Medical issues frequently arise out of the blue. These issues could negatively affect your financial well-being, regardless of how well you manage your money. A simple medical operation can cost a significant amount of money. Many people may need help to afford it because of the constant rise in healthcare costs. In such situations, a personal loan can be a great choice if you require immediate access to money.
Why is a Personal Loan a Good Option for Sudden Medical Emergencies?
Customers in need of emergency medical care can apply for personal loans, from numerous banks and NBFCs. These loans are provided without the need for security or collateral. These loans are mostly determined by the applicant’s ability to repay the loan as well as their credit score, employment history, and other relevant factors. However, candidates may also take into account the standard personal loan provided by lenders, who do not provide specific loans for medical emergencies.
Lenders do not impose any end-use restrictions on personal loans, so customers can use them for a variety of medical expenditures. These may include, for these purposes, hospital bills, treatment costs, medication costs, surgery and operation costs, etc. Regular personal loans are also available for these purposes. Additionally, some lenders provide clients with immediate personal loans for medical emergencies or needs.
Top Personal Loan Offers in 2024 for Emergency Medical Expenses
| Lender Name | Rate of Interest (R.O.I) | Processing Fees | Loan Amount | CIBIL Score |
| Paysense Personal Loan | 18% – 22% (Reducing Per Annum) | 2% – 5% | 50.00 k – 10.00 Lacs | 700 |
| Werize Personal Loan | 15% – 22% (Flat Per Annum) | 3% – 5% | 30.00 k – 5.00 Lacs | 650 |
| Money View Personal Loan | 17% – 36% (Reducing Per Annum) | 1% – 5% | 5.00 k – 5.00 Lacs | 650 |
| IDFC Bank Personal Loan | 10.49% – 22% (Reducing Per Annum) | 1% – 4% | 1.00 Lacs – 40.00 Lacs | 700 |
| Incred Personal Loan | 16% – 33% (Reducing Per Annum) | 1% – 5% | 50.00 k – 10.00 Lacs | 650 |
| Aditya Birla Personal Loan | 12% – 28% (Reducing Per Annum) | 1% – 4% | 1.00 Lacs – 50.00 Lacs | 650 |
| Finnable Personal Loan | 16.95% – 30% (Reducing Per Annum) | 1% – 5% | 50.00 k – 10.00 Lacs | 700 |
| Hero Fincorp Personal Loan | 9.5% – 16% (Flat Per Annum) | 1% – 5% | 50.00 k – 10.00 Lacs | 700 |
| Muthoot Finance Personal Loan | 14% – 22% (Reducing Per Annum) | 1% – 3% | 1.00 Lacs – 7.50 Lacs | 685 |
| Upward Fintech Personal Loan | 18% – 32% (Reducing Per Annum) | 2% – 5% | 25.00 k – 5.00 Lacs | 650 |
| Cashe Personal Loan | 1.5% – 3% (Fixed Monthly) | 1.5% – 2% | 10.00 k – 4.00 Lacs | 550 |
| Finzy Personal Loan | 10.99% – 18.99% (Reducing Per Annum) | 1% – 3% | 1.00 Lacs – 10.00 Lacs | 700 |
| Fibe (formerly EarlySalary) | 15% – 30% (Reducing Per Annum) | 1% – 2% | 8.00 k – 2.00 Lacs | 550 |
| Faircent Personal Loan | 25% – 30% (Reducing Per Annum) | 7% – 9% | 50.00 k – 10.00 Lacs | 700 |
| Stashfin Personal Loan | 2.45% – 4% (Fixed Monthly) | 2% – 2% | 5.00 k – 5.00 Lacs | 725 |
| Tata Capital Personal Loan | 10.5% – 14.25% (Reducing Per Annum) | 0.75% – 2% | 75.00 k – 25.00 Lacs | 720 |
| Standard Chartered Bank Personal Loan | 11.49% – 20% (Reducing Per Annum) | 1% – 3% | 1.00 Lacs – 1.00 cr | 740 |
| Bajaj Finserve Personal Loan(Prime) | 13.5% – 15% (Reducing Per Annum) | 0.5% – 1.5% | 1.00 Lacs – 35.00 Lacs | 685 |
| Axis Bank Personal Loan | 11.15% – 16.25% (Reducing Per Annum) | 1% – 4% | 1.00 Lacs – 40.00 Lacs | 690 |
| ICICI Bank Personal Loan | 10.5% – 15% (Reducing Per Annum) | 0.5% – 1.5% | 1.00 Lacs – 1.00 cr | 700 |
| Fullerton Personal Loan | 14% – 32% (Reducing Per Annum) | 1% – 3% | 1.00 Lacs – 25.00 Lacs | 705 |
| HDFC Bank Personal Loan | 10.25% – 16% (Reducing Per Annum) | 0.5% – 1.5% | 1.00 Lacs – 1.00 cr | 700 |
| Shubh Life Personal Loan | 28% – 44% (Reducing Per Annum) | 1% – 3% | 5.00 k – 2.00 Lacs | 650 |
| Loan Tap Personal Loan | 11% – 24% (Reducing Per Annum) | 1% – 2% | 50.00 k – 7.00 Lacs | 675 |
| KreditBee Personal Loan | 1.5% – 3% (Fixed Monthly) | 5% – 6% | 1.00 k – 3.00 Lacs | 550 |
| FlexSalary Personal Loan | 1.5% – 3% (Fixed Monthly) | 300% – 750% | 4.00 k – 2.00 Lacs | 550 |
| Mpokket Instant Loan | 2% – 4% (Fixed Monthly) | 50% – 200% | 500 – 30.00 k | 550 |
| MoneyWide Personal Loan | 17% – 24% (Reducing Per Annum) | 1% – 3% | 10.00 k – 3.00 Lacs | 650 |
| Insta Money Personal Loan | 13% – 36% (Reducing Per Annum) | 1% – 4% | 5.00 k – 25.00 k | 650 |
| Kotak Bank Personal Loan | 10.75% – 22% (Reducing Per Annum) | 0.75% – 2.5% | 1.00 Lacs – 50.00 Lacs | 705 |
| Cholamandalam Personal Loan | 14% – 22% (Reducing Per Annum) | 1% – 3% | 1.00 Lacs – 35.00 Lacs | 675 |
| SBM Personal Loan | 14% – 20% (Reducing Per Annum) | 1% – 4% | 50.00 k – 25.00 Lacs | 700 |
| Axis Finance Personal Loan | 14% – 16% (Reducing Per Annum) | 1% – 3% | 1.00 Lacs – 50.00 Lacs | 650 |
| Shri Ram Finance Personal Loan | 13% – 16% (Reducing Per Annum) | 1% – 3% | 1.00 Lacs – 25.00 Lacs | 680 |
| One Tap Loan Personal Loan | 24% – 36% (Reducing Per Annum) | 2% – 5% | 50.00 k – 5.00 Lacs | 650 |
| Credset Personal Loan | 18% – 30% (Reducing Per Annum) | 3% – 5% | 50.00 k – 5.00 Lacs | 650 |
| RK Bansal Personal Loan | 1% – 1% (Fixed Per Day) | 5% – 6% | 10.00 k – 50.00 k | 650 |
Advantages of Choosing a Personal Loan for Emergency Medical Expenses
- Easy Access to Money
Time is of the essence in medical situations. This implies that to guarantee that someone you care about receives prompt medical care, you have to get the cash as soon as feasible. In recent times, you may have applied online for personal loans from several of the leading institutions. To ensure that you have access to the money when you need it most, the loan additionally gets processed and paid off in a single day.
- No Security or Collateral
You do not need to submit any security or collateral for a personal loan because they are unsecured loans. This makes taking out this loan much more convenient. It saves you from having to organize the collateral and the paperwork that goes with it. Even the interest rates on personal loans are set and remain constant for the duration of the loan. This helps you manage your finances more effectively by bringing some accountability to the repayments.
- Adjustable Tenure
Now, personal loans with terms ranging from 12 to 60 months are offered. To make it simpler for customers to determine the estimated Equated Monthly Instalment (EMI) in advance of applying for the loan, several financial institutions now offer online EMI calculators. They can now apply for the loan with greater assurance as a result.
- 4. Minimum Criteria for Eligibility
The minimal standards are even required for eligibility for personal loans. Receiving a personal loan should be simple if you have a steady job and a good credit score. Additionally, a few lenders provide their current clients with pre-approved loans. To ease borrower accessibility amid a medical emergency, the paperwork requirements and eligibility for these loans are less stringent than those for traditional loans.
- Flexibility
Unlike some other loan types, personal loans allow you to be flexible with how much you spend. You can arrange for care of a variety of medical costs with this flexibility, including hospital bills, treatment costs, prescription medication, dental treatment, and eye treatment.
- Nurture Your Relationships
Many people turn to friends and family when they suddenly need money. The majority of us may already be aware of how frequently these kinds of transactions damage relationships. When you can easily take out a personal loan for unexpected medical expenses, why harm your relationships? Repay your loan in EMIs after borrowing confidently from a reputable lender.
- Don’t Blow all of Your Savings at Once
The money saved is the most valuable asset during difficult economic times. But to survive an emergency, you have to use your cunning and brains. Spending all of one’s savings to cover medical expenses during an emergency is a bad idea. What then remains for the future that we can strive for?
To avoid spending time and money in the event of a medical emergency, you should think about taking out a personal loan. It makes sense to take out a loan now and in the not-too-distant future. Maximize your current financial situation by limiting wasteful spending. Use the loan funds that are accessible responsibly as well.
It’s just better to pay off the debt than to blow all your savings.
- Receive Medical Care at Any Hospital of Your Preference
Medical facilities that can provide care are not restricted by a personal loan for an unexpected need. You are allowed to choose a healthcare facility that best suits what you need and the requirements of your family members. Patients choose hospitals equipped with state-of-the-art technology.
Selecting a reputable hospital makes perfect sense if you want what’s best for everyone. However, loans for medical expenses can assist you in gathering the large amount of money you’ll require.
Advice on How to Get the Most Out of Your Loan for Medical Costs
Take into account the following advice to maximize the use of your loan for medical expenses:
- Determine Your Medical Needs: Analyze the extent of your medical costs and figure out the overall amount needed. Take into account expenses for hospital stays, doctor visits, diagnostic tests, prescription medicines, and any other costs related to your particular medical requirements.
- Look at your Borrowing Options: Find the finest terms and interest rates that fit your financial position. Find out by researching and comparing loan offers from various financial organizations. To come to a smart decision, consider factors like costs, conditions of payback, and customer feedback.
- Make Responsible Loan Repayments: You may feel like taking out the biggest loan possible, but you should be realistic about your ability to repay the debt. Don’t take on more debt than you can manage to pay back within the specified time limit.
- Interact With Medical Professionals: Talk to your doctors and hospitals about your financial circumstances and inquire about any discounts, payment plans, or financial support they might be able to provide. This may help you borrow less money overall and cut down on the total cost of your medical bills.
- Prepare for Unforeseen Costs: Even though you may be quite aware of your current medical bills, it’s crucial to account for any prospective future costs. Allow room for negotiation in your loan size or budget for unplanned medical expenses that might crop up throughout the payback time.
Eligibility Criteria for Those Seeking Personal Loans for Medical Emergency
- Those who apply for a personal loan for medical expenses must be self-employed or have a steady job.
- When applying for a loan, the candidate must be at least 21 years old.
- The borrower must be sixty years of age when the loan matures.
- Employees of public-sector organizations or private limited firms can apply for these loans.
- Applicants for medical loans should have a minimum monthly income of Rs 15,000.
- A personal loan for an unexpected medical expense at a reduced interest rate is more likely to be available to applicants with credit scores of 750 and higher.
Bottom Line
The whole family may experience extreme stress during a medical emergency. A lot of us are unable to offer our loved ones the emotional assistance they need to go through such tough moments while they are organizing their finances.
A personal loan can guarantee that you will always be there for your loved ones. You can offer them all the support and affection they require when they deserve it most. With rapid approval and speedy disbursement, you can take out personal loans to cover medical expenses.
Medical costs that aren’t planned can occur at any time. And in such cases, a personal loan might save your life. With fast access to money, flexible repayment options, and affordable interest rates offered by personal loans, you can maintain your good financial health and savings.
Compare interest costs and conditions from several lenders carefully before choosing to take out a personal loan to pay for medical expenses. Compute the entire cost by taking the loan sum, interest rate, and length of repayment into account. Before taking out a personal loan, consider all of your options, including insurance or other payment plans.
Ultimately, the choice you make should be in line with your particular situation and financial security. Before using a personal loan to pay for medical expenses, it’s wise to review your options, evaluate your budget, and look into other options.