5 NBFCs That Provide Timely Medical Loans For Treatment
In times of medical emergencies, access to immediate financial assistance can be crucial. Non-Banking Financial Companies (NBFCs) in India have become a reliable source for medical loans, offering flexible repayment options, minimal paperwork, and quick disbursal to ease the burden of unexpected medical expenses. These loans can help cover costs ranging from surgeries to hospitalization and post-treatment care.
With a variety of NBFCs available, individuals can choose from different loan products tailored to their medical needs, making timely treatment more accessible even when personal funds are limited.
With a variety of NBFCs available, individuals can choose from different loan products tailored to their medical needs, making timely treatment more accessible even when personal funds are limited.
Table of content:
1. Bajaj Finserv
Who is eligible?
Indian citizens, in the age range of 21 to 80 years, who have full-time employment in a private, public or MNC firm, with a monthly salary of ₹25,001 and higher. They should also have a minimum CIBIL score of 685.Loan amount
Bajaj Finserv offers medical loans ranging from ₹50,000 to ₹25 lakhs, depending on your eligibility.Repayment options
They provide flexible repayment options ranging from 6 to 96 months.Interest rates
From 13% to 36% per annumDetails required
CIBIL scoreDocuments required
- PAN Card, Aadhaar card and other KYC Documents
- Payslips
- Address proof
- Bank statements
2. Tata Capital
Who is eligible?
- Those who are salaried persons
- Those whose age falls between 21 years to 58 years
- Those who have a stable employment status for the past one year
- Those who have worked in the same organisation for the past six months
- Those with a minimum salary of ₹20,000
Loan amount
Tata Capital offers medical loans starting from ₹75,000 up to ₹35 lakhsRepayment options
They provide flexible repayment options with tenure ranging from 12 to 72 months.Interest rates
From 10.99% per annumDetails required
CIBIL scoreDocuments required
- PAN Card, Aadhaar card and other KYC Documents
- Payslips
- Address proof
- Bank statements
3. Fullerton India
Who is eligible?
- You must be a resident of India, between the ages of 21 and 60.
- If you are a salaried employee, your income must be at least ₹20,000 per month (25,000 in the case of Delhi and Mumbai).
- For self-employed professionals, there should be a minimum profit earned after tax, which will be analysed on a case-by-case basis.
Loan amount
Capital First provides medical loans starting from ₹20,000 up to ₹1 croreRepayment options
They provide flexible repayment options up to 60 monthsInterest rates
From 11.99% per annumDocuments required
- PAN Card, Aadhaar card and other KYC Documents
- Payslips
- Employment Proofs
- Bank statements
4. Capital First (IDFC First Bank)
Who is eligible?
For self-employed individuals:- The business must have been in existence for a minimum period of 3 years
- Minimum Age: 25 years
- Maximum Age: 65 years at the time of loan maturity
- Minimum Age: 23 years
- Maximum Age: at the time of loan maturity – 60 years or retirement, whichever comes first
- Minimum monthly salary: ₹20,000 per month (barring Mumbai and Delhi residents)
Loan amount
Capital First provides medical loans starting from ₹20,000 up to ₹1 croreRepayment options
They provide flexible repayment options with tenure ranging from 12 to 72 months.Interest rates
From 10.49% per annumDocuments required
- PAN Card, Aadhaar card and other KYC Documents
- Payslips
- Employment proofs
- Bank statements
- Net banking / Debit Card details
5. Hero FinCorp
Who is eligible?
- Applicant should be between 21-58 years
- Minimum monthly income for salaried: Applicant should at least earn a minimum amount of ₹15,000 monthly
- Minimum monthly income for self-employed: Minimum earning should be ₹15,000 monthly and six months bank statement is compulsory
Loan amount
Hero FinCorp offers medical loans starting from ₹15,000 up to ₹1.5 lakhs based on your eligibility.Repayment options
Borrowers can select the date and tenure for EMI payments.Interest rates
The interest rates offered by Hero FinCorp depend on factors such as loan amount, organisation type, job stability and location.Documents required
- PAN Card, Aadhaar card and other KYC Documents
- Payslips of last 6 months
- Recent bank statements
- Net banking / Debit Card details
How Milaap can help
While NBFCs provide timely financial assistance for medical emergencies, the loan repayment terms and interest rates can add to your financial stress. Milaap offers an alternative through crowdfunding, allowing you to raise funds for medical treatment without the worry of repayment. If you're facing high medical expenses and need financial help, consider starting a fundraiser on Milaap today.
