How To Finance IVF Treatment Cost with a Personal Loan in India?

IVF treatments are increasingly being brought to the forefront of fertility treatments in India. With skilled experts, success rates on the rise, more and more couples in the country are opting to explore this route to medical intervention. However, where most people stumble is the IVF cost.

Although it is the infertility workup that primarily determines the IVF treatment cost, for the average Indian couple, it is still a high end service to seek. Moreover, several couples need to go through multiple rounds to IVF treatment before finally getting a positive outcome. Understandably, this is sure to drive up the cost of IVF treatment.

Having said that, the situation is not completely hopeless. SMFG India Credit now offers personal loans to assist couples to finance their IVF treatment cost. With a repayment tenure of 3 years and more, SMFG India Credit offers personal loans online on competitive interest rates.

Check Your Eligibility

Prior to making your loan application with SMFG India Credit, it is best that you check up on your personal loan eligibility first. Ensure that you satisfy the following criteria.

• Applicant should be an Indian resident
• The appropriate age limit is between 18 to 65 years
• Applicant may need an additional guarantor to co-sign on the loan
• Applicant must be a public sector employee or work in a registered private limited company, or be self-employed
• Have a minimum monthly income of Rs. 25,000 if residing in Delhi or Mumbai or Rs. 20,000 for the rest of India
• The eligibility for self-employed individuals or businesses will depend on their minimum annual profit post tax and also basis their profession and industry

There may be instances when applicants may not be able to meet all of the above eligibility criteria. SMFG India Credit approves personal loan requests for IVF treatment cost on a case by case basis. You can also check if you are eligible to apply for the personal loans online by using the eligibility calculator on the SMFG India Credit website.

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Personal Loan Documentation

If you’ve met the eligibility parameters, you can then proceed towards uploading your documents online to process your personal loan to meet your IVF cost. SMFG India Credit requires applicants to submit documents that verify the information provided in the Application Form. 

Here is a list for your reference:

• Applicants will have to offer proof of identity with the help of any of the government documents Passport, Voter ID, Driving License, PAN Card, Aadhar Card, etc. 
• Applicants will have to provide proof of address via one of these documents, Aadhar Card, Driver’s license, Passport, Voter ID, etc.
• Applicants will have to provide the income proof of their guarantor or co-applicant via bank statements or salary slips
• Bank statements of the past 6 months (primary applicant as well as co-applicant)
• Applicants will have to provide proof of income via:

• Salary slips of the past 3 months for salaried employees and a copy of their Form 16 or Income Tax Returns
• Proof of business existence and  profit and loss / income statements for self-employed individuals or business owners

Explore Interest Rates

For those looking to avail personal loans online to pursue their goal of IVF treatment cost in India are also looking for affordable personal loan rates to help make their goal a reality. Personal loan interest rates at SMFG India Credit starts at 11.99%* applicable for both salaried and self-employed professionals. However, the interest rate can vary for up to 36%. It largely depends on the amount of loan requested, the tenure selected, the applicant’s profile, credit score and repayment history, and their current financial status.

There is also a processing fee component which can be up to 6% of the loan amount. SMFG India Credit generally provides personal loans with a repayment period of anywhere between 12 and 60 months. 

How to Apply?

Personal loans are the perfect way to finance your IVF cost. Here is a step by step guide on how to make the application right till disbursal. 

1. Application: You can go with either an online or an offline personal loan application process. Fill up the relevant form and submit it on the SMFG India Credit website. Alternatively, visit your nearest SMFG India Credit branch office. Once the application is received, you will get confirmation over email and a representative from SMFG India Credit will get in touch with you soon. 
2. Document Collection: The documents can be submitted online. You can also request SMFG India Credit to collect the documents from a convenient location and time through their bona-fide executive. Your signature will be required on all hard copy documents prior to submission.  
3. Information Verification: The authenticity of information submitted will be verified against the documents provided by SMFG India Credit. They will also check your credit history and behaviour before making a decision. 
4. Loan Sanction: The decision to approve or reject your loan application depends on the applicant meeting all of the eligibility criteria as outlined by SMFG India Credit. 
5. Disbursal: The decision that your loan has been approved will be communicated to you by SMFG India Credit along with the loan agreement that includes the terms and conditions. Once you sign the agreement and return it back to them, your loan will be typically disbursed to your chosen account between 24 to 48 business hours. 

Must Read: How To Get a Personal Loan Using Aadhar Card & PAN Card?

In Conclusion

Taking into account all the available financing options at your disposal, a personal loan is the best avenue to ensure that your IVF treatment becomes a reality. With low personal loan rates, you can pursue your medical treatment with easy repayments, staying well within your means.