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.
*Terms and Conditions Apply
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.
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 to apply for a medical loan include:
Identity Proof (any one of the following):
Signature Proof (any one of the following):
Address Proof (any one of the following):
Additional Documents for a Salaried Applicant:
Additional Documents for a Self-employed Applicant:
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.
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.
Key Considerations for Applying for a Personal Loan for Medical Emergencies:
* 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.
You can check the complete list of the required documents here.
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.
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.
Yes, a personal loan from SMFG India Credit can cover hospital bills, surgeries, and other medical treatments.