Medical loans with low-cost EMIs: Compare Bajaj Finserv, Fibe, Arogya Mitra, and HexaHealth
Lending platforms offer medical loans of ₹4 lakh- ₹10 lakh with a low-cost or zero-cost EMI option if you have a monthly income of ₹15000. But watch out for hidden costs, such as a processing fee, before choosing the loan
A sudden medical situation can upend even the most carefully laid-out financial plans. While a comprehensive health insurance policy can help navigate such scenarios, a loan with no-cost EMIs (Equated Monthly Instalments) can be useful if you are not insured. A host of digital lending platforms now offer zero-interest EMIs for meeting medical costs.
Here is a guide on the no-cost/low-cost healthcare loans provided by lenders, their features, eligibility, and more.
Bajaj Finserv Health
Bajaj Finserv offers no-cost EMI medical loans with flexible repayment options for up to ₹4 lakh. These loans cover a wide range of procedures, including bariatric, cosmetic, and dental surgeries, and can be used for treatments availed at over 1200 hospitals across the country.
Eligibility: Any Indian citizen who is 23-60 years old (salaried) and 65 years old (self-employed) and has a regular source of income can apply for a health loan using Bajaj’s ‘Health EMI’ facility.
Documents required: You have to provide documents for identity proof (Aadhar card or equivalent). In addition, you need to provide income proof (salary slip, bank statement, etc.). Existing customers have to provide only ‘proof of income’ documents.
Fibe
Fibe is one of the largest digital lending platforms that offers instant credit to eligible borrowers . Fibe also provides low-cost EMIs on healthcare loans that can go up to ₹10 lakh. There is no need to make any upfront payment or down payment for the loan. You can repay the amount in three months to 36 months. There are no foreclosure charges, and you can close your loan any time without penalty.
Eligibility: You must be between 19 and 60 years of age and a resident of India. A minimum monthly in-hand income of ₹15000 is required.
Documents required
A selfie: A clear picture of yourself with proper lighting
Proof of identity: Passport/Aadhaar card/PAN card/Driver’s license
Proof of address: Passport/Rent agreement/Utility bills/Voter ID
Proof of income: Bank statement/Salary slip of the last three months
Fibe also provides dental healthcare loans in partnership with Laxmi Dental. Fibe and Laxmi Dental offer loans of ₹15000– ₹5 lakh to repay the costs incurred on dental procedures in zero-interest EMIs. Laxmi Dental, which offers end-to-end dental products and digital dentistry solutions, has a network of about 22000 dentists across the country
Arogya Mitra
Arogya Mitra, a startup managed by healthcare professionals that aims to provide access to quality medical services to underprivileged communities in rural and urban areas, provides zero-cost medical loans of up to ₹5 lakh repayable in flexible tenures ranging from three months to 12 months.
Eligibility: You should be aged between 18 and 65 years, be a resident of India, and have a minimum salary of ₹15000. You must be self-employed or a salaried professional
Documents required
Identity proof: PAN card/ Aadhar card
Address proof: Utility bill, Passport, Rent agreement, Sales deed
Bank statement of the past 6 months reflecting salary credit
Business existence proof: Shop and registration certificate/GST registration/ property documents /maintenance bill/electricity bill
HexaHealth
HexaHealth is a ‘HealthTech’ platform that offers medical loans for surgeries. The minimum expenditure covered by medical loans provided by HexaHealth depends on your loan eligibility, income, credit history, and other factors
Eligibility: You should be 18-65 years old and be a resident of India. You must have a salary of at least ₹15000. Loans are offered to self-employed or salaried professionals with a minimum credit score of 700.
Documents required: You must submit the required documents for ID proof and address proof, salary slips for income, and employment proof
You have to carefully examine the processing fee charged by the lenders before getting medical loans. The fee varies with each lender but is usually between 1.5% and 4% of the loan amount. While digital lending platforms provide either no-cost or low-cost EMIs on medical loans, banks and NBFCs (Non-Banking Finance Companies) offer them by charging a regular interest rate. The interest rate will be quite similar to an unsecured loan, such as a personal loan.
Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
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