January 25, 2023


MyKooiker Blog

Is it a Good Idea to take a Personal Loan for Medical Expenses in India?

Summary – Medical emergencies are a trying time for families. In such times, having financial security is essential. This article discusses how personal loans enable that. In a time of a medical emergency, funds are of the utmost importance to ensure proper treatment. Your medical insurance may not be enough to cover medical expenses. In such a case, a personal loan can be a great solution. 

A medical loan or a personal loan for medical expenses allows you to access the necessary treatment without any compromises, thereby ensuring proper recovery. Like this, there are several other benefits of undertaking a personal loan for medical expenses, which will be discussed below.

Flexible Repayment 

The repayment tenure for personal loans ranges from 12 months to 60 months. A flexible repayment tenure gives you the leeway to decide whether you want to undertake a high EMI loan-low tenure loan or a low EMI-high tenure loan.

Based on the tenure, the interest rate varies. The personal loan interest rate calculator is a great tool to get a fair idea of what interest you will be paying on a loan to check affordability. It considers the loan amount, tenure, income, etc., to give you an estimation of the interest rate. 

Convenient Application and Disbursal

Earlier, the application, approval, and disbursal period for personal loans in India used to be lengthy. But now, due to online loan apps, it has become easy for borrowers to apply for personal loans. Not just this, instant personal loan apps also assure quick approvals. A lot of financial institutions offer personal loans at 24–72-hour approval periods. Hence, ensuring quick disbursal of the amount and making it apt for emergencies.

No Restrictions on End Use

Most loans are meant for a particular purpose, for example, home loans, car loans, bike loans, etc. 

Personal loans can be used to finance anything. There are no restrictions on what you can use the loaned amount for. Therefore, making it perfect during a medical emergency as you can use the amount to decide which institution you want to avail yourself of treatment from. 

No Collateral Required 

A personal loan is one of the most convenient ways to avail of funds without the worry of pledging collateral. If you require funds for a time-sensitive medical procedure, you need to ensure that you get an instant personal loan. As mentioned before, personal loans have low sanction periods because lenders do not have to verify your assets and their value. Therefore, making them much faster and easier to avail. 

Minimal documentation

Since personal loans are unsecured, they do not call for much documentation. The documents required for the application process are standard ones that all adults already have. Due to personal loan apps, the filing process is also simple. Earlier, you had to file documents as hard copies. But now, all you have to do is upload the scanned copies on the loan app or the lender’s website.

Straightforward Eligibility Criteria

While personal loans are mostly simple, they have certain eligibility criteria to determine your social creditworthiness and estimate your repayment capacity. These are:

  • Applicant must be an Indian Resident
  • Must be between the age of 21 to 60
  • A minimum net salary of INR 20,00 is based in Mumbai or New Delhi
  • Minimum net salary of INR 18,00, if based in other cities
  • Should be at least 21 years old when applying
  • You should be under the age of 65 before the loan matures
  • Must provide proper proof of income
  • Providing identification proof is essential (Voter ID Card, Aadhar Card, etc.)
  • Must have three years of work experience, minimum. And a year’s experience with the current employer
  • You must have a good CIBIL score, between 700-900

These are the main conditions. Apart from this, some lenders may have an additional requirement. But, even those requirements are not too complicated to fulfil. It is important to cross-check your eligibility before applying to avoid the rejection of a loan. A rejection can reflect poorly on your credit history and hinder opportunities for future financing.

Personal loan’s accessibility, faster availability, and collateral-free nature has made them apt for emergencies. Inferring from the above mentioned, personal loans offer borrowers a range of benefits. Start by finding a credible personal loan provider that caters to all your financial needs. And commit to one that offers competitive interest rates and repayment flexibility so you have a good loan experience.


Opting for an online personal loan to fund your medical bills without putting any burden on your pocket is the best way to manage your finances. Since if you require funds urgently, you can get your loan disbursed within hours of your personal loan approval. However, make sure to determine your monthly EMI affordability through a personal loan calculator before applying for a loan.

When you apply for personal loan you can go online.