Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Although medical progress has improved healthcare, it has resulted in increased medical costs. Many individuals are not financially prepared for such expensive medical bills and may end up facing a financial crisis. While health insurance can provide some relief, it may not cover all expenses, especially when you need funds in a short amount of time. In such situations, an emergency medical loan can ease the financial burden so that individuals can focus on recovery without worrying about paying for treatment.

Access to timely medical funding is pivotal for medical emergencies, which is why SMFG India Credit’s Personal Loan options with a fast online application process ensure quick access to funds when needed most. Moreover, the attractive interest rates offered by SMFG India Credit make borrowing more affordable, while the flexible tenure options allow borrowers to choose a repayment schedule that suits their financial situation. This combination of convenience, affordability, and flexibility makes SMFG India Credit's Personal Loan options an excellent choice for individuals seeking financial assistance during medical emergencies.

Features And Benefits

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Instant Online Approval

Check your eligibility, fill a form online, upload your documents and get instant approval!

Online Account Access

Online Account Access

Get your medical emergency loan details at your fingertips through our customised portal.

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Money disbursed in 24 hours*

Get the money in your bank account within 24 hours* after your medical emergency loan is approved and documents are verified.

Icon Affordable Interest Rates

Affordable Interest Rates

Attractive interest rates - as low as 13% onwards*.

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Loan upto Rs. 30 Lakhs*

Instant loans up to Rs. 30 Lakhs* to fulfil your commitments.

Icon No Collaterals

No collateral required*

Get your medical emergency loan without providing any collateral*

*Terms and Conditions Apply

Medical Loan Eligibility Criteria

The eligibility criteria for an emergency loan for medical needs are as follows:

Nationality: Applicants should be a citizen and resident of India.

Age requirement: Applicants must be between the ages of 22 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. For individuals residing in Delhi or Mumbai, the minimum income must be INR 25,000* per month. For other cities, it is INR 20,000* 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 upon the nature of the industry or the profession.

Credit score:

Applicants must have a good credit history along with a credit score of 750 and above.

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

Medical Loan Interest Rate

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 the 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 in nature. A detailed breakdown of these charges will be provided in the personal healthcare loan agreement.

Personal Loan Interest Rate

Starting at 13%* per annum onwards

Processing Fee

Up to 5% of the total loan amount + GST

Loan Tenure

Up to 60 months

Lowest EMI Per Lakh

Rs. 2,275 for 60 months

Prepayment Charges

0% to 7%*

Documents Required for Medical Loan

Documents required to apply for a medical loan include:

Identity Proof (any one of the following):

  • PAN Card
  • Aadhaar Card
  • Driver’s Licence
  • Passport
  • Voter ID

Signature Proof (any one of the following):

  • Passport
  • PAN Card

Address Proof (any one of the following):

  • Aadhaar Card
  • Driver’s License
  • Passport Copy
  • Utility Bill (Gas or Electricity Bill)
  • Voter ID
  • Ration Card
  • Rental Agreement

Additional Documents for a Salaried Applicant:

  • Bank statements for the past 6 months
  • Salary slips for the last 3 months
  • Income Tax Returns OR Form 16

Additional Documents for a Self-employed Applicant:

  • Balance sheet and profit and loss account, income computation for the last 2 years
  • Income Tax Returns for the last 2 years
  • IT Assessment OR Clearance certificate
  • Income Tax challans OR TDS certificate (Form 16A) OR Form 26AS for income declared in ITR
  • Business proof (License, Registration Certificate, or GST Number)

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

*SMFG India Credit may request additional documents depending on your profile and internal policies. It is recommended to have all required documents ready to ensure a smooth application process.

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. Customisable EMIs: Look for lenders SMFG India Credit that offer flexibility in customising 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.

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

FAQs

What are the documents required to get a personal loan for a medical emergency?

  • Documents required to get a medical loan include:
  • PAN Card
  • KYC documents such as driving licence, Aadhaar card, and voter ID card.
  • Last 3 months’ salary slips and Form 16 (for salaried)
  • Income statements and proof of business such as GST number (for self-employed).

You can check the complete list of the required documents here.

What are the factors to be considered while applying for a personal loan for a medical emergency?

When applying for an emergency medical loan, choose a lender like SMFG India Credit to ensure quick disbursal of approved funds in 30 minutes*. Compare interest rates, check processing fees, and look for flexible EMIs. Make sure you have a credit score of at least 750, have the necessary documents ready, and research the lender's reputation through reviews to ensure reliability.

What is the maximum loan amount I can get for a personal loan for medical expenses?

The maximum loan amount you can receive for a medical emergency loan is up to INR 30 lakhs*. If you apply for an INR 2.50 lakh* personal loan, you can get approved funds in just 30 minutes*. For loan amounts greater than an INR 2.50 lakh loan, loan applications are further processed and a representative may get in touch with you in case of any queries.

Can I utilise a personal loan to pay for hospital bills, surgery, or medical treatments?

Yes, a personal loan from SMFG India Credit can cover hospital bills, surgeries, and other medical treatments.

How much may I borrow for a medical emergency with a personal loan?

You can borrow up to INR 30 lakhs* with interest rates starting from 13%* per annum, and choose a repayment tenure of up to 5 years, depending on your eligibility and credit profile.

How long does it take to get a personal loan approved for a medical emergency?

You can receive instant approval status for your personal loan at SMFG India Credit when applying online, subject to your eligibility and creditworthiness. Offline applications may require additional time for processing.

How long does it take to repay a personal loan for an unexpected medical expense?

Repayment tenures for personal medical loans range from 12 to 60 months. You can repay via online payments, post-dated cheques, or prepay (with applicable prepayment charges) to save on interest.

Can I utilise a personal loan to pay for a family member's or dependents' medical emergency expenses?

Yes, a personal loan from SMFG India Credit can be used to cover medical expenses for family members or dependents, with flexible repayment options and competitive interest rates.

If I have health insurance, can I still get a personal loan for a medical emergency?

Yes, a personal loan can supplement your health insurance by covering costs that may not be included in your policy. It’s recommended to check with your lender for specific policies regarding loans alongside insurance coverage.

What are the consequences of not making personal loan payments for a medical emergency?

Missing EMI payments on your medical loan can negatively impact your credit score and result in penalties. It’s essential to borrow an amount that aligns with your repayment capacity and consider all financial obligations before taking out a loan.

Does a personal loan for medical treatment come with any extra costs or fees? What are the available payment options for Medical Loans?

A personal loan for medical emergencies may include extra costs like processing fees, late payment charges, or prepayment penalties, depending on the lender. Payment options for medical loans typically include monthly EMIs through debit cards, net banking, online transfers, or post-dated cheques.

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