Medical Loan Interest Rate and Eligibility

Rate of Interest Varies from 13% to 24.03% pa
Minimum Age 23 or above
Minimum Salary Required ₹ 15,000
Loan Amount Starting from ₹ 3000 to ₹ 5 lakh
Annual Fee ₹ 499 plus GST

MoneyTap’s Personal Medical Loan Features and Benefits:

Get approved for a line of credit of up to
₹ 5 Lakh in real-time

Withdraw as per your requirement - as little as ₹ 3,000 or up to your approved limit

Pay interest only on the amount you use, as you use it and not on the entire amount

Swipe the credit card and get rewards or withdraw 100% cash

Repay on your own terms in flexible EMIs of 2-36 months

ID proof and address proof are all we need from your end to get you started

Eligibility
Criteria

  1. Must be a full-time salaried employee with a take-home salary of ₹ 20,000/month
    OR
    Must be a self-employed professional with an income of at least ₹ 20,000/month

    (Only certain professionals like doctors, lawyers, or business owners qualify)

  2. Must be above 23 years and below 55 years of age
  3. Must be a resident of one of the following cities:

    Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag

Medical Loan Related Pages

Reasons You May Need a Medical Loan:

  • Dental or orthodontic treatment
  • Emergency surgeries, treatments or procedures
  • Cosmetic procedures
  • Prolonged treatments
  • Accidents
  • To pay additional bills or for medication, etc.

More often than not, medical bills are expensive and can literally drain you of your money. However, with MoneyTap's line of credit, taking a personal loan for a medical purpose will not create a financial imbalance for you.

Why Taking a Personal Medical Loan Makes Sense?

  • When you don’t have medical insurance or if the insurance policy does not cover all the expenses, a medical loan proves to be a saving grace.
  • A medical loan is a big help when you need to pay for the doctor’s fees, medical bills, hospital stay or a surgical procedure immediately.
  • It is a low-cost alternative to increasing your credit card balances to pay for medical expenses.
  • A medical emergency loan or a line of credit works well if you’re planning a series of medical procedures. It helps you budget and control medical costs while allowing you to repay the loan amount with easy repayment options.

Financial Tips for Medical Needs:

  • Explore all the types of personal loans available on the market and identify the one that best suits your personal needs.
  • Make sure you plan ahead and set aside a budget for repaying the medical loan while you continue to get the treatment done.
  • Select your Mediclaim wisely.

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FREE!

With MoneyTap’s line of credit you will have money available instantly 24x7 to use anytime, anywhere. Click below to experience its power.

Different Ways to Use MoneyTap Personal Loan 2.0

Medical Loan FAQs

A medical loan is a type of unsecured personal loan that can be used in emergencies related to health or any urgent medical needs such as an operation, treatment, dental emergencies, accident or for any concerns related to health.

Yes, you can take a personal loan for medical expenses.

Yes, you can take an unsecured personal loan for a surgery.

If you do not have a medical insurance policy, here are some of the ways you can get financial help to pay for medical treatment and other hospital bills:

  1. Get help from friends and family
  2. Tap into savings
  3. Get a personal loan
  4. Apply for MoneyTap's line of credit to use as a personal medical loan

An excellent way to pay for medical treatment or bills is through a personal loan. MoneyTap offers personal loans in the form of a credit line as a medical emergency loan that is active 24/7, and you can access it anytime from anywhere and for any emergency.

To pay off your medical expenses, MoneyTap’s personal loan is the best option because of the following reasons:

  • Easy approval
  • Covers all health-related costs
  • Low interest
  • Instant access
  • Easy repayment
  • No usage, no interest

To apply for a medical loan from MoneyTap, you need to download the app on your phone and fill in the required information to register. After the initial approval, submit the KYC documents and once verified, the amount will be transferred to your bank account.

The medical loan interest rate by MoneyTap starts at 1.08% per month. Interest is charged only on the amount used.