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Get FIRSTmoney Smart Personal Medical Loan

Health is the single most important asset that one has in their lifetime. It deserves protection and care to help us move ahead in everything we do. While medical conditions can be threatening at times, the treatment at the right time is crucial and often the only saviour. The cost of medical treatment can be quite high, leaving you with little choice but to utilise different sources - from investments to deposits to regular savings. However, there is another way to finance your medical emergencies without affecting your wealth or savings – to use different credit tools. One such tool is FIRSTmoney, a smart personal loan for your medical needs. Read on for more

Features of FIRSTmoney Smart Personal Loan for Medical Emergency

ZERO foreclosure charges ZERO foreclosure charges

ZERO foreclosure charges

goodbye to foreclosure charges and repay your outstanding amount whenever you want without worrying about additional fees.

Multiple withdrawals Multiple withdrawals

Multiple withdrawals

Borrow any amount over ₹5,000 up to the available credit limit. Once you repay the borrowed amount, you can withdraw more funds again.

Flexible loan repayment options Flexible loan repayment options

Flexible loan repayment options

Enjoy customisable loan EMI repayment options. Choose from flexible tenure options to suit your financial situation.

Swift disbursal Swift disbursal

Swift disbursal

Our advanced technology allows for a quick and paperless application process, ensuring swift disbursal of funds directly to your bank account.

Personal loan amount flexibility Personal loan amount flexibility

Personal loan amount flexibility

Either withdraw in full over or in parts ₹5,000 up to your credit limit. Pay interest only on the utilised amount.

Benefits of FIRSTmoney Smart Personal Loan for Medical Emergency

Multiple withdrawals Multiple withdrawals

Multiple withdrawals

You can make multiple withdrawals above ₹5000 up to your credit limit or withdraw the entire amount at once.

Quick disbursal Quick disbursal

Quick disbursal

With a medical loan from FIRSTmoney line of credit, you can get access to funds quickly, often within a few hours.

Flexibility Flexibility

Flexibility

Access a pre-approved credit limit, and you can choose to use it partially or in full, as per your needs - from minor procedures to major surgeries.

Eligibility Criteria for Medical Loan

Employment: Salaried and Self-Employed Individuals Employment: Salaried and Self-Employed Individuals

Employment: Salaried and Self-Employed Individuals

Age - 21-60 years Age - 21-60 years

Age: 21-60 years

CIBIL Score*: 730+ CIBIL Score*: 730+

CIBIL Score*: 730+

* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

Required Documentation for Salaried Medical Loan

Video KYC Video KYC

Display your physical PAN card for Video KYC (VKYC) during the online smart personal loan application.

Display your physical PAN card for Video KYC (VKYC) during the online smart personal loan application.

Applying for medical loan

Scan the QR code to apply for a medical loan

Step 1

Scan the QR code to apply for a medical loan

Register with your mobile number

Step 2

Register with your mobile number

Confirm basic details to check your eligibility

Step 3

Confirm basic details to check your eligibility

Choose your loan preferences and link your bank account

Step 4

Choose your loan preferences and link your bank account

Once verified, receive the loan amount in your account within 24 hours

Step 5

Once verified, receive the loan amount in your account within 24 hours

How FIRSTmoney can empower you

How FIRSTmoney can empower you

Travel Personal Loan

Embark on your dream adventures with an online personal loan designed exclusively for elite travellers like you. Whether you're planning a luxurious getaway, an exotic expedition, or a cultural exploration, a FIRSTmoney loan offers the financial freedom to turn your travel aspirations into reality.

With competitive rates and flexible terms, a FIRSTmoney smart personal loan empowers you to book premium accommodations, indulge in once-in-a-lifetime experiences, and create unforgettable memories without compromise. Apply for a travel personal loan seamlessly on an end-to-end digital journey and make Instant bookings without dipping into your savings.

Advantages of a FIRSTmoney smart personal loan for travel expenses:

  • ► Set up a credit limit with FIRSTmoney once and enjoy your travel the way you want with the multiple withdrawal facility.
  • ► Get instant access to funds, anytime, anywhere, in your bank account; 24x7, in just a single step.
  • ► Attractive fixed interest rate (on a monthly reducing basis), starting at 10.99 % p.a. 
  • ► No need for collateral or security deposit to set up a loan.
  • ► By responsibly managing your personal loan, you can enhance your credit profile, opening doors to even greater opportunities for future travel endeavours.

Emergency Personal Loan

In times of financial emergencies, FIRSTmoney smart personal loan stands as a beacon of stability and support. Instead of depleting your savings or tapping into your investment accounts, this smart personal loan enables you to preserve your financial reserves for long-term goals. Here's how our emergency loan can be a lifeline during uncertain exigencies:

  • ► Effortless online application process with complete digital verification - apply in 2 easy steps for an emergency personal loan online
  • ► Get the loan amount credited promptly to your bank account on the same day
  • ► No collateral requirement for emergency personal loans
  • ► Flexible loan repayment tenure of up to 60 months
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting from 10.99% p.a. only
  • ► Safeguard your financial stability with this personal loan in the face of emergencies

Wedding Personal Loan

Make your wedding dreams a reality with our smart personal loan for weddings designed exclusively for those who deserve it the most. Rather than depleting your savings or resorting to high-interest credit cards, a FIRSTmoney smart personal loan allows you to maintain financial stability as you start a new chapter of your life. Here's how our loan can add value to your special day:

  • ► From venue rentals to catering costs and everything in between, FIRSTmoney offers up to a ₹10 lakh personal loan, allowing you to cover all aspects of your wedding expenses with ease
  • ► Completely paperless, quick and digital personal loan application process
  • ► One-time sanction with the facility to withdraw multiple times
  • ► Attractive fixed interest rate (on a monthly reducing basis) commencing at 10.99% p.a. only
  • ► No need for collateral or security
  • ► Enjoy flexible loan repayment terms extending up to 60 months

Medical Personal Loan

Medical emergencies often come with unexpected expenses and a personal loan can offer access to quick funds. With a FIRSTmoney smart personal loan, you have the financial flexibility to explore various treatment options, including specialists, alternative therapies, or out-of-network providers, ensuring that you can pursue the best possible care for yourself or your loved ones. FIRSTmoney – our smart personal loan for medical expense, offers invaluable support and peace of mind during medical emergencies. Here's how:

  • ► Can act as a top-up to your insurance for medical expenses
  • ► Cover unforeseen costs, such as ambulance fees, hospital stays, surgeries, and specialized treatments
  • ► Access funds anytime, anywhere to address medical bills, treatments, and medications without delay
  • ► No need for collateral or security to apply for the personal loan
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting at just 10.99% p.a.
  • ► Tailor your payments to fit your budget and financial capabilities, providing additional peace of mind during a challenging time

Home Improvement Personal Loan

Renovating your home or any structural upgrades can put a significant financial strain on your savings and personal loan proves to be a reliable solution. Manage and plan your home improvement expenses depending on your needs with FIRSTmoney, our smart, instant personal loan. Apply for a personal loan online and get approved seamlessly. Use your credit limit as an when you need.

  • ► Can act as a top-up to your home loan
  • ► Can serve to pay for renovation and expenses in parts
  • ► Access funds anytime anywhere
  • ► No need for collateral or security to apply for this personal loan
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting at just 10.99% p.a.

  

Instant Personal Loan Fees and Charges Instant Personal Loan Fees and Charges

Personal Loan for Medical Emergency - Fees and Charges

Enjoy competitive interest rates and minimal charges

FREQUENTLY ASKED QUESTIONS

What is a medical loan?

A medical loan is a type of personal loan designed to cover expenses related to medical emergencies, that can include hospitalisations, urgent medical attentions and treatments, surgeries, and other similar healthcare needs. FIRSTmoney smart personal loans provide quick financial assistance with the flexibility to draw funds as and when needed to manage unforeseen medical costs without depleting your savings.

Who is eligible for a medical loan?

Eligibility criteria for a medical loan generally include:

  • • Age: Applicants should be between 21 and 60 years.
  • • Employment: Salaried and Self-Employed Individuals
  • • Credit Score: A strong credit history, typically with a CIBIL score of 750 or above.

What is the interest rate on an IDFC FIRST Bank medical loan?

The interest rate on an IDFC FIRST Bank medical loan varies based on the applicant’s credit profile, loan amount, and tenure. Generally, the interest rates range from 10.99% to 23.99% per annum. For precise rates, it's advisable to check directly with IDFC FIRST Bank.

What are the uses of a medical loan?

Medical loans from FIRSTmoney can be used for various purposes, including:

  • • Hospitalisation and surgery expenses
  • • Medical treatments and therapies
  • • Diagnostic tests and procedures
  • • Medication and post-treatment care
  • • Emergency medical expenses

How much time does it take to approve a medical loan?

With a completely digital application, IDFC FIRST Bank offers instant approvals based on the applicant's profile. Once the applicant’s details are successfully verified, the bank approves the loan instantly. 

How much loan amount can I take for a medical emergency loan?

The loan amount you can take for a medical emergency depends on your income, credit score, and repayment capacity. IDFC FIRST Bank offer medical loans ranging from ₹50,000 to ₹10 lakhs with flexibility to withdraw ₹5,000 or above as when needed. The exact amount will be determined based on your financial profile and the lender's policies.

Are there any differences between a medical loan and a health loan?

There are no significant differences between a medical loan and a health loan. Both terms are often used interchangeably and are designed to cover medical expenses such as surgeries, treatments, and emergency healthcare needs.

What is the application process to get a medical loan?

To apply for a medical loan via FIRSTmoney:

1. Start by scanning the QR code or clicking loan from your smartphone.

2. Register using your mobile number and confirm basic/personal details to check your eligibility.

3. Select the loan amount of your choice starting from as little as ₹50,000 up to your full credit limit and choose flexible repayment terms.

4. Link your bank account where you wish the funds to be disbursed.

5. Complete the video KYC verification process with your physical PAN card. 

What are the factors to consider while applying for a medical loan?

Consider the following factors:

  • • Interest rate: Compare rates from different lenders.
  • • Loan amount: Ensure it covers your medical expenses.
  • • Repayment tenure: Choose a tenure that suits your financial situation.
  • • Processing fees: Be aware of any additional charges.
  • • Eligibility criteria: Check if you meet the lender's requirements.

More FAQs