The Process And Benefits Of Availing A Medical Loan - Kotak Bank

11 MARCH, 2020

A medical emergency can put you in great dilemma. Today, there is a steep rise in cost of quality healthcare. This, coupled with the restrictions on medical insurance coverage can put a strain on your finances. In such case, you can turn to a medical loan. A medical loan is a form of personal loan that you can avail of in the event of a medical emergency. The amount obtained can be used to cover several costs such as hospital bills, surgery costs, prescription bills, chemotherapy costs and any other medical related expenses.

Here are some benefits of getting a medical loan:

  • Quick approval – The last thing you would want during a medical emergency is being caught up in financial procedure that takes a while to disburse funds. Medical loans are approved quickly and you do not have to be worried by the loan approval procedure.
  • Covers any ailment – A medical loan can be availed of from any kind of ailment. From a long-term medical treatment procedure such as chemotherapy to a dental surgery, this loan is granted for any kind of healthcare. All you must is evaluate the total cost that you will incur and apply for the given amount.
  • Flexible repayment tenure – Medical bills can be very high and thereby, eat into your monthly budget. A medical loan lets you choose from a flexible tenure. The loan amount can be paid in monthly installments over a preferred period. Typically, most banks offer a tenure of up to 5 years.
  • No collateral – Unlike most other types of loans, a medical loan does not require you to provide a collateral. This means, you do not have to generate any form of security against which the loans is granted. The no-collateral benefit is extremely great as you do not have to be stressed down by the need for collateral during trying times.

 

Process of getting a medical loan

Medical loans are designed to be hassle-free and disbursed quickly to cover unforeseen medical expenses. The process includes minimal formalities and you can simply apply online. Upon providing the essential documents, your loan will be disbursed within a few days. Most leading banks provide medical loans that range from INR 50,000 to INR 15,00,000.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.

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Frequently Asked Questions

What can a personal loan be used for?

Personal Loan can help you meet unexpected expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables. 

 

Applying for a personal loan is a lot easier, quick, and convenient with Kotak Mahindra Bank.Click https://www.kotak.com/en/personal-banking/loans/personal-loan.html to apply for the same. 

 

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Do I need to provide any security or collateral to obtain a personal loan?

No, you do not have to provide any security or collateral to obtain a personal loan. Personal loan is a type of unsecured loan. This essentially means that it is not backed by the guarantee of collateral. You are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. As there is no security to assure loan repayment, the bank will focus on the income and financial stability of the applicant. 

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What are the benefits of taking a personal loan with Kotak?

There are several benefits of availing a personal loan from Kotak bank. Some of the most notable benefits include:

  • prepaymentInstant approval – The bank approves the loan at a quick rate and this makes the process much easier to serve different financial purposes.
  • Easy Documentation – It comes with minimal documentation requirements to help you save time and cater to your emergency financial needs without any hassle.
  • Versatile usage – The personal loan can be used to fulfil many purposes. From funding a dream wedding to serving a medical emergency, it can be used to serve different planned and unplanned financial needs.
  • Attractive interest rate – The personal loan is made more convenient with an attractive rate of interest starting at 10.75 p.a.
  • Part Prepayment facility – In case of excess funds/financial liquidity , you can reduce your loan burden with part prepayment

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What is the eligibility criteria to apply for a personal loan?

The eligibility to avail Personal loan is as follows :

  • All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years are eligible for a personal loan.
  • Other Personal loan eligibility criteria :
    • Income Net monthly salary of Rs. 20,000/-
    • Minimum educational qualification - Graduate
    • Years in city - Minimum 1 year
    • Total work experience - Minimum 1 years

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

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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What is the best way to apply for a personal loan?

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

 

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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