• In certain severe cases, additional funds are needed, and Medical Loans can be a lifesaver.  
  • All major banks, such as ICICI, HDFC, and Kotak, as well as financial institutions such as Tata and Fullerton, now provide personal loans with low EMIs to cover medical expenses.  
  • If you meet the requisite eligibility, they provide fast personal loans with easy and instant approval and clear documentation.  
  • As a result, assistance can be dispatched rapidly in the event of an emergency. 

Lenders offering Medical Loan 


Loan Amount

Loan Tenure

Interest Rate

Kotak Mahindra

Up to Rs 15 lakh

5 years

10.50% onwards

I2I Funding

Up to Rs 25 lakh

6 years

6% -36%

Fullerton India

Up to Rs 25 lakh

As per lender

11.99% p.a

Bajaj Finserv

Up to Rs 25 lakh

5 years



From Rs.3,000 to Rs 5 lakh

2 months to 36 months

13% p.a onwards

Indiabulls Dhani

Rs 1000 to Rs 15 lakh

3 months to 24 months

11.40% onwards

Tata Capital

Rs 75,000 to Rs 25 lakh

6 years

10.99 % p.a onwards

Read More: Ease your pain of Medical Bills with these Personal Loans

Features and Benefits of Medical Loan

Kotak Mahindra Bank Medical Loan

  • A medical emergency needs urgent funds and a lot of time individuals are not having the backing of enough monetary assistance to pay the hefty medical bills and other costs. Medical loans can come as a rescue in such situations.
  • Medical loans are available ranging between Rs 50,000 to Rs 15 lakhs.
  • The loan can be availed with minimal paperwork and good customer service.
  • The loan can be availed at attractive interest rates.
  • The funds availed can be used for any medical treatments.

Fullerton India Medical Loan

  • Prospective borrowers should verify their eligibility for this loan online, according to the lender. 
  • Those interested in applying for the loan can do so by filling out an online application form and uploading the relevant documents to the lender's website.  
  • The lender will grant online approval to the borrower after your application and documentation have been checked. 
  • Money is deposited into your account regularly to ensure that you have direct access to the funds you need. 
  • When applying for this loan, Fullerton India does not ask borrowers to have any collateral. 

MoneyTap Medical Loan

  • Applicants applying for this loan are required to provide minimal documents for the loan. Primary documents required are identity proof and address proof. 
  • Applicants are required to pay the interest-only for the amount they use. 
  • An applicant can avail of a loan of a minimum of Rs 3,000 and a maximum of the approved loan limit. 
  • The loan is applied for, get real-time approval. 

Indiabulls Dhani Medical Loan

  • The user is required to submit only the minimal documents while applying for the loan. 
  • The money gets disbursed to the user’s account instantly. 
  • The user is required to apply for the loan online. 
  • The funds can be used to cover all types of expenses of medical needs. 

Tata Capital Medical Loan

  • There is an option of a flexible EMI plan for the loan availed. 
  • Applicant need not provide any collateral for the loan availed. 
  • There is no additional fee for part payment. 
  • On qualifying the eligibility, the loan is disbursed in a short period. 

    Read More: Tata Capital Medical Loan 2021

Medical Loans Eligibility Criteria

  • The applicant should be a resident of India.
  • Applicants between 21 to 58 years of age to apply for medical loan.
  • Salaried and self-employed individuals can apply for the loan.
  • Individuals should be having at least 1 year of experience with the current organization.

Documentation Required

The list mentioned below of documents will be required to avail medical loan

  • Passport-sized photograph
  • Identity Proof
  • Address Proof
  • Latest Salary Slip
  • Form 16
  • Organization’s appointment letter
  • Latest bank statement
  • Valid Income documents
  • Certificate of employment

Things to consider while applying for the medical loan

Few things need to be taken into consideration while applying for the loan:

Credit Score – Credit score is the most vital factor in getting the loan approval. A healthy score has higher chances of loan approval than a weaker one. An applicant with a good credit score stands a chance to negotiate with the lender for better interest rates. 

Interest Rate – Different lenders charge different interest rates. It is advisable to compare before applying for a medical loan and chose according to your best interests suited. To keep the overall cost low one should choose a better deal of interest rates.

Other Charges – Financing institutions levy additional charges of the processing fee, pre-payment charges, pre-closure charges, penalty charges, dishonor charges, etc. Before finalizing a lender look for all the additional charges mentioned.

Disbursal Time – Check out for the disbursal time of the lender, as medical situations demand the immediate attention of funds. Lenders claiming to get the loan disbursed in a short span of time will be of assistance.

EMIs Payable – Applicants willing to apply for the loan can check the repayment of the loan amount by using the EMI Calculator tool available on most lender’s websites. It gives an idea of the monthly cash outflow of the repayment. One will have a fair idea of availing the exact amount of loan for the medical need. 

How to apply for a Medical Loan for emergency purpose?

In today’s digital era applying for a loan is not a time-consuming task anymore. With few clicks online one can apply for the loan by filling the form and uploading the documents. A borrower is saved from doing several rounds of bank. 

One simply needs to fill the loan application, submit the necessary documents and click on the submit button on the portal. Lending institutions then contact you for further processing of loan. 

On the other hand individuals seeking to apply for the loan via offline method can visit the branch and submit the application form with necessary documents. One should apply for the loan after a thorough research of the rates and other charges quoted by the lenders.

Tips to avail for the best medical loan interest rate

Few tips that will help one in getting the best deal on interest rates are:

  • Applicants seeking for the loan should not apply with multiple lenders at a time. It might impact negatively on your credit score.
  • Maintain a good credit history by paying all the dues on time.
  • Do not default on loan repayments. It impel lenders to think twice.
  • Building a good credit history goes a long way.


Q1Is it necessary for borrowers to make a down payment to obtain a medical loan?
A medical loan does not require any form of deposit or down payment.
Q2How will the loan term and interest rate be determined?
The loan's interest rate and duration will be determined by the customer's loan requirements, eligibility criteria, and the lender's terms and conditions.
Q3Will I still get a loan if my credit score is average?
The terms and conditions of the loan will determine this. However, if you want to be paid an affordable interest rate, you should keep your credit score above 750.
Q4Is the bank involved in deciding the form of treatment to be given?
No, the bank has no say about what kind of care should be provided.
Q5Are there any limitations on the types of services that can be paid for with medical loans?
No, you can use a medical loan to pay for some kind of medical cost.
Q6Is there a waiting period for medical loans, similar to what is required for health insurance?
In the case of medical loans, there is no waiting time.