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A medical emergency arrives without any prior notice and wipes away your life savings. All it takes is just one hefty medical bill to put your financial stability at peril. These bills can make you fall into a debt trap. According to research, more than half of the debt is listed on consumer credit reports due to medical bills. So, if you find yourself staring at a pile of hospital or medical bills and drowned in medical debt, you can apply for a personal loan to pay off the medical bills. A personal loan will take care of your medical emergencies.

Now you must be thinking about where you can get a personal loan to pay your medical bills. Many lenders offer personal loans. We have provided some of the favorable and popular personal loans to pay the medical bills, do have a look:

Tata Capital Medical Loan

Tata Capital offers you with customized personal loan options at budget-friendly rate of interest.

Features:

• You do not need to pledge any security/collateral for availing of a Tata Capital personal loan of this type.
• A lower rate of interest is charged, starting from 10.99% per annum.
• You can choose from a flexible loan tenure of 1 year to 6 years to repay these loans. A high loan amount of Rs 25 lakhs can be availed with Tata Capital.

Benefits of Tata Capital Personal Loan

• Flexible loan repayment tenure
• Low rate of interest 
• Dedicated customer support service
• Minimal processing fees
• A loan amount can be availed with Tata Capital personal loan 
• Customized personal loan offers 
• The transparent loan approval procedure
• Zero hidden charges
• Online personal loan sanctioning 
• Fast loan processing
• Quick disbursement of the loan amount

Bajaj Finserv Personal Loan

A personal loan from Bajaj Finserv can be considered as one of the best and well-suited option to go with.

Features:

• It is an unsecured loan.
• Both the salaried and self-employed borrowers can avail of this loan.
• A maximum loan amounts up to Rs. 25 lakhs can be availed with Bajaj Finserv.
• It offers a flexible repayment tenure of 60 months with low monthly payments.
• You can even get the loan disbursement with 24 hours if you fit-in its eligibility criteria.

Benefits:

• Bajaj Finserv offers online loan processing.
• Bajaj Finserv personal loan documentation turnaround time is quite less than others.
• It is easy to access.

MoneyTap Medical Loan

MoneyTap is one of the popular personal loan apps. It offers a multipurpose loan which comes at an attractive interest rate.

Features:

• You do not need any security to avail of a MoneyTap medical loan.
• A lower interest rate is charged, which varies from 13% to 24.03% per annum.
• You can get a small loan amount of personal loans from Rs. 3,000 up to Rs. 5 lakhs.
• It offers personal loans to pay medical bills at a low income of Rs. 20,000. 

Benefits:

• Quick loan approval 
• You can withdraw as per your requirement of a small amount
• Only need to pay interest on the used amount
• Flexible repay on your terms from 2months-36 months
• Fewer documents are required including ID proof and address proof

Bank of Baroda Personal Loan

Bank of Baroda personal loan comes along with a lot of features and benefits to its customers such as online loan application, quick loan disbursal, and many more.

Features:

• The existing customers of Bank of Baroda can enjoy additional benefits on a personal loan.
• A flexible repayment tenure of 60 months (t&c apply)  is offered with Bank of Baroda personal loan.
• You can borrow a personal loan at a pocket-friendly interest rate eases the repayment stress to a great extent.
• Bank of Baroda offers a simple and quick turnaround period on its loan processing.

Benefits

• Rapid loan processing
• Fast disbursal of loan 
• Attractive rate of interest 
• Flexible loan repayment tenure
• Online personal loan approvals
• Ease modes of loan repayment 
• Unsecured loan

Generic Eligibility for availing a Personal Loan 

• The Applicant should have a minimum age of 21 years at the time he/she applying for a personal loan.
• Maximum age for being eligible for the personal loan is 60 years at the time of maturity of the Loan.
• An applicant minimum monthly income should be of Rs. 15,000.

A common list of Documents to get a Personal Loan

• Duly signed and filled application form
• Identity Proof
• Proof of Residence
• Processing Fee Cheque
• Last 3 months Bank Statements or Salary slips

Conclusion

Apart from the loan offers mentioned in this article there are various other loan options available in the market. We have provided some of the popular personal loans to pay the medical bills. We hope that this article has provided the information you were looking for.