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Personal Loan for Medical Emergency

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Ideally, we all should have health insurance to cover for sudden medical expenses for our families and ourselves. If in case, the health insurance we have does not provide the full coverage of the medical expenditure, or we do not have any, then personal loan can offer instant and quick access to funds for our medical emergency requirements. Before applying for a regular personal loan, you should also check pre-approved personal loan offers that we shall discuss further:

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Updated: 18-04-2025 07:13:29 AM

Pre-approved Personal Loans on Paisabazaar

Pre-approved personal loans can help you meet urgent medical expenses, as loans are offered by lenders to their existing and eligible customers with zero documentation and quick disbursals. At, Paisabazaar, we have pre-approved programs with various lending partners like Axis Bank, Federal Bank, Aditya Birla Capital, Tata Capital and many more lending institutions that offer personal loans at preferential interest rates to its pre-approved customers with no documents check.

Medical Emergency? Explore Pre-Approved offers at Paisabazaar

LendersInterest Rates (p.a.)
Aditya Birla Capital12.99% onwards
Federal Bank12.00% onwards
Axis Bank14.00% onwards
SMFG India Credit14.00% onwards
IndusInd Bank15.00% onwards
Piramal Finance16.00% onwards
Tata Capital18.00% onwards
Hero Fincorp20.00% onwards

Medical Emergency Loan Interest Rates

The personal loan for medical emergency can be availed at an interest rate starting from 10.50% p.a. for loan amount up to Rs. 40 lakh, as lenders do not put any end-use restriction on this loan, except speculative activities. Below mentioned are the Personal Loan Interest Rates, offered by leading Banks and NBFCs.

Banks/NBFCs Interest Rates(p.a.)
Axis Bank11.25% onwardsApply Now
IndusInd Bank10.49% onwardsApply Now
IDFC First Bank10.99% onwardsApply Now
HDFC Bank10.85% onwardsApply Now
ICICI Bank10.85% onwardsApply Now
Kotak Mahindra Bank10.99% onwardsApply Now
Tata Capital11.99% onwardsApply Now
Federal Bank11.49% onwardsApply Now
DMI FinanceUp to 24%Apply Now
L&T Finance11.00% onwardsApply Now
Kreditbee16.00% - 29.95%Apply Now
MoneyTap13.00% onwardsApply Now
Piramal Finance12.90% onwardsApply Now
Aditya Birla10.99% onwardsApply Now
Moneyview14%-36%Apply Now
Cashe33.50% onwardsApply Now

Types of Medical Emergencies under Loan coverage

Loan for medical emergency can be used for various medical purposes, such as

  • Buying prescribed medicines
  • Surgery or operation fees
  • Paying for clinic/hospital bills
  • For medical and diagnostic tests
  • Managing overheads of emergency processes
  • Buying medical devices and equipment
  • Inadequate health insurance coverage, if any

Benefits of Medical Emergency Loans on Paisabazaar

Avail various benefits by taking Medical emergency loans on Paisabazaar.

  • Low Interest rates
  • Higher loan amount
  • No collateral/security
  • Nil to minimum documentation
  • End-to-End digital process
  • Instant approval
  • Quick disbursals
  • Comprehensive customer support

Who Can Apply for Medical Emergency Loan?

Salaried and self-employed individuals between the age range of 18 years to 60 years with stable income, and high CIBIL score, as well as who meets the basic eligibility criteria defined by the lender can apply for medical emergency loan.

Features of Personal Loan for Medical Emergency

The features of medical emergency loan and regular personal loans offered by the lenders are usually the same. Even their interest rates usually do not vary. Here are some of the major features of personal loans, which will give you a fair idea of medical emergency loan features.

  • Interest Rate: 10.50% p.a.
  • No collateral required
  • Loan Amount: Up to 40 lakh
  • Repayment Tenure: Up to 5 years
  • Processing Fees: Up to 4% of the sanctioned loan amount
  • Pre-approved loans for selected customers
  • Hassle-free contact less processes

Eligibility Criteria for Emergency Loans

  • Applicants should be salaried or self-employed
  • Age: Minimum 18 years and maximum 60 years
  • Minimum Monthly Salary: Rs. 15,000
  • Minimum CIBIL score: 750 or above
  • Income of minimum Rs. 5 lakh p.a. for self-employed customers
  • Minimum 1 year of work experience for salaried employees

Documents Required for Emergency Loan Application

  • Identity Proof: PAN card, Aadhar card, Voter ID, driving license, passport
  • Address Proof: Passport, Voter ID, Aadhar card, PAN card, Utility Bills (Water, Gas, and Electricity)
  • Income Proof: Last 3 months’ salary slips, Last 6 months’ bank statement, ITR, Form 16

Calculate Your EMI Before You Apply

EMI Calculation: Loan Amount Rs. 5 lakh at Interest Rate of 10.50% p.a. for Tenure of 1 year to 5 years:

Tenure Interest Rates (p.a.) Loan Amount EMI Total Interest Total Payable
1 year 10.50% Rs 5,00,000 Rs 44,074 Rs 28,892 Rs 5,28,892
2 years 10.50% Rs 5,00,000 Rs 23,188 Rs 56,512 Rs 5,56,512
3 years 10.50% Rs 5,00,000 Rs 16,251 Rs 85,044 Rs 5,85,044
4 years 10.50% Rs 5,00,000 Rs 12,802 Rs 1,14,481 Rs 6,14,481
5 years 10.50% Rs 5,00,000 Rs 10,747 Rs 1,44,817 Rs 6,44,817

Note: The exact personal loan EMI is determined by the lender and will be specified in the loan agreement based on the interest rate, loan amount, and loan tenure.

 

FAQs on Emergency Loan

What is the minimum credit score required to avail personal loan for medical emergency?

The minimum credit score requirement for availing medical emergency loans might vary across different lenders. Some lenders might also offer personal loans to applicants who are new to credit or have no or low credit score. However, the applicants having credit scores of 750 and above usually have higher chances of availing personal loans at lower interest rates.

What is the minimum monthly income requirement to avail medical emergency loan?

Most lenders have set minimum monthly income of Rs 15,000 for salaried or above for availing medical emergency loan and income of Rs. 5 lakh p.a. for self-employed professionals.

What is the fastest way to get an emergency loan?

The fastest way of availing medical emergency loan is by checking and comparing from all the available loan options on Paisabazaar and applying for it. Here you get instant approvals with quick disbursals once you clear the eligibility criteria defined by the respective bank/NBFC.

What is the interest rate for medical emergency loans?

Medical emergency loan is a variant of personal loan and the interest rate offered by most of the lenders is the same @10.50% p.a. onwards.

Can I get a loan if my CIBIL score is low?

Yes, you may get the loan approval with a low CIBIL score but at higher interest rates. Moreover, you will have to search and choose from specific lenders that accept low CIBIL scores.

Can I get a loan for a medical emergency loan within 24 hours?

Yes, it is possible to get a medical emergency loan within 24 hours. However, the time of disbursal shall depend on your lender, loan type, loan amount, application completeness and various other bank related factors.

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