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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Key takeaways

A personal loan can be used to help manage eligible medical expenses without providing collateral. Bajaj Finance Personal Loan is an unsecured loan, with disbursal possible within 24 hours* after document verification, subject to eligibility and applicable terms and conditions.


  • 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 Dropline Loan, and Flexi Hybrid Loan

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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What are the features and benefits of personal loan for medical expenses?

A personal loan can provide access to funds for eligible medical expenses, while offering flexibility in how the borrowed amount is used.


FeaturePractical benefit for medical expenses
Loan amount of Rs. 40,000 to Rs. 55 lakhCan help manage expenses ranging from planned procedures to larger treatment costs, subject to eligibility.
No collateral requiredNo property or other asset is required as security for the loan.
Flexible tenure of 12 months to 108 monthsAllows borrowers to select a repayment period based on their financial situation.
Disbursal within 24 hours*Funds may be disbursed within 24 hours* after document verification, subject to applicable terms.
Minimal documentationSimplifies the application process when the required documents are readily available.
Flexible use of fundsThe loan can be used towards eligible medical and other personal expenses, subject to the applicable loan terms.
Online application processEnables borrowers to complete the application process digitally, subject to eligibility and verification.

*Terms and conditions apply.

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Calculate your personal loan eligibility for medical expenses

Your personal loan eligibility depends on how much of your monthly income can be allocated towards loan repayments. FOIR (fixed obligation to income ratio) measures this as the share of your income used for existing and proposed EMIs. Keeping total EMIs within 50% to 60% of your monthly income can indicate the repayment capacity available for a new loan.


Check the EMI for your treatment cost: personal loan EMI calculator


Your eligible loan amount depends on three key factors:


  • Income: A higher monthly income can support a higher EMI and, consequently, a larger loan amount.
  • Existing EMIs: Existing loan obligations reduce the portion of your income available for the new EMI.
  • Tenure: A longer tenure reduces the monthly EMI for the same loan amount but increases the total interest payable.

Bajaj Finance determines the final eligible loan amount after assessing your income, existing obligations and other details of your profile.

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Eligibility for a personal loan for medical emergency

Eligibility for a personal loan for a medical emergency depends on your financial profile, not the treatment you need. Bajaj Finance assesses your age, employment type, CIBIL score and customer profile to determine whether you qualify. Salaried and self-employed applicants can check their eligibility using the personal loan eligibility calculator.


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.

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Documents required for a personal loan for medical expenses

Medical treatment documents are fall outside of the loan application requirements. The personal loan documents required for a personal loan for medical expenses depend on your applicant profile and the verification process:


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
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What is the interest rate for a personal loan for medical expenses?

The interest rate on an online loan app in India varies depending on factors such as your credit profile, income, loan amount, and repayment tenure. Along with the interest rate, borrowers should also review the applicable fees and charges before applying. The table below highlights some of the common charges associated with a personal loan. 


ChargesDetails
Interest rateUsually ranges from 10% to 30.5% p.a. , depending on eligibility and lender policies
Processing feeUp to 4.13% of the loan amount (inclusive of applicable taxes).
Loan tenureTypically ranges from 12 months to 108 months
Bounce chargesRs. 700 to Rs. 1,200/- per bounce
Prepayment/foreclosure chargesUp to 4.72% (Inclusive of applicable taxes)
Stamp duty (as per respective state)Payable as per state laws and deducted upfront from loan amount
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Personal loan vs credit card vs health insurance claim vs savings: which is faster?

The speed of accessing funds for medical expenses depends on the option chosen, the required verification and the individual's circumstances. The following comparison highlights the typical access time and key considerations for each option.

OptionTypical access to fundsKey consideration
SavingsUsually immediateNo borrowing cost, but reduces available savings.
Credit cardUsually immediate if sufficient limit is availableInterest and other charges may apply if the balance is not repaid within the applicable period.
Personal loanCan be disbursed within 24 hours* after document verificationSubject to eligibility, verification and applicable terms.
Health insurance claimDepends on the insurer and claim processCoverage, documents and claim approval can affect the timeline.

Important: The actual time taken can vary based on the customer's circumstances, documentation, available credit limit, insurer's process and other applicable requirements. A personal loan should not be presented as universally faster than a health insurance claim or other funding option.

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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 – Enter the required loan amount and preferred repayment tenure, then select “CHECK LOAN OFFER” to check 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?

Bajaj Finance Personal Loan can provide funds within 24 hours* after document verification, subject to eligibility and applicable terms. The timeline can help when funds are needed for urgent medical expenses. Eligible customers can also consider Flexi Loan options, which provide access to a sanctioned limit based on the applicable Flexi variant. You can use the available facility as required, subject to the terms of the selected variant. Before proceeding, review the applicable interest rate, fees, repayment tenure and other loan terms.


 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

Repayment

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.

A personal loan can be used to meet eligible medical expenses, which may include diagnostic tests and scans. The funds are generally provided to the borrower's bank account, allowing them to manage eligible expenses according to their requirements and applicable loan terms. With a Bajaj Finance Personal Loan, you can get funds from Rs. 40,000 to Rs. 55 lakh. Check your eligibility for personal loan using just mobile number and OTP – 100% online process.

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.

A low CIBIL Score may affect personal loan eligibility and the terms offered. Applications are assessed based on multiple factors, including credit history, income and existing obligations. Approval is subject to the applicable eligibility criteria and verification.

A diagnosis report is not generally listed as a standard requirement for applying for a personal loan. Applicants need to provide the documents requested for identity, address, income and other applicable verification requirements. Specific requirements may vary based on the applicant's profile.

Missing an EMI can result in applicable penal charges and may affect the borrower's credit history. If repayment becomes difficult, the borrower should review the loan terms and contact the lender promptly to understand the available options.

A top-up loan may be available to eligible existing borrowers, subject to applicable criteria. Further treatment expenses do not automatically qualify for a top-up. Eligibility, repayment history, outstanding obligations and other factors may be considered before approval.

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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