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Personal Loan for Medical Emergency

Health is the most valuable asset one has in life, warranting the utmost protection and care. Medical conditions can arise unexpectedly, making timely treatment crucial. However, the high cost of medical treatments can leave individuals with few options, sometimes draining their investments and savings. A medical loan offers a practical alternative, allowing you to fund medical expenses without impacting your financial stability. FIRSTmoney by IDFC FIRST Bank is a smart medical emergency loan designed to meet your healthcare needs without depleting your wealth or savings.

Interest Rate and Tenure

FIRSTmoney medical loans from IDFC FIRST Bank are available at a competitive medical loan interest rate starting from 10.99% per annum, with repayment terms extending up to 60 months. This tailored loan is an excellent choice for individuals seeking a structured health loan with manageable monthly payments.

Features of FIRSTmoney Smart Personal Loan for Medical Emergency

ZERO foreclosure charges ZERO foreclosure charges

ZERO foreclosure charges

goodbye to foreclosure charges and repay your outstanding amount whenever you want without worrying about additional fees.

Greater flexibility Greater flexibility

Greater flexibility

With FIRSTmoney, avail multiple on demand Loans to meet additional fund requirements.

Flexible loan repayment options Flexible loan repayment options

Flexible loan repayment options

Enjoy customisable loan EMI repayment options. Choose from flexible tenure options to suit your financial situation.

Swift disbursal Swift disbursal

Swift disbursal

Our advanced technology allows for a quick and paperless application process, ensuring swift disbursal of funds directly to your bank account.

Personal loan amount flexibility Personal loan amount flexibility

Personal loan amount flexibility

Either withdraw in full over or in parts ₹5,000 up to your credit limit. Pay interest only on the utilised amount.

Benefits of a Medical Loan
 

Medical emergencies often come with unexpected expenses. With a medical emergency loan like FIRSTmoney, you can explore different treatment options, including specialists or out-of-network providers, ensuring the best possible care. Key benefits include:

• Supplementing your insurance for extensive medical expenses

• Covering unexpected costs such as ambulance fees, hospital stays, and specialized treatments

• Instant access to funds for medical treatments, medications, and emergencies, wherever and whenever needed

• No collateral requirements, with attractive medical loan interest rates on a monthly reducing basis

• Flexible repayment options suited to your financial situation

 

Eligibility Criteria for Medical Loan

Employment: Salaried and Self-Employed Individuals Employment: Salaried and Self-Employed Individuals

Employment: Salaried and Self-Employed Individuals

Age - 21-60 years Age - 21-60 years

Age: 21-60 years

CIBIL Score*: 730+ CIBIL Score*: 730+

CIBIL Score*: 730+

* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

Required Documentation for Salaried Medical Loan

Video KYC Video KYC

Display your physical PAN card for Video KYC (VKYC) during the online smart personal loan application.

Display your physical PAN card for Video KYC (VKYC) during the online smart personal loan application.

Applying for medical loan

Scan the QR code to apply for a medical loan

Step 1

Scan the QR code to apply for a medical loan

Register with your mobile number

Step 2

Register with your mobile number

Confirm basic details to check your eligibility

Step 3

Confirm basic details to check your eligibility

Choose your loan preferences and link your bank account

Step 4

Choose your loan preferences and link your bank account

Once verified, receive the loan amount in your account within 24 hours

Step 5

Once verified, receive the loan amount in your account within 24 hours

Factors to Consider When Applying for a Medical Loan
 

When considering a medical loan, keep in mind:

Interest rate: Compare rates from various lenders.

Loan amount: Ensure it adequately covers your medical expenses.

Repayment tenure: Select a term that aligns with your financial capacity.

Processing fees: Be mindful of any extra charges.

Eligibility criteria: Confirm that you meet the lender’s requirements.

With a comprehensive medical loan from IDFC FIRST Bank, you can address your healthcare needs with financial peace of mind, enabling you to focus solely on recovery.

How FIRSTmoney can empower you

How FIRSTmoney can empower you

Travel Personal Loan

Embark on your dream adventures with an online personal loan designed exclusively for elite travellers like you. Whether you're planning a luxurious getaway, an exotic expedition, or a cultural exploration, a FIRSTmoney loan offers the financial freedom to turn your travel aspirations into reality.

With competitive rates and flexible terms, a FIRSTmoney smart personal loan empowers you to book premium accommodations, indulge in once-in-a-lifetime experiences, and create unforgettable memories without compromise. Apply for a travel personal loan seamlessly on an end-to-end digital journey and make Instant bookings without dipping into your savings.

Advantages of a FIRSTmoney smart personal loan for travel expenses:

  • ► Get your FIRSTmoney loan approved enjoy your travel the way you want with instant access to cash
  • ► Attractive fixed interest rate (on a monthly reducing basis), starting at 10.99 % p.a. 
  • ► No need for collateral or security deposit to set up a loan
  • ► By responsibly managing your personal loan, you can enhance your credit profile, opening doors to even greater opportunities for future travel endeavours

Emergency Personal Loan

In times of financial emergencies, FIRSTmoney smart personal loan stands as a beacon of stability and support. Instead of depleting your savings or tapping into your investment accounts, this smart personal loan allows you to preserve your financial reserves for long-term goals. Here's how our emergency loan can be a lifeline during uncertain exigencies:

  • ► Effortless online application process with complete digital verification - apply in 2 easy steps for an emergency personal loan online
  • ► Get the loan amount credited promptly to your bank account on the same day
  • ► No collateral requirement for emergency personal loans
  • ► Flexible loan repayment tenure of up to 60 months
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting from 10.99% p.a. only
  • ► Safeguard your financial stability with this personal loan in the face of emergencies

Wedding Personal Loan

Make your wedding dreams a reality with our smart personal loan for weddings designed exclusively for discerning borrowers. Rather than depleting your savings or resorting to high-interest credit cards, a FIRSTmoney smart personal loan allows you to maintain financial stability as you start a new chapter of your life. Here's how our loan can add value to your special day:

  • ► From venue rentals to catering costs and everything in between, FIRSTmoney offers up to a ₹10 lakh personal loan, allowing you to cover all aspects of your wedding expenses with ease
  • ► Completely paperless, quick, and digital personal loan application process
  • ► Attractive fixed interest rate (on a monthly reducing basis) commencing at 10.99% p.a. only
  • ► No need for collateral or security
  • ► Enjoy flexible loan repayment terms extending up to 60 months
  • ► Repay your loan without paying any foreclosure charges

Medical Personal Loan

Medical emergencies often come with unexpected expenses and a personal loan can offer access to quick funds. With a FIRSTmoney smart personal loan, you have the financial flexibility to explore various treatment options, including specialists, alternative therapies, or out-of-network providers, ensuring that you can pursue the best possible care for yourself or your loved ones. FIRSTmoney – our smart personal loan for medical expense, offers invaluable support and peace of mind during medical emergencies. Here's how:

  • ► Can act as a top-up to your insurance for medical expenses
  • ► Cover unforeseen costs, such as ambulance fees, hospital stays, surgeries, and specialized treatments
  • ► Access funds anytime, anywhere to address medical bills, treatments, and medications without delay
  • ► No need for collateral or security to apply for the personal loan
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting at just 10.99% p.a.
  • ► Tailor your payments to fit your budget and financial capabilities, providing additional peace of mind during a challenging time

Home Improvement Personal Loan

Renovating your home or any structural upgrades can put a significant financial strain on your savings and a personal loan can be a reliable solution. Manage and plan your home improvement expenses depending on your needs with FIRSTmoney, our smart, instant personal loan. Apply for a personal loan online and get approved instantly on meeting the eligibility criteria. 

  • ► Can act as an additional financial aid to your home loan
  • ► Can serve to pay for renovation and expenses in parts
  • ► Access funds instantly
  • ► No need for collateral or security to apply for this personal loan
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting at just 10.99% p.a.

Get FIRSTmoney Smart Personal Loan of Different Amounts

  

Instant Personal Loan Fees and Charges Instant Personal Loan Fees and Charges

Personal Loan for Medical Emergency - Fees and Charges

Enjoy competitive interest rates and minimal charges

FREQUENTLY ASKED QUESTIONS

What is a medical loan?

A medical loan is a type of personal loan tailored for medical emergencies. It covers hospitalizations, urgent treatments, surgeries, and other healthcare needs. FIRSTmoney health loan offers quick financial assistance, enabling you to handle unexpected medical expenses without compromising your savings.

Who is eligible for a medical loan?

Medical loan eligibility typically includes:

  • Age: 21-60 years
  • Employment: Salaried or self-employed individuals
  • Credit score: Generally, a CIBIL score of 730 or above is preferred.

What is the interest rate on an IDFC FIRST Bank medical loan?

Interest rates for an IDFC FIRST Bank medical loan vary based on the applicant’s credit profile, loan amount, and tenure, generally starting from 10.99% per annum. It’s recommended to check directly with the bank for precise rates.

What are the uses of a medical loan?

A medical loan from FIRSTmoney can be used for a range of healthcare needs, such as:

  • Hospitalization and surgery expenses
  • Medical treatments, diagnostic procedures, and therapies
  • Medication and post-treatment care
  • Emergency medical expenses

How quickly can I get a medical loan approved?

IDFC FIRST Bank’s medical loan offers a fast, fully digital application process, with instant approvals based on applicant verification. Once your details are confirmed, the loan approval is immediate.

How much loan amount can I take for a medical emergency?

The loan amount for a medical emergency loan depends on your credit score, income, and repayment capacity. IDFC FIRST Bank offers medical loans of amount up to ₹10 lakhs to meet your urgent medical expenses.

Is there a difference between a medical loan and a health loan?

Generally, there is no significant difference between a medical loan and a health loan. Both terms are used interchangeably to cover medical expenses such as surgeries, treatments, and emergency healthcare needs.

How do I apply for a medical loan?

To apply for a medical loan via FIRSTmoney:

  1. Scan the QR code or click on the loan application link
  2. Register with your mobile number and verify personal details to check medical loan eligibility
  3. Select your loan amount and choose a flexible repayment term that suits your need.
  4. Link your bank account for fund disbursement
  5. Complete the video KYC with your physical PAN card for verification

More FAQs