Federal Bank Medical Loan

Facing unexpected medical expenses is a daunting circumstance for everybody. However, some people do have a financial cushion to support them, but the same cannot be said for the rest.

Thankfully, the Federal Bank understands the importance of prioritising health. The Bank’s Medical Loan is designed to provide you with the necessary monetary support during times of need without having to deal with the burden of financial stress. 

Benefits of Federal Bank Medical Loan

Listed below are some of the prime benefits of choosing Federal Bank’s Medical emergency loan:

• Flexible loan amounts, with a maximum of Rs. 25 Lakh
• Quick disbursement for urgent financial needs
• Convenient repayment options with a maximum tenure of 60 months
• Competitive rate of interest to suit your financial goals
• Minimal paperwork and fast processing for a hassle-free application process

What Are the Interest Rates for Medical Loans?

Below is the list of interest rates for the 3 personal loan categories:

• The interest rate for FedPremia Personal Loan ranges from 11.49% to 14.49% per annum.
• The interest rate on the Federal Bank Pre-approved Personal Loan ranges from 11.99% to 17.99% per annum.
• The Federal Bank Digital Personal Loan comes with an interest rate ranging from 11.99% to 17.49% per annum.

Why Choose Federal Bank for Medical Loans?

You may apply for a Federal Bank Loan for medical expenses for several reasons, some of which are as follows:

• Over 90 years of reliable financial expertise in the banking industry
• Offering personalised guidance and assistance
• Easy-to-use online banking platform and smartphone app
• Available at all branches for easy accessibility
• Faster processing for efficient service

Personal Medical Loan: Interest Rates & Charges

Federal Bank medical loan interest rate ranges are subject to factors based on your credit score, chosen loan amount, and tenure. Here’s a comprehensive table explaining the same:

Interest Rate	11.49% onwards
Processing Charges	Up to 3% of the loan amount
Stamp Duty Charges	As per the State’s Stamp Act
Other Charges (penal interest, prepayment, etc.)	As prescribed by the bank
Pre-payment/Pre-closure Charges	Floating Rate Scheme: NIL<br>Fixed Rate Scheme (including Byom Loans): 3%
Penal Interest	2% per month
Switching Charges (fixed to floating and vice-versa)	0.25% of outstanding balance/drawing power, whichever is higher

Tips for Getting a Federal Bank Medical Loan

Securing a loan for an emergency like clearing medical bills shouldn’t be an unnerving experience. Do follow these essential tips that can help you get a personal loan hassle-free:

Check Eligibility Criteria: Review all the necessary details of medical loan eligibility in Federal Bank.

Maintain a Good Credit Score: A perfect CIBIL score increases loan approval chances.

Gather Necessary Documentation: Prepare essential documents, including income proof, ID, address, and medical bills, for a streamlined application.

Compare Loan Offers: Before applying, compare medical loan offers from all banks.

Who is Eligible for a Federal Bank Medical Loan

The medical loan eligibility in Federal Bank is determined based on the following criteria:

• Monthly income of INR 25,000 or more for salaried individuals
• Age: 21-60 years
• Minimum 3 years of employment with the current employer
• A good CIBIL score

Documents Required for Medical Loan Application

Below is a list of necessary medical loan documents for Federal Bank:

• ID Proof: PAN card, Driving License, Aadhaar card, etc
• Income Proof: Latest salary slips, income tax returns, etc
• Address Proof: Utility bills, passport, bank statements, etc
• Passport Size Photo: 2 latest copies

What Are the Things to Consider While Taking a Medical Loan?

There are several factors one should consider before taking a medical loan. Here are some listed below.

• Assess Medical Expenses: Clearly estimate the medical costs to determine the required loan amount.
• Research Interest Rates: Familiarise yourself with Federal Bank medical loan interest rates to make informed decisions.
• Review Loan Terms and Conditions: Read and understand all the terms and conditions carefully; clarify doubts before signing the agreement.
• Manage Debt Burden: Avoid overborrowing and ensure that the repayment of the medical loan doesn’t strain regular finances.

How to Apply for a Medical Loan?

Federal Bank’s Medical Loan offers competitive rates and flexible repayments. With Urban Money‘s expert guidance, you can be sure of a stress-free financial experience. Please visit our official website or call 1800 208 3344 for more details!