Take Medical Emergency Loan to Deal with Sudden Calamities

Last Updated : March 25, 2016, 6:34 a.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 Fullerton 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

HDFC Bank

Axis Bank

Kotak Bank

State Bank of India

Overview on personal loan amount, interest rate, charges