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
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)
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
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
