Take Medical Emergency Loan to Deal with Sudden Calamities

medical emergency loan to deal with sudden calamities

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.


CriteriaSalaried ProfessionalsDocumentation
Age23-58 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
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CriteriaSalaried ProfessionalsDocumentation
Age21-60 years Identity Proof: Passport/voter ID card/driving license
Net SalaryAt least Rs 12,000 per month, Rs 15,000 for people residing in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmedabad, CochinAddress Proof: Ration card/telephone or electricity bill/rental agreement/passport
Total years in job/professionAt least 2 years of experience, 1 year with current employerLast 3 months bank statement/6 months bank passbook
Last 3 months bank statement/6 months bank passbook

Axis Bank

CriteriaSalaried ProfessionalsDocumentation
Age21-58 yearsIdentity 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 SalaryMinimum income of Rs 15,000 per monthAddress 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/professionMinimum 2 yearsValid 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

CriteriaSalaried ProfessionalsDocumentation
Age23-58 yearsIdentity Proof-Passport/ driving license/PAN card/ Photo credit card (with embossed Signature and last two months statement)/ banker’s sign verification
Net SalaryRs. 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/profession2 years and aboveAddress 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
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State Bank of India

CriteriaSalaried ProfessionalsDocumentation
Age21-58 years Identity Proof-Passport/Voter ID Card/Driving License
Net SalaryMinimum monthly salary of Rs 5,000Signed application form with photograph
Total years in job/profession2 yearsProcessing fee cheque
Years in current residence1 yearLast 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 NamePersonal Loan LimitInterest RateProcessing FeesPrepayment ChargesRepayment 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
HDFC Bank Rs 15 lacs12.75-19.50%2% of loan amount 4% of outstanding principal 1-5 years
Axis Bank Rs 15 lacs 15.5-24% 1.50% to 2.00% + Service Tax as applicable Nil 1-5 years
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 applicationN.A. 1-5 years
State Bank of IndiaRs 10 lacs 12.70-17.80% 2.02-3.03% of the loan amount Nil Up to 4 years
(Updated on:20th October,2016)

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Personal Loan Interest Rates October 2023
Fullerton India12.00% - 24.00%
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates October 2023
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.85% - 9.40%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%