Medical Loan in usa

What is a Medical Loan ?

A Medical Loan is extended by a bank or a financial institution under the category of personal loans. It can be availed for various contingency situations related to health or any urgent medical needs such as an operation, surgery procedure, therapy, or for any concerns related to health. The interest rate for a medical loan is based on multiple factors such as the organization you work for, your salary range, and the city of your current residence.

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It is recommended to check and compare the interest rates, eligibility for a medical loan across various banks before you select one of them.

What are the current interest rates on medical loans ?

Medical loans can be availed from various banks and mostly comes under the category of personal loans. The interest rate on a medical loandepends on various factors such as the loan amount, the organization where you are employed, range of your salary, and the city you are based in currently. There could be other factors that might differ from one bank to another. Interest can vary from 12% to 25% depending on the personal loan eligibility.

Interest on a loan amount is the portion that is over and above the principal amount that has to be repaid to the bank. You can choose to take up the interest rate in various forms - Reducing or diminishing rate of interest, Flat rate of Interest, fixed rate of interest, or floating rate of interest.

Why Tata Capital ?

Tata Capital makes it a point to offer medical loans with minimal documentation and clears it within days for your contingency situations.

• Medical loans fall under the bracket of Personal Loans, so the procedure of approval and release of funds is almost similar.
• We provide suitable interest rates and faster dispersal of the loan amount to enable you to address your personal medical emergencies.
• We offer loan for any kind of medical expenses and approval of the loan amount totally depends on the income drawn.
• We provide you suitable advice on repayment of the loan amount, to make it in time and within your financial capacity.

Am I eligible for a Medical Loan ?

Medical loans come in the bracket of personal loans and can be availed from different banks or financial institutions. The personal loan eligibility criteria for each bank differs, but being an unsecured loan, there is no need to mortgage or get a guarantor for the medical loan. Eligibility for your Medical Loan mostly depends on your salary bracket, the organization you work for, and evaluation of your financial capability to repay the loan. Documentation is simpler for a Medical loan, as it an unsecured loan.

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Some basic eligibility factors are listed below:

• Age between 23 - 58 years
• Minimum monthly salary should be Rs. 20,000
• 2 years of experience in the current organization or occupation
• At least a year of residence in the current address

How Much EMI do I Have to Pay ?

Repayment of the loans is done with calculated EMIs, where the portion of the EMI totally depends on the amount of loan taken and the interest rate applied on the amount.

You can calculate the EMI on the Medical Loan EMI calculator.

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