Banks provide surgery loans and personal loans for medical emergencies and other medical treatments. You can even apply for a personal loan for plastic surgery or any other therapeutic procedure ranging from Rs. 50,000 to Rs. 25 lakh.
Each bank has its limits for the loan amount and interest rates. For example, some banks offer surgery loans of Rs. 50,000 to Rs. 40 lakh at interest rates ranging from 10.75% to 21.30%. Meanwhile, other banks provide surgery loans from Rs. 1 lakh to Rs. 40 lakh at interest rates ranging from 10 percent to 24 percent.
Since banks keep revising their interest rates, you must inquire about them before applying for a personal loan for cosmetic surgery.
Additional Read: Instant approval, quick disbursal on medical emergency loans
Advantages of personal loans for medical needs
- No security required: The best part about personal loans for medical treatments is that you don't have to provide any security or collateral. Your surgery loan is approved quickly once you qualify for it.
- Flexible repayment plans: Financial institutions offer borrowers the option of repaying their surgery loans between 6 months and 96 months. It is up to you to choose your repayment term. Your EMI is based on the repayment term you select.
- Cost-effective compared to credit card repayment: If you use your credit card to pay your medical expenses and convert that paid amount into EMIs, you will realise that you have to repay more than you compensate for your personal loan for plastic surgery.
- Speedy processing: It does not take more than 4-5 days from initiating your search to finding the right lender to getting the loan amount credited in your bank account. So, you don’t have to delay an emergency surgery or medical treatment.
Disadvantages of personal loans for medical needs
- Not for people with a poor CIBIL score: Poor credit makes surgery loans an unwise choice. No banks would be interested in your application if you have a bad CIBIL rating. Even if the banks approve the loan, they will charge a high-interest rate. Therefore, we recommend improving your CIBIL score before applying for a personal loan for plastic surgery.
Documents you need for a personal loan for a medical emergency
- Identity proof: UID/ Voter ID/ Driving license/ Passport/ Pan Card
- Address proof: UID/ Voter ID/ Driving license/ Utility bills
- Bank statement: Last three months’ bank statements
- Proof of income: Three latest salary slips and Form 16
- Medical documents: Banks may ask you to present the doctor’s prescription and test reports
How to apply for surgery loans or a personal loan for medical purposes
Here are the steps to apply for a personal loan for cosmetic surgery or other medical purposes:
- Know your requirements: Before you contact a bank with your loan application, you must know your requirements. Talk to your doctor about the amount you might need for your entire treatment. This includes hospitalization, surgery, medications, etc. As soon as you know how much you may have to invest, you can check your savings and determine the loan amount you require.
- Check your credit score: Excellent CIBIL scores make loan applicants more trustworthy, and banks are more likely to approve their loan requests. Banks are also likely to give you surgery loans at lower interest rates if you have a good credit score. So, if your CIBIL score is high, your negotiating power increases, and you can haggle with banks to get the best interest rates.
- Apply online: When you need a personal loan for medical emergency, you may be pressed for time to visit several banks to find the right loan option. Therefore, it is better to check for loan offers on the internet, evaluate your eligibility criteria, and submit your request to different banks online.
- Select your lender wisely: You should not select a lender right away. Instead, you should wait to get calls from all lenders and go with one that offers you the best tenor and interest rate.
- Disbursement time: If you need a loan for medical emergencies, you want the money credited to your account as soon as possible. So, you must check out the disbursement time of the loan. It will be better to consider a lender with the least disbursement time.
- Interest rate: You simply cannot ignore the personal loan interest rate for plastic surgery. Even a 0.5% difference in interest rate can have a massive impact on your repayment amount. You should choose a financial institution that offers the lowest interest rate on your personal loan for cosmetic surgery. If your credit score is good, you can negotiate with the bank.
- Other charges: Most financial institutions charge you a processing fee and deduct it from the requested amount. Therefore, you cannot ignore the processing fee. You should always inquire about other costs like penalty charges, dishonour charges, pre-payment charges, and pre-closure charges.
- EMIs: Many online calculators are available to calculate your personal loan EMI amount easily. EMIs are based on your loan amount and interest rate. Our advice is to go for a loan option with affordable EMIs.
Surgery loans or personal loans for plastic surgery allow you to avoid unnecessary delays to medical treatments due to inadequate funds. You must never wait for the condition to worsen and immediately seek the right lender to acquire the right loan amount.
Summary: Delay in medical treatment can have severe consequences and lead to a rapid deterioration of health. If you seek monetary help for a medical emergency, there are financial institutions that will provide you with surgery loans. These loans can even be a personal loan for cosmetic surgery or a personal loan for plastic surgery. Before availing yourself of a loan, you should carefully check out various details like your eligibility, the amount you need and the interest rates. Here is an easy guide to help you get the best personal loan for all your medical needs.
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