IDFC Medical Loan: Tackling Medical Emergencies with Personal Loans

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Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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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.

Medical emergencies can come unexpectedly, often leaving us unprepared financially. Thankfully, IDFC First Bank offers a convenient and accessible medical loan to help you handle these situations without compromising your well-being.

Plan your medical finances with an IDFC medical loan with quick approvals covering all the medical treatments from hospitalization, and medicines to nursing care expenses. This instant medical loan from IDFC offers affordable interest rates and easy repayment choices that one can not ignore. Know more about the features, benefits, and interest rates of IDFC medical emergency loans.

Feature Benefits of IDFC Medical Loan

Let us understand the features and benefits of IDFC medical emergency loan:

Feature	Description
Loan amount	Amount limit starts from ₹20,000, and up to ₹1 crore
Interest rates	Competitive, starting at 10.75%
Documentation	Minimal documents are needed for quick approval
Quick Approval	Get easy and quick loan approval with the IDFC medical loan
Repayment	Flexible repayment options that suit your needs.
Collateral Requirements	No security or collateral is required.
Transparency	No hidden fees

What are the Interest Rates for Medical Loans?

IDFC First Bank offers competitive interest rates for medical expenses, starting at 10.75%. Although, the actual interest rate will depend on your credit score, loan amount, and repayment tenure.

Why Choose IDFC for Medical Loans?

IDFC First Bank stands out as a reliable choice for medical loans due to several factors:

Trustworthy Option: A secured name in the financial industry with a proven customer service track.
Digital Convenience: Apply and manage your loan virtually through the user-friendly mobile app or website with Urban Money.
Flexible Repayment Options: IDFC medical emergency loans offer flexible EMI options to suit everyone’s financial situation.
Quick Processing: Enjoy fast loan processing with an instant medical loan from IDFC and meet your urgent medical needs.
Transparent Charges: The transparent charges with no hidden fees ensure a clear understanding of what you’re paying for.

Personal Loan for Medical Interest Rates & Charges

Below we have highlighted the interest rate and charges by IDFC loan for medical treatment:

Charge	Description
Interest Rates	Starting at 10.75%
Processing fee	Up to 2.5% of the loan amount
Prepayment charges	Up to 5% of the outstanding amount
Late payment charges	Up to 2% of the outstanding EMI amount

Tips for Getting an IDFC Medical Loan

Here are simple tips for completing your IDFC medical loan process successfully:

One of the most important aspects includes maintaining a good credit score.
Provide and verify authentic and complete information.
Always evaluate and compare interest rates and terms offered by alternative lenders.
Choose a loan amount within your repayment capacity.
Review all required documents before signing carefully.

Who is Eligible for an IDFC Medical Loan?

To be eligible for an IDFC First Medical Loan, you must meet the following criteria:

Applicant must be an Indian resident.
Between 23 and 60 years of age for salaried employees. On the other hand, the minimum age is 25, and the maximum age limit is 65 in the case of self-employed individuals.
Both salaried and self-employed individuals with a regular source of income are eligible
A minimum salary of ₹20,000 per month is required.
For self-employed individuals, the business should be in existence for at least 3 years

Documents Required for Medical Loan Application

Here is the basic list of medical loan documents required for IDFC bank:

KYC documents: Applicant needs to verify his identity by submitting a PAN card or Aadhaar card.
Address proof: A passport, Adhaar card, and utility bills are required to verify the residential address.
Income proof: Salary slips/bank statements as proof of stable income.
Medical bills/estimates – To get eligible for the IDFC medical loan, an applicant must submit his/her medical documents or certificates to verify the health history.

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

Following are some important points to consider before partnering up with a bank for a medical treatment loan in India:

Interest rate and charges: Compare offers from different lenders to get the best deal.
Repayment tenure: Choose a tenure that allows you to repay comfortably without being financial.
Prepayment options: Check if the loan allows prepayments and associated charges.
Loan amount: Borrow only to avoid unnecessary debt burden.
Loan processing time: Ensure the loan disbursal timeframe aligns with your medical needs.

How to Apply for a Medical Loan?

To apply for an IDFC medical loan you need to follow the basic steps mentioned below:

Visit the IDFC First Bank website or download the mobile app. You can even apply for an IDFC medical loan with Urban Money for an easy process and other perks.
Tap the “Personal Loan” section and select “Medical Loan.”
Fill out the online application form carefully.
Upload the required documents required by the bank.
Submit your application and track the progress online easily.

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Frequently Asked Questions (FAQs)

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

With IDFC FIRST Bank, you can borrow up to up to ₹1 crore for a medical emergency. This can cover various expenses like hospitalization, medical bills, critical treatments, etc.

How long does getting an IDFC personal loan for a medical emergency take?

IDFC Bank boasts a quick and efficient loan approval process within a few hours of applying. If you meet all the eligibility criteria, the funds can be disbursed to your bank within a few days after approval.

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

A bank account is essential for obtaining an IDFC FIRST Bank personal loan. You can also apply for the loan and submit documents online even if you don’t have an existing account.

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

To apply for IDFC medical emergency loans, applicants should have a CIBIL score of at least 700.

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

IDFC Bank charges a monthly late payment penalty of 2% on the outstanding loan amount. Please note that Consistent late payments might negatively impact your credit score and lead to legal action.