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Enjoy Zero Charges on All Commonly Used Savings Account Services
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- Letter to Shareholders on the 2nd Annual Report after Merger
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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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EMI starting at ₹1,699/Lakh
Enjoy quick, paperless disbursal in a few clicks
with IDFC FIRST Bank Personal Loans
EMI starting at ₹2,149/Lakh
Enjoy quick, paperless disbursal in a few clicks
with IDFC FIRST Bank Personal Loans
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Competitive interest rates starting at 10.75%
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Completely digital, paperless online process
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Balance transfer of existing Personal Loans and Credit Cards at affordable rates
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Flexible tenure up to
84 months
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Competitive interest rates starting at 10.75%
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Completely digital, paperless online process
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Balance transfer of existing Personal Loans and Credit Cards at affordable rates
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Flexible tenure up to
84 months
Medical Loan
Health is the single most important asset that one has in the whole lifetime. It deserves protection and care to help us move ahead in everything we do. While medical conditions can be threatening at times, the treatment at the right time is crucial and often the only saviour. The cost of medical treatment can be quite high on many occasions, leaving you with little choice but to scramble up different sources - from investments to deposits to regular savings. However, there is another way to finance your medical emergencies without affecting your wealth or savings – to use. different credit tools. One of the tools is Personal Loans.
In fact, Personal Loans are often used for medical emergencies. Banks like IDFC FIRST Bank process and sanction Personal Loan requests quickly, providing real help in medical emergencies. Personal Loans for medical treatment can cover hospitalisation, medicine, rehabilitation, recovery, and nursing care expenses – meeting almost all medical treatment costs and protecting your wealth and savings. The interest charged on Personal Loans is affordable, making repayment easy.
Features and Benefits of Personal Loan for medical emergency
Here are some of the features and benefits of medical loans:
Quick Personal Loan approval
No need for security or collateral
Easy repayment in EMIs
Available to salaried, subject to the terms and conditions of the lender
Minimal documents are needed
Flexibility to use the loan amount for various reasons
Customisable repayment terms
Medical Loan Eligibility
Who can apply?
For self-employed individuals:
- The business must have been in existence for a minimum period of 3 years
- Minimum Age: 25 years
- Maximum Age: 65 years at the time of loan maturity
For salaried individuals:
- Minimum Age: 23 years
- Maximum Age: at the time of loan maturity - 60 years or retirement, whichever comes first
- Minimum monthly salary: ₹20,000 per month (barring Mumbai and Delhi residents)
Documentation
Banks require certain documents to process Personal Loan applications. Here is the entire list:
- Valid KYC
- RBI Approved Account Aggregator Process/ Bank Statement
- Net Banking or Debit Card details to set up e-Mandate
- eSign/eStamp for faster disbursal
The interest rate on a medical loan
- Personal Loan interest rates and other charges, as offered by IDFC FIRST Bank for medical loans, are as follows:
- Interest rates starting at 10.75%
- Processing fees of up to 3.5% will be deducted from the loan amount at the time of disbursal
- EMI bounce charges: ₹400
- Repayment instrument swap charges: ₹500
- Statement of Account (Ad hoc/Duplicate): ₹500
- Duplicate No Objection certificate/No Dues Certificate: ₹500
Things to Consider When Applying for a Personal Loan for medical emergencies
Personal Loans help meet medical emergencies, but you must consider a few things before applying with a lender. We have listed some of them below:
1. Disbursal time: Choose a lender that offers the fastest disbursal. It can be invaluable in a medical emergency.
2. Interest rate: Different lenders charge different interests on Personal Loans. Do your research to find the lender offering the lowest interest on Personal Loans.
3. Processing fees: Before applying for a medical loan, enquire about the fees charged by different banks.
4. Customisable EMIs: The freedom to customise your EMIs can help you better manage your finances.
5. Credit score: You should also check your credit score before applying for a instant Personal Loan for medical emergencies. If your score is low and you still apply for a loan, it may further hamper your credit score.
How to Apply for Medical Loan?
You can apply for a medical loan with IDFC FIRST Bank on the app or click here. Here are the steps you must follow:
1. Online application: Download the IDFC FIRST Bank Mobile App or click here. Fill out the application form.
2. Approval: Our team will assess your loan application. Your credit history will also be considered.
3. Upload documents: Once your application is approved, you will need to upload the required documents digitally.
4. Disbursal: Once your documents are verified, the Personal Loan amount for a medical emergency will be disbursed to your account.
FREQUENTLY ASKED QUESTIONS
What is a medical emergency loan?
A medical emergency loan is a loan that you can avail yourself of during a medical emergency. You can use it to cover hospitalisation, medicine, rehabilitation, recovery, and nursing care expenses. A medical emergency loan is an effective way out when you do not want to use your savings for medical treatment.
How fast can I get a Personal Loan for a medical emergency?
IDFC FIRST Bank can disburse your loan amount within a few hours.
What are the mandatory documents needed for a medical loan?
You need the following documents required for a medical loan:
1. Passport, Driver's License, and Pan card photocopies are acceptable forms of identification.
2. Passport/Voter Id/Ration card/Driving License/Address proof
3. Utility or phone bills from the last few months
4. A passport size photo
5. Recent payslips
6. Letter of appointment from your employer
7. Form 16
8. RBI Approved Account Aggregator Process/ Bank Statement
9. Valid proof of income
10. Employment certificate
What are the eligibility criteria to apply for a medical loan?
Here are the eligibility requirements for a medical loan:
For salaried individuals:
1. Minimum age: 23
2. Maximum age: 60 (at the time of loan maturity) or retirement, whichever comes first.
3. Minimum monthly salary: ₹20,000 per month (barring Mumbai and Delhi residents)
Is collateral required to apply for a Personal Loan for medical emergencies?
There is no need to provide collateral for a Personal Loan for medical emergencies.
Personal Loan Blogs
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