Take Medical Emergency Loan to Deal with Sudden Calamities
Last Updated : May 13, 2024, 12:43 p.m.
Not getting the money to undertake the medical treatment in the wake of sudden events like accidents causing lot of damage to the body parts of yours or someone in your family. Opt for medical emergency loan, which comes under the bracket of personal loan, to deal with the unforeseen situation. Well, you can argue for the fact that you can route for medical insurance to deal with such exigencies. But medical insurance do not provide cover to all medical treatments. Also, cashless mediclaim has a certain cap depending on the policy you have taken. It might happen you won't have credit card, or may be the balance in it won't be sufficient to cover for the medical expenses. So we are advising you on how you can get the requisite funds for the medical expenses. Banks and financial institutions like ICICI Bank, HDFC Bank, Kotak Bank, Axis Bank, Tata, Bajaj and SMFG India Credit have come up to provide personal loans to meet medical expenses. The loan can be availed up to an amount of Rs 20-25 lakhs depending on various parameters like income, place of living, savings, etc. Interest rate accruing on the loan ranges between 13-25 per cent. Firstly, check the eligibility criteria for personal loan.
Overview on Eligibility
In order to receive medical loan, it is imperative you fit into eligibility criteria of banks across India. If you are a salaried professional and in need of a medical emergency loan, please refer to the table to know your eligibility.
ICICI Bank
| Criteria | Salaried Professionals | Documentation |
|---|---|---|
| Age | 23-58 years | Identity Proof- Driving License/ Passport/ Voters ID / PAN Card (any one) |
| Net Salary | Minimum salary of Rs 17,500 per month, 25,000 for applicants residing in Delhi, Mumbai, Kolkata and Chennai. Rs 20,000 for people living in Chennai, Hyderabad, Bangalore, Pune & Kolkata | Residence Proof:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one) |
| Total years in job/profession | Minimum 2 years | Last 3 months Bank Statement (where salary/income is credited) |
| Years in current residence | 1 year | Salary slips for last 3 months |
| 2 Passport Size photographs |
HDFC Bank
| Criteria | Salaried Professionals | Documentation |
|---|---|---|
| Age | 21-60 years | Identity Proof: Passport/voter ID card/driving license |
| Net Salary | At least Rs 12,000 per month, Rs 15,000 for people residing in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmedabad, Cochin | Address Proof: Ration card/telephone or electricity bill/rental agreement/passport |
| Total years in job/profession | At least 2 years of experience, 1 year with current employer | Last 3 months bank statement/6 months bank passbook |
| Last 3 months bank statement/6 months bank passbook |
Axis Bank
| Criteria | Salaried Professionals | Documentation |
|---|---|---|
| Age | 21-58 years | Identity Proof-Pan Card/Passport/Voter ID/Photo Identity issued by Government, Defence Services, Public Sector Undertaking/Driving Licence/Photo Credit Card/Employees ID Card |
| Net Salary | Minimum income of Rs 15,000 per month | Address Proof-Bank Account Statement/ Latest Electricity Bill/ Telephone Bill/ Credit Card Bill/ Employer letter certifying current mailing address/Passport(Valid)- provided the address in passport is the present address mentioned in application form / existing registered house lease |
| Total years in job/profession | Minimum 2 years | Valid Passport /Pan Card / Processing fee cheque / Banker's verification letter Signature Verification Valid Passport /Pan Card/ Processing Fee Cheque/ Banker?s Verification Letter |
| Proof of telephone-Latest bill of landline or mobile or WLL stating name of borrower or address of borrower |
Kotak Bank
| Criteria | Salaried Professionals | Documentation |
|---|---|---|
| Age | 23-58 years | Identity Proof-Passport/ driving license/PAN card/ Photo credit card (with embossed Signature and last two months statement)/ banker’s sign verification |
| Net Salary |
Rs. 25,000/- & above (listed companies)
Rs. 40,000/- & above (non-listed companies) |
Age Proof-PAN Card/ Passport/ Driving School leaving certificate/ Voter’s card/ BirthCertificate/ LIC policy (only for age Proof) |
| Total years in job/profession | 2 years and above | Address Proof-Passport/ Telephone bill (BSNL/MTNL)/ Electricity bill/ Title deed of property/Rental agreement/ Driving license/ Election ID card/ Photo-credit card (with last two month statements) |
| Current Employment | 1 year and above | Income Proof-Latest salary slip/current dated salary Certificate with latest form 16 |
| Job Continuity Proof-Form 16/relieving letter/appointment Letter (for last two months) | ||
| Banking History-Bank statements of latest 2 months/ 3 months bank passbook |
State Bank of India
| Criteria | Salaried Professionals | Documentation |
|---|---|---|
| Age | 21-58 years | Identity Proof-Passport/Voter ID Card/Driving License |
| Net Salary | Minimum monthly salary of Rs 5,000 | Signed application form with photograph |
| Total years in job/profession | 2 years | Processing fee cheque |
| Years in current residence | 1 year | Last 3 months bank statement/6 months bank passbook |
| Latest salary slip | ||
| Current dated salary certificate with the latest Form 16 |
Overview on personal loan amount, interest rate, charges
| Bank Name | Personal Loan Limit | Interest Rate | Processing Fees | Prepayment Charges | Repayment options | |||
|---|---|---|---|---|---|---|---|---|
| ICICI Bank | Rs 20 lacs | 13.49-17.50% | Up to 2.50% of loan amount plus service tax | 5% of principal outstanding plus service tax | 1-5 years | Apply | ||
| HDFC Bank | Rs 15 lacs | 12.75-19.50% | 2% of loan amount | 4% of outstanding principal | 1-5 years | Apply | ||
| Axis Bank | Rs 15 lacs | 15.5-24% | 1.50% to 2.00% + Service Tax as applicable | Nil | 1-5 years | Apply | ||
| Kotak Bank | Rs 20 lacs | 13.90-20% | 2% of loan amount, an individual has to pay 0.5 per cent upfront at the time of submitting the application | N.A. | 1-5 years | Apply | ||
| State Bank of India | Rs 10 lacs | 12.70-17.80% | 2.02-3.03% of the loan amount | Nil | Up to 4 years | Apply |