizenship.


You should be earning a minimum income of at least ₹20,000 – ₹30,000 per month.


Your age should range from 21 years old to 58 years old to apply for a medical loan.

Employment Type

You must either be a full-time employee on a monthly salary or a self-employed professional in a business vintage.

Work Experience

You must have a total work experience of 1 year or more. Furthermore, you should be employed in your current firm for 6 months or more.

Factors Affecting Personal Loan EMI

Take a look at these factors that play a significant role in determining your EMI amount:

  • Repayment Tenure: The loan repayment tenure you choose is inversely proportional to your EMI amount. This means the lower the repayment tenure, the higher the EMI amount, and vice-versa. Thus, you might find that having a longer loan tenure is more convenient. However, interest outgo is higher for a longer loan tenure.

  • Principal Amount: The principal amount that your lender approves depends on various factors, such as your credit score, repayment history, your relationship with the lender, etc. Also, the higher the principal amount, the higher the EMI. So, make your decisions carefully and within your capabilities.

  • Rate of Interest The EMI is directly proportional to the interest rate. In the case of personal loans, the rate of interest depends mostly on the borrower's creditworthiness. If your creditworthiness sounds promising to the lender, they will sanction your loan at the lowest rate of interest possible.

Documents Required For A Medical Loan

The documents required to avail of a medical personal loan are provided below:

Identity proof

1) Proof of Identity

  • Passport
  • Voter ID
  • Aadhaar Card
  • PAN Card
  • Passport-sized photograph
Address proof

2) Proof of Address

  • Voter ID
  • Driver’s licence
  • PAN card
  • Passport
  • Aadhaar card
  • Ration card
  • Electricity/Telephone /Utility bills
Proof of Income

3) Proof of Income

  • Past 3 months’ salary slips
  • Income Tax Return documents
  • Form 16
  • Recent bank statements
Proof of Employment

4) Proof of Employment

  • Employer issued identity card
  • Appointment letter from employer
  • Employment certificate

Step-By-Step Process To Apply For A Medical Loan At Credmudra Loan

Here is the stepwise process you need to follow to apply for a personal loan online through Credmudra:

Why Does Taking A Personal Loan For A Medical Emergency Make Sense?


Medical loans can be a low-cost alternative to using credit cards to pay for your medical expenses.


A medical loan can be a life-saving grace when you do not have medical insurance or when your insurance policy does not cover all the expenses.


A medical personal loan can help you budget and control medical costs while providing flexible monthly repayment options over a loan term.


Medical loans can be used to pay for doctor’s fees, hospital stays, medical bills, and surgical procedures immediately.

Given the rising costs of healthcare, not everyone can afford a comprehensive health insurance plan that provides coverage against all potential medical uncertainties. With CredMudra’s medical loan, you can be assured of timely medical attention without worrying about the ensuing financial burden.
why to get a personal loan for medical emergencies

FAQs On Personal Loan For Medical Emergencies

Do borrowers need to pay a down payment to avail of a personal medical loan?

No, there is no need to make any deposit or down payment to obtain a personal medical loan.

Obtaining a personal medical loan with an average credit score will vary depending on the lender’s terms and conditions. It is generally advisable to maintain a credit score above 750 to obtain a reasonable interest rate.

No, the lending organisation has no say or role in deciding what type of treatment you should be provided with

The interest rate and loan repayment tenure are determined based on the borrower’s loan requirements, eligibility criteria, and the lender’s terms and conditions.

No, unlike health insurance policies, there is no waiting period when availing of a personal medical loan.

No, there are no restrictions on the type of treatments where you can use a medical loan. Thus, medical loans can be used to finance any kind of medical expense.

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