Get a Medical Loan

Medical Expenses Covered Under a Medical Loan

A medical loan can help you manage a wide range of healthcare costs, whether the treatment is planned or unexpected. Understanding the medical expenses covered by the loan can help you estimate your funding requirement. Depending on your needs, an emergency healthcare loan or hospital expense loan can be used towards eligible treatment-related expenses, including:

• Hospitalisation and room charges
• Surgery expenses
• ICU charges
• Medicines and pharmacy bills
• Diagnostic tests and medical investigations
• Post-treatment care and follow-up consultations
• Physiotherapy and rehabilitation
• Emergency ambulance charges
• Maternity-related medical expenses
• Dental treatments
• Other eligible costs associated with a loan for medical treatment

Eligibility Criteria of Personal Loan for Medical Emergency

The Eligibility Criteria of Personal Loan for Medical Emergency needs are as follows:

• Nationality: Applicants should be citizens and residents of India.
• Age Requirement: Applicants must be between the ages of 21 and 65 years. The age of the applicant must not exceed 65 at the time of loan maturity. For self-employed individuals, the minimum age is 25 years.
• Employment History and Income Requirements for Salaried Individuals: Employment history must be a minimum of 1 year with at least 6 months of tenure at the current company. The minimum income must be Rs. 16,000* per month.
• Income Requirements for Self-Employed Individuals: Self-employed applicants must have a business that has been in existence for at least 3 years. The eligibility income is based on the yearly profit after taxes and minimum annual turnover, depending on the nature of the industry or the profession.
• Credit Score: Applicants must have a good credit history along with a credit score of 705 and above.

**Given above are the basic medical loan eligibility criteria. The final eligibility will be determined by several parameters, including the SMFG India Credit’s policy at the time of loan application.

Documents Required for a Medical Emergency Loan

Documents required to apply for a medical loan include:

Document Submission Guidelines:

If your application includes a co-applicant, they must also submit their PAN, KYC details, and other personal loan documents as applicable.

The list above is indicative, and additional documents may be requested depending on your credit profile, the specific loan product, and the prevailing policies at the time of application.

• Keep the original copies of your identity proof, address proof, and other supporting documents readily available in case physical verification is required. This step may not be necessary if your digital KYC has been successfully completed.
• If the address on your submitted address proof is different from your current residential address, you may provide any of the accepted Deemed OVDs instead. Click here to view the list of accepted Deemed OVDs.
• You must submit an Officially Valid Document (OVD) reflecting your current address within three months of submitting your initial address proof.

Personal Loan for Medical Emergency: Interest Rates and Charges

At SMFG India Credit, we aim to offer the most favourable personal loan interest rates, so that you can meet your financial needs during a medical emergency while keeping the cost of borrowing at a minimum. The medical loan interest rates are determined based on several factors, such as your credit score, your requirements, your existing relationship with us, the total loan amount and tenure, and the nature of your employment.

Additionally, some additional charges, such as processing fees and prepayment charges, are applicable, which are nominal. A detailed breakdown of these charges will be provided in the personal healthcare loan agreement.

Factors Affecting Medical Loan Approval

Before you apply for a loan for a medical treatment, it is worth understanding the financial and eligibility criteria considered during the assessment. Knowing the key medical loan approval factors can help you prepare your application more effectively.

• CIBIL Score: A score of 700 or above may improve your approval prospects and can positively influence the loan terms offered, depending on your overall profile.
• FOIR: Lower existing EMI obligations generally indicate a stronger repayment capacity.
• Employment Stability: A stable and regular source of income can strengthen your application.
• Existing Debt: High outstanding debt or consistently high credit card utilisation may affect your eligibility.
• Repayment History: Timely repayment of existing loans and credit card dues helps build a healthy credit profile.
• Documentation: Providing complete and accurate documents supports a smoother assessment process.

A complete application and a healthy credit profile can improve the likelihood of healthcare loan approval, while missing information or weak repayment behaviour are among the common medical loan rejection reasons.

Why Medical Loans Are Important During Emergencies

Medical expenses can arise at short notice, and arranging funds quickly is not always easy. The importance of medical loan options lies in providing timely financial support when immediate treatment cannot be postponed. Even if you have health insurance, policy exclusions, waiting periods, deductibles, or coverage limits may leave you with out-of-pocket expenses. In such situations, emergency healthcare financing can help you manage treatment costs without disrupting your long-term savings. Access to urgent medical loans can reduce financial pressure, allowing you to focus on receiving the necessary medical care and supporting a smoother recovery.

How to Calculate Medical Loan EMI

Your medical loan EMI depends on three factors: the loan amount, the interest rate, and the tenure. The standard formula to calculate medical loan EMI is:

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]

Where:

• P = Principal loan amount
• R = Monthly interest rate (annual rate divided by 12)
• N = Loan tenure in months

Rather than calculating manually, use the personal loan EMI calculator to get an accurate figure instantly. Enter your loan amount, tenure, and interest rate to see what your monthly repayment will look like before you commit.

Example of Medical Loan EMI

The table below provides indicative EMI amounts for different loan amounts and tenures at an interest rate of 13% per annum.

*Figures are indicative. Actual EMI, interest rate, and loan terms may vary based on the applicant's profile and policies at the time of loan application.

How to Apply for a Medical Loan Online

We understand that time is of the essence when facing an emergency. This is why we have designed the application process of a personal loan for a medical emergency to be as simple as possible.

Here are the steps for an online medical emergency loan with SMFG India Credit:

1. Complete Mobile Verification: Enter your mobile number, PAN, PIN code, and employment type (salaried or self-employed). Verify your mobile number using the OTP sent to you.
2. Provide Your Financial Details: Provide information about your income, existing repayment obligations, and the other details requested in the application.
3. Choose Your Loan Offer: Based on factors such as your income, credit profile, and current liabilities, a personalised loan offer will be displayed. Choose the option that best suits your needs.
4. Complete KYC and Submit Your Application: Proceed with the digital KYC process, upload any documents required as per the policy at the time of application, and submit your application for assessment.

*Applications above Rs. 2.50 lakhs* may be subject to additional evaluation. If any further information or documents are required, an SMFG India Credit representative will contact you.

Uses of Personal Loans for Medical Emergencies

Here are the key uses of an emergency loan for medical situations:

• Paying hospital bills not fully covered by insurance
• Funding planned surgeries and major treatments
• Covering critical illness expenses like cancer care or dialysis
• Managing post-hospitalisation recovery costs
• Financing treatment for family members
• Paying for fertility treatments, such as IVF
• Covering dental or cosmetic procedures not covered by insurance
• Bridging expenses while waiting for insurance reimbursement

Need Urgent Medical Funds? Apply Now for a Personal Loan

When a medical crisis strikes, quick access to funds can make all the difference. Whether it's for hospitalisation, surgery, post-operative care, or emergency treatment, an urgent medical loan from SMFG India Credit offers the support you need, without the stress. With our simplified application process, competitive medical loan interest rates, and fast disbursal, you can focus on what truly matters: recovery. Apply for a medical loan online or visit your nearest branch for dedicated assistance.