Medical Emergency Loan in India: A Checklist of Actions to Take and Avoid When Applying for A Personal Loan to Increase the Chances of Approval

Medical emergencies can strike any time, wreaking emotional havoc and putting a strain on your financial resources. Not only may your health insurance cover fall short in such situations, you – or a loved one – may have to be hospitalised for a condition not covered by your policy.  A medical emergency loan can offer much-needed financial assistance during such critical times. Personal loans, taken out as instant medical loans, can be used specifically for medical purposes. However, some planning and preparation are necessary to secure approval for these loans. Read on to get the complete lowdown on the dos and don’ts to keep in mind when applying for a medical loan in India.


  1. Calculate Your Medical Expenses: Make an accurate estimate of the medical expenses you may need. Prepare a detailed list of all expected expenses, including hospital bills, tests, medicines, doctor’s fees, and other essential medical supplies.
  2. Request a Reasonable Amount: Apply for a reasonable amount that will cover your medical expenses without placing undue strain on your finances. Lenders will likely approve a loan that fits your income and repayment capacity.
  3. Research Lenders: Compare reputable lenders that provide specialised personal loans to be used as medical loans. Compare loan terms, interest rates, and customer reviews to find a lender that offers favourable terms and maintains a transparent application process.
  4. Review Eligibility Criteria: It is essential to review the eligibility criteria established by various banks to ensure you meet their requirements. Lenders will typically evaluate age, income, employment status, and credit score to determine your eligibility. You’ll have a better chance of obtaining a loan if you apply to lenders whose requirements match your profile.
  5. Gather Required Documents: Arrange all the necessary documents, such as ID proof, address proof, income proof, and medical records. Keeping these documents handy will speed up the application procedure.
  6. Maintain a Strong Credit Score: A high credit score will boost your chances of getting a loan. Check your credit report for errors and try to raise your score by making on-time payments of existing debts and bills.
  7. Choose a Suitable Repayment Tenure: Select a repayment tenure that you will be able to conveniently manage. A well-planned repayment schedule that allows you to make regular EMI payments on time demonstrates you are a reliable borrower.


  1. Don’t Borrow More than You Need: Refrain from borrowing more than you need to. Only borrow what is required to pay for the medical treatment and post-hospitalisation expenses – if any.
  2. Don’t Overlook Hidden Charges: Carefully read the loan agreement and be aware of any hidden charges such as processing fees and prepayment penalties. Ask the lender relevant questions before you sign the agreement. 
  3. Avoid Applying with Multiple Lenders Simultaneously: Even in a medical exigency, applying for a personal loan with multiple lenders at the same time is not advisable. Instead, approach a bank that disburses online personal loans that do not require physical documentation and come with the promise of instant approval.
  4. Avoid Late Payments: Making timely repayments is essential for maintaining a positive credit history. Late payments might lower your credit score and incur additional fees.


Following the guidelines elucidated in this blog post will allow you to confidently approach the medical emergency loan application process and secure the necessary funds. As explained above, careful planning and responsible borrowing can provide financial stability during unforeseen medical emergencies. 

Apply for an instant medical loan today to secure a better tomorrow!



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