Medical Emergency Loan

Medical Loan Eligibility Criteria

The Eligibility Criteria for a Medical Emergency Loan is as follows:

• The age requirement is 21 to 65 years.
• For salaried individuals: Employment history must be a minimum of 2 years of work experience, with at least 1 year with the current employer.
• For self-employed individuals, the minimum specified income (varies by location) is required. The submission of financial documents demonstrating income stability may be necessary.
• For salaried individuals, the minimum income must be Rs. 20,000 per month and for individuals residing in Delhi or Mumbai, the minimum income must be Rs. 25,000 per month.

Medical Loan Interest Rate

A personal loan for a medical emergency is offered at interest rates starting from 13%* per annum. The interest rate charged depends upon your credit score, your requirement, your existing relationship with us, the total loan amount and tenure, and the nature of your employment. Processing fee of up to 3% of the loan amount is also applicable.

Documents Required for Medical Loan

Documents required for personal loans include:

• PAN Card
• KYC documents such as driving license, Aadhaar card, and voter ID card.
• Employment proofs
• Last 2 months’ salary slips (for salaried) or income proof (in you have an independent practice)
• Last 3 months’ bank account statements of your salary account (for salaried) or current account (in you have an independent practice)

For more details, check our documentation for the personal loans page.

How to Apply for Medical Emergency Loan

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

Here are the steps for an instant personal loan application with SMFG India Credit:

Step 1: Click here. Perform OTP verification of your mobile number

Step 2: Fill in personal, employment, income and bank details

Step 3: Select the loan amount and tenure that you require

Step 4: Upload documents as requested

Step 5: Submit.

Step 6: Within a minute, you will be informed if your loan application will be taken up for further processing. If yes, you will be provided with a tracking number.

Step 7: Our representative will get in touch with you for any additional information/verification.

Step 8: Post verification of all information and documents, you will be provided with an offer. Upon acceptance, your loan will be sanctioned.

Step 9: Amount is disbursed to your bank account.

Things to Consider When Applying for a Personal Loan for Medical Emergencies

Key Considerations for Applying for a Personal Loan for Medical Emergencies:

1. Disbursal Time: Opt for a lender with quick disbursal time such as SMFG India Credit, ensuring that funds are disbursed within 30 minutes* to address urgent medical needs effectively.
2. Interest Rate: Research and compare interest rates among lenders to secure a personal loan with the most favourable terms.
3. Processing Fees: Before applying, inquire about the processing fees associated with the loan to make an informed decision.
4. Customizable EMIs: Look for lenders SMFG India Credit that offer flexibility in customizing your Equated Monthly Installments (EMIs), enabling better financial management.
5. Credit Score: Assess your credit score beforehand. Applying for a personal loan with a low score may adversely affect it further. Take steps to improve your score if needed before proceeding with the application.