Axis Bank Personal Loan For Medical Emergency

Get in Touch for Personal Loan Expert Advice
Connect with our Personal Loan Advisor Now!
  • Personalized Personal Loan solutions
  • Expert guidance
  • Application assistance
  • Credit score discussion
  • Personal Loan Interest rate comparison
+91
Choose City

Written By
Kirti Bansal
Kirti Bansal
Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Unforeseen circumstances can disrupt our lives when we least expect them. Consider, for example, the unexpected COVID-19 pandemic, a global health crisis that has had a profound impact on countless nations. This serves as a reminder of life’s unpredictable nature and the significance of financial self-sufficiency. Should you find yourself in need of funds to address a medical emergency or any other unexpected expense, a personal loan could be the solution you require.

These multipurpose loans, also known as personal loans, can be utilised for a variety of purposes, such as improving one’s home, making purchases, or covering medical costs. Unlike secured loans, personal loans do not necessitate any collateral, as they are granted solely on the applicant’s credibility. Axis Bank offers personal loans for medical emergencies, catering to both salaried and self-employed professionals.

Feature Benefits of Axis Bank Medical Loan

Features Benefits
Loan Amount Rs. 50,000- 40 Lakhs
Interest Rates 10.65% p.a.
Repayment Tenure 12-60 months
Processing Fees 2% of loan amount + GST
Documentation Simplified Documentation Personal Loan
Approval Process Quick and Hassle Free

What are the Interest Rates for Medical Loans?

Axis Medical Loan interest rates are determined by factors such as the size of your loan, the length of time you borrow, and your credit rating. The bank advises that stamp duty and additional documentation fees may also be applied. To give you an idea of what to expect, the fixed interest rates start at 10.65%.

Why Choose Axis Bank for Medical Loans?

Choosing Axis Bank for medical loans offers various advantages:

  • Axis Bank can distribute Personal Loans in a span of 5 minutes to 48 hours upon approval.
  • Personal Loans do not require you to offer any assets as security.
  • The funds from a personal loan offer versatile usage options.
  • In India, personal loans offer competitive interest rates, rendering them a financially feasible choice for numerous individuals.

Axis Bank Personal Loan for Medical Interest Rates & Charges

While Axis Bank does not offer any specific ‘medical loan’, however, they offer a personal loan to meet all your medical expenses. Interest rates for personal loans are similar to medical loans, starting from 10.65%.

Charge Type Details
Interest Rate 10.65% p.a.
Loan Amount Rs. 50,000- 40 Lakhs
Stamp Duty Charges As Per the State Stamp Act
Processing Fee 2% of the Loan Amount + GST
Penalty Interest 2% per month on overdue instalment

*interest rates are subject to change as per Bank’s discretion from time to time*

Tips for Getting an Axis Bank Medical Loan

Consider the following suggestions to improve your chances of securing an Axis Bank Medical Loan:

  • Meet Income Requirements
  • Maintain a Good Credit Score
  • Provide Accurate Documentation
  • Assess Your Repayment Capacity
  • Existing Relationship with Bank

Who is Eligible for an Axis Bank Medical Loan

To qualify for an Axis Medical Loan, certain criteria must be met:

  • Residency in India is required, whether as a salaried employee, self-employed individual, or professional.
  • The minimum age to apply is 21 years, while the maximum age is 65 years.
  • A stable source of income is necessary.
  • A favourable credit score is also expected.

Documents Required for Medical Loan Application

  • Age Proof
  • Address Proof
  • Photo ID Proof
  • Bank Statements

What are the Things to Consider While Taking a Medical Loan?

Before taking an Axis medical loan, carefully consider:

  • Loan Amount
  • Repayment Affordability
  • Interest Rate
  • Additional Charges
  • Hidden Charges (if any)

How to Apply for a Medical Loan

To avail of a personal loan from Axis Bank, you have a few options at your disposal. Firstly, you can conveniently apply online through the bank’s official website. Alternatively, you can visit the closest branch with all the necessary documents in hand. Lastly, you can reach out to the customer care department for further assistance.

Personal Loan By Banks

Frequently Asked Questions (FAQs)

How much can I borrow with a personal loan for a medical emergency?

You can borrow up to Rs. 40 Lakhs of loan for a medical emergency.

How long does it take to get an Axis Bank personal loan for a medical emergency?

Personal Loans from Axis Bank can be disbursed from 5 minutes to 48 hours after approval, guaranteeing you can pay your emergency medical expenditures.

Do I need a bank account to get a personal loan for a medical?

Although it is possible to get a personal loan without a bank account, it can pose challenges in terms of approval, potentially resulting in higher interest rates and fees. Additionally, lenders may request collateral as a means of securing the loan.

What is the credit score requirement for an Axis Bank personal loan for a medical?

To be eligible for personal loans from Axis Bank, applicants must have a CIBIL score of 750 or above.

What are the penalties for late payments on an Axis Bank personal loan for a medical?

2% per month on overdue instalments is charged as a penalty on an Axis Bank personal loan for medical.

Urban Money