How to apply for a Medical Loan in 4 easy steps

Cost of medical care can be prohibitive, especially for critical illnesses that need extensive treatment and long hospitalisation. In many cases, Health Insurance will cover these costs, but sometimes expenses go beyond what the insurance will cover.

In this case, you will have to pay from your cash reserves, or go in for a Personal Loan that takes care of your medical expenses. These loans will cover surgery, hospitalisation, chemotherapy and other treatments. They also can be used to cover the cost of COVID-19 treatment now.

The need for medical financial aid has been felt very strongly during the uncertain times of the COVID-19 pandemic. The pandemic has put almost everyone at a medical risk. While governments are providing aid, COVID related complications can increase the cost of treatment and in such situations a COVID-19 Personal Loan is of much help. When you apply for a COVID Loan you can rest assured that financial assistance is available during already stressful times. 

Many banks and finance companies offer such Personal Loans. Most have streamlined procedures so that they are disbursed quickly so that you will be able to tackle emergency situations. You can also apply for COVID Personal Loan online and reduce exposure to COVID.  Here’s how to apply for a COVID-19 Loan or a Personal Loan for medical care.

How to apply for a Personal Loan for medical care

  • Compare rates: There are considerable differences in the interest rates that banks and finance companies charge for a Personal Loan for medical care. Make sure you compare all the rates before selecting a bank.
  • Documentation: After selecting the bank, you can apply for the Personal Loan. You will need documents like proof of identity, address and income. These include PAN card, Aadhaar card, driver’s licence or passport for identity and address verification. For income proof, you will have to give bank statements, salary slips or copies of income tax returns.
  • Repayment: Repayment can be done in easy equated monthly instalments (EMIs). The amount you pay each month will depend on the amount and the tenure of the loan. If you need more time, you can opt for a longer tenure of up to five years. The tenure options can lighten your financial strain especially considering the economic difficulties caused due to the pandemic.
  • Credit score: Generally, the interest rate you pay will depend on your credit score. If you have a good score, you will be able to negotiate a good deal with the bank or finance company.

    Of course, things are much easier if you are taking a loan from your own bank. In that case, you may not need any documentation at all. For example, non - HDFC Bank customers can get a Personal Loan in under four hours. Select pre-approved HDFC Bank customers can get Personal Loans credited into their accounts in a matter of 10 seconds. Even more, with EMI rates that are lower than our normal rates, it offers an excellent and convenient repayment process. You can also apply for it digitally without stepping out from the safety of the house. The quick disbursal of the loan amount is of utmost help during the pandemic. It can be utilised to undertake urgent testing, to cover treatment costs, or to deal with any emergency. After all, we are #ThereForYou.

Looking to apply for a Personal Loan from HDFC Bank? Click here to get started!

Read more on ‘What is the Personal Loan for COVID-19’ here.

*Terms and conditions apply. Personal Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.