At Kotak, you can borrow a medical emergency loan of up to ₹40 Lakh to cover various medical-related expenses. Since these loans have no end-use restrictions, you can use them for any treatment or elective medical procedure, including cosmetic surgery, IVF treatment, pregnancy and delivery, dental procedures, etc. Unlike medical insurance, you can cover various expenses for healthcare, including diagnosis, surgery, hospitalisation, medical equipment, physiotherapy, after-care, etc.
The best thing is that medical loans at Kotak have attractive medical loan interest rates starting from just 10.99% per annum. That means you can cover your medical expenses using a Personal Loan for a medical emergency and repay it in EMIs without increasing the price significantly. Moreover, Kotak offers medical loans in India without any collateral, security, or guarantor requirement. So, you can keep your assets safe when covering medical expenses with a Personal Loan.
Get in touch with our customer representatives to find information about the latest offers and loan plans and apply for a suitable loan scheme.
Features of Taking a Personal Loan for Medical Emergency
- Quick Access to Funds: Thanks to the digital loan procedure, no collateral requirement, and minimal paperwork, you can get a loan for medical treatment This makes Personal Loans the best funding option during medical emergencies.
- Zero Collateral: At Kotak, medical loans in India are unsecured, so you don't need to provide any collateral, guarantor, or security to obtain the required funding.
- Minimum Eligibility Requirements: Kotak has straightforward Personal Loan eligibility criteria, including your age, nature of employment, income, educational qualification, and work experience.
- Flexible Tenure: At Kotak, you get flexible repayment tenure of up to six years, enabling you to repay the medical emergency loan in budget-friendly EMIs. A Personal Loan EMI Calculator helps calculate various loan term EMIs and make an informed decision suitable to your budget.
- Keep Your Relationships Intact: When you have a Personal Loan for a medical emergency at a reasonable Personal Loan interest rate, you don't need to borrow money from your friends or family, helping you keep your relationships intact.
Eligibility Criteria of Medical Loans
Kotak has the simplest eligibility criteria for medical loans in India. Fulfil the following Personal Loan eligibility conditions to apply for a loan for medical treatment at Kotak and get funding at a reasonable medical loan interest rate:
- Nature of Employment: You must be employed in an MNC, private or public limited company to qualify for a medical loan.
- Age: You must be between 21 and 60 years old.
- Monthly Income: The minimum salary requirement is ₹25,000 for Kotak Bank Salary Account holders, ₹30,000 for non-Kotak Bank Salary Account holders, and ₹20,000 for Kotak employees.
- Education Qualification: You should have completed at least graduation when applying for a loan for medical treatment
- Work Experience: You should have at least one year of work experience.
Documents Required for Medical Loans in India
The required documentation for a medical loan in India is minimal, making the process easier and less time-consuming. We at Kotak require you to provide only the essential documents required for a Personal Loan, which include your identity, address and income proof. Once disbursed, you can use the loan for any medical treatment.
| For Loans up to ₹5 Lakh |
For Loans from ₹5 to 40 Lakh |
|---|
| PAN Card |
2-3 passport-sized photographs |
| Aadhaar Card |
Identity proof like PAN Card, Aadhaar card, voter ID card, passport, or driving license |
| Last three months' salary account statements |
Residence proof like an Aadhaar card, passport, or driving license |
| |
Last three months' bank statement with income details |
| |
Last three months’ salary slips for salaried employees |
Medical Emergency Loan Interest Rate
The medical loan interest rate at Kotak starts at 10.99% per annum. Your final interest rate for a medical emergency loan depends on various factors, including your income, documents, credit history, work experience, debt-to-income ratio, etc. Apart from the interest rate for medical loans, be familiar with other Personal Loan fees and charges, including the following:
| Processing Fee |
Up to 3% |
| Stamp Duty Charges |
Depends on the state’s Stamp Act |
| Overdue EMI Interest |
3% per month |
| EMI Bounce Charges |
₹500 per instance |
| Swap Charges |
₹500 per instance |
| Foreclosure charges |
4% up to three years, 2% after three years |
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