Kotak 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

Full Name

+91Mobile No.

Choose City

You hereby consent to Urban Money being appointed as your authorised representative to receive your Credit Information from CIBIL for the purpose of Credit Risk Assessment. You hereby agree to terms and conditions.

Written By

Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

When it comes to medical emergencies, one can never anticipate the costs. To cover these unexpected expenses, Kotak offers a personal loan specifically designed for medical emergencies. By applying for this loan online, you can receive the necessary funds once they are approved. The aim is to ensure that you receive the financial support you need for the best possible care, without any unnecessary delays.

Features and Benefits of Kotak Bank Medical Loan

Kotak Bank offers a personal loan that can support you at any point in your health journey, assisting with a range of medical necessities. In addition, using a personal loan for unexpected medical situations offers several advantages.

Quick approval of the loan
Includes all types of medical conditions
Personal loan amounts ranging from Rs.50,000 up to Rs.40 lakhs
Minimal documentation required
Attractive interest rates
Flexible repayment tenure
No collateral needed

What are the Interest Rates for Medical Loans?

Factors including the loan amount, borrowing duration, and credit score influence the interest rates for medical loans offered by Kotak Bank. Additionally, stamp duty and extra documentation charges may be applicable. As a reference, the fixed interest rates begin at 10.99%.

Why Choose Kotak for Medical Loans?

Kotak Bank offers substantial loan amounts up to 40 Lakhs to cover a wide range of medical expenses.
It is a simple 3-step online application process to apply for a Kotak Bank Medical loan.
Experience a quick disbursal of funds to prevent any delays during urgent situations.

Personal Loan for Medical Interest Rates & Charges

Credit Facility	Interest Rate and Charges Applicable
Interest Rate	Starting at 10.99% p.a.
Loan Processing Charges	Up to 3% of loan amount + Taxes
Pre-Payment Charges	For loans disbursed on or before – 1st February 2020 – Part Pre-payment is not allowed. For loans disbursed after 1st February 2020 -Post completion of 12 months – Part-Prepayment is allowed up to 20% of the Principal loan outstanding. It is allowed only once per financial year. Payment of INR 500 + taxes to be made for every instance of pre-payment
Repayment Mode Swap Charges	INR 500 + Taxes
EMI Bounce Charges	INR 500 + Taxes

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

Tips for getting a Kotak Bank Medical Loan

Consider the following tips to increase your chances of obtaining a Kotak Bank Medical Loan:

Understand Loan Terms
Check Eligibility Criteria
Maintain a Good Credit Score
Have Required Documents
Assess Your Financial Capacity

Eligibility Criteria for Kotak Bank Medical Loan

To be eligible for a Kotak Bank Medical Loan, you must:

Employed with an MNC/ public/ private company
Minimum Age: 21 Years
Maximum Age: 60 Years
Minimum monthly income of Rs. 25,000 for a Kotak Bank Salary Account holder
Minimum monthly income of Rs. 30,000 for a non-Kotak Bank Salary Account holder
Graduated
Have at least 1 year of work experience

Documents Required for Kotak Bank Medical Loan Application

The document requirements for a Kotak Bank Medical Loan are:

PAN Card
Aadhar Card
Bank Statements
Salary Slip
2-3 Passport Sized Photographs

Things to Consider While Taking a Medical Loan?

Assess your financial situation
Calculate the loan amount you need
Read the loan agreement carefully
Evaluate repayment terms
Consider insurance coverage

How to Apply for a Medical Loan

You can apply for a medical loan by following the below three steps:

Fill the Application Form
Choose tenure and amount
Submit the documents

Loans

Bank Wise Home Loan Eligibility Calculator

Frequently Asked Questions (FAQs)

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

Kotak Bank offers a personal loan amount ranging from Rs. 50,000 up to Rs. 40 lakhs.

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

If it is a medical emergency, it is important to consider applying for an immediate medical loan through online channels. This approach expedites the processing, approval, and disbursement of your application, all within a few days.

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

While having a bank account is generally advantageous for a personal loan application, including one for medical purposes at Kotak Bank, it’s not strictly required.

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

A credit score of 700 or 750 and above is needed for a personal loan with Kotak Bank.

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

If you fail to make a timely payment for a personal loan instalment, you will be subject to a monthly charge of 3%, which will accrue each month and compound. This charge will be applicable from the due date of the instalment until the date of its eventual payment.