Personal Loan for Medical Emergency

Personal Loan for Medical Emergency

A personal loan for medical expenses can be used to cover hospital bills, surgery, and diagnostics. Get a Bajaj Finance Personal Loan with quick approval and disbursal within 24 hours* of document verification.
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Rs. 40,000 - Rs. 55 lakh

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Enter mobile and OTP | Apply online | Get money in a day*

 
 

Key takeaways


A personal loan for medical expenses is an unsecured loan used to pay healthcare costs. Bajaj Finance Personal Loan needs no collateral and is disbursed within 24 hours* of document verification.


  • Expenses that can be covered: Hospital bills, surgery, MRI and CT scans, medicines, private room upgrades, physiotherapy, dental procedures, cosmetic treatments, and more
  • Loan amount: Rs. 40,000 to Rs. 55 lakh
  • Tenure: 12 months to 108 months
  • Interest rate: 10% to 30.5% per annum
  • Processing fee: Up to 4.13% of loan amount (inclusive of taxes)
  • Minimum CIBIL score: 650 or above
  • Three loan types: Term Loan, Flexi Term (Dropline) Loan, and Flexi Hybrid Term Loan, which allows interest-only EMIs for up to 36 months

What is a personal Loan for medical expenses?

A personal loan for medical expenses is an unsecured loan used to pay healthcare costs such as hospital bills, surgeries, medicines, emergency treatment, diagnostic tests, and recovery expenses. You do not pledge any security to borrow it.


With Bajaj Finance, personal loan for medical emergency is available from Rs. 40,000 to Rs. 55 lakh with flexible repayment tenures between 12 months to 108 months, . Interest rates range from 10% and 30.5% per annum, depending on factors such as income, CIBIL Score, repayment capacity, and existing financial obligations.


 

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How do personal loans help cover medical expenses?


A personal loan for a medical emergency can help manage unexpected healthcare costs when immediate funds are needed. It can provide financial support for treatment and recovery-related expenses, subject to applicable terms and conditions.


  • Hospitalisation costs: A personal loan can help manage expenses such as hospital admission, room charges, surgery, procedures, and other treatment-related bills.
  • Diagnostic expenses: Funds can be used towards medical tests, MRI and CT scans, laboratory tests, consultations, and other diagnostic services.
  • Medicines and medical supplies: The loan can help cover the cost of prescribed medicines, medical equipment, and other essential supplies required during treatment or recovery.
  • Follow-up care: Medical expenses may continue after discharge. Funds can help manage costs related to follow-up consultations, physiotherapy, rehabilitation, and prescribed medicines.
  • Immediate access to funds: A personal loan can provide access to funds without requiring collateral. This can help individuals manage urgent expenses when their existing savings may not be sufficient.
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What are the features and benefits of personal loan for medical expenses?

The loan is built around three different structures, a wide amount band, and disbursal within a day of verification.


  1. Three loan types  — Choose between a Term Loan, a Flexi Dropline Loan, and a Flexi Hybrid Loan based on how predictable your treatment costs are. With the Flexi variants, you get a dropline limit and can withdraw funds as and when you need them - paying interest only on the amount withdrawn.
  2. Money in your account within 24 hours* — The loan amount reaches your bank account within 24 hours* of approval, making this ideal to manage emergencies and urgent expenses.
  3. Loan amount of Rs. 40,000 to Rs. 55 lakh — The wide amount band can cover a single diagnostic package as well as a multi-stage surgical procedure.
  4. Tenure ranging from 12 months to 108 months — A longer tenure lowers the monthly EMI, though it raises the total interest you pay.
  5. Online application and approval — Complete the personal loan application online without a branch visit.
  6. No part-prepayment charge on Flexi Loans — Part-prepayment charges do not apply to the Flexi Dropline Loan or the Flexi Hybrid Loan.
  7. No guarantor or collateral needed — You do not pledge gold ornaments, property papers, or any other security.

*Terms and conditions apply.

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What is the eligibility for a personal loan for medical emergency?

To qualify for a Bajaj Finance Personal Loan, you must meet all five criteria below:


CriterionRequirement
NationalityIndian
Age21 years to 80 years
Employment typePublic, private, or MNC
CIBIL score650 or higher
Customer profileSelf-employed or salaried

*You must be 80 years or younger at the end of your chosen loan tenure.

Check your personal loan eligibility with a personal loan eligibility calculator to estimate the loan amount you may qualify for based on your financial profile.

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What is the documentation needed for a personal loan for medical emergencies?

Documentation requirements for a Bajaj Finance Personal Loan are minimal. Five document categories are required at the time of application:


Document CategoryAccepted Options
KYC proofAadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
Identity proofPAN card, Real-time image / photograph
Employment proofEmployee ID card, Letter of Allotment of Accommodation Issued by Employer
Income proofSalary slips — last 3 months, Bank account statements — last 3 months
OthersPension order, Utility bill, Phone bill, Piped gas bill, Property / Municipal tax receipt


 

Know more about the personal loan documents required during application.

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What are the interest rates for a medical emergency personal loan?

Interest rates on personal loans from Bajaj Finance range from 10% to 30.5% per annum. The exact rate applicable to you will be based on factors such as your loan profile, eligibility, repayment terms, and so on.


Read about the complete list of fees and charges applicable on Bajaj Finance Personal Loan.

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How to apply for a personal loan for medical expenses?

Step-by-step guide to apply for a personal loan

  1. Check loan eligibility – Visit our personal loan page, enter the loan amount you need, select the repayment period, and click on "CHECK LOAN OFFER" to check your loan eligibility.
  2. Enter personal details – Provide your personal, financial, and employment details to receive a personalised loan offer.
  3. Review your loan offer – Check your offer details and adjust the loan amount or repayment tenure, if required.
  4. Complete KYC verification – Verify your identity and bank details to proceed with your application.
  5. Speak to a loan specialist – Once your application is submitted, an executive will contact you with the next steps.
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How quickly can you get a personal loan for a medical emergency?

With a Bajaj Finance Personal Loan, you can get the funds you need for a medical emergency within 24 hours* of approval. This quick disbursal of funds makes it ideal for handling emergency expenses. You can also opt for our Flexi variant, where you get a dropline limit and can withdraw from it as and when needed. Check your pre-approved loan offer using just your phone number and OTP.

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Key offerings: 3 loan types

  • Flexi Hybrid Loan
  • Flexi Dropline Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 36 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest per annum

10% to 30.5% p.a.

Processing fees

Up to 4.13% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes)

Will be deducted upfront from loan amount.

Bounce charges

Rs. 700 to Rs. 1,200/- per bounce

“Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.

Part-prepayment charges

Full Pre-payment:

  • Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment

  • Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

Part Pre-payment

  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

  • Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

Penal charge

Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term (Dropline) Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.


Flexi Hybrid Term Loan:

Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure

Credit guarantee scheme feeUp to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount
Credit guarantee scheme renewal feeUp to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year.
*Renewal Fee to be collected only for 3 subsequent financial years.
 
**If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated.

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Frequently asked questions

Overview

Eligibility

What are the factors to be considered while applying for a personal loan for medical emergency?

When applying for a personal loan for a medical emergency, consider the following factors:


  • Loan amount: Borrow only what is needed to manage the medical expenses.
  • Interest rate: Compare the applicable interest rate and its impact on the total repayment amount.
  • Repayment tenure: Choose a tenure that keeps the EMI manageable without creating financial strain.
  • Processing fees and charges: Check the processing fee, prepayment charges, penal charges, and other applicable costs.
  • Eligibility: Review the age, income, employment, CIBIL Score, and other eligibility requirements before applying.
  • Disbursal time: Check the expected time for funds to reach the bank account, especially when treatment requires urgent payment.

Personal loans are approved instantly after the borrower fills up the application form and uploads all relevant documents. Once the documents are verified and the loan is approved, the loan amount will be credited to the borrower’s account within 24 hours*.


*Terms and conditions apply.

The loan amount can range from Rs. 40,000 - Rs. 55 lakh and can help you pay for all your big or small medical expenses. Check your eligibility for personal loan using just mobile number and OTP – 100% online process.


You can use our personal loan EMI calculator to calculate your EMIs on the selected loan amount.

No, collateral is not required for a personal loan for medical emergencies, as these loans are unsecured and approved based on eligibility and creditworthiness.

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000