ICICI Medical Loan: Personal Loan for Medical Emergency

Are medical bills stressing you out? Avail easy finance options with ICICI personal loans for medical emergencies that help you reduce financial stress at the last moment. Borrowers can avail up to 90% of their funding with this flexible medical loan. Your health is your long-term asset, and you should grow it by investing more in it. Hence, embark on your financial journey with an ICICI medical emergency loan. Experience the advantage of swift approvals, competitive rates, minimal processing charges, and flexible loan tenure. Continue reading for details on ICICI’s medical loan eligibility requirements. 

Feature Benefits of ICICI Medical Loan

Let’s dive deep into the major features and benefits of ICICI Medical Loan: 

Feature	Benefit
Loan Amount	Up to 90% of the applicant’s equipment cost.
ICICI Medical Loan Interest Rate	Starting at 9.20% (ROI depends on various factors including loan tenure, credit score, and more)
Disbursal Speed	Get funds within 24 hours after approval
Documentation	Enjoy minimal paperwork for salaried individuals
Repayment Tenure	Flexible based on the borrower’s need
Tax Benefits	Claim tax deductions under Section 80D

What are the Interest Rates for Medical Loans?

Interest rates for ICICI medical loans vary depending on your loan amount, tenure, and credit score. Additionally, stamp duty and further documentation charges are also applicable, as mentioned by the bank. Here’s a general range based on the type of credit facility: 

• New healthcare ICICI medical loan: 9.20% – 13.50%
• Refurbished healthcare loan for medical treatment: 9.8% – 14.00%

ICICI Personal Loan for Medical Emergency: Additional Rates & Charges

While ICICI Bank doesn’t offer a specific “medical loan,” you can utilise their personal loan for medical expenses. Interest rates for personal loans are similar to medical loans, ranging from 10.65% to 14.00%. However, personal loans may have additional charges like processing fees and prepayment penalties.

Feature	Personal Loan for Medical
Interest Rates	10.20% – 14.00% (varies based on loan amount, tenure, and credit score)
Processing Fees	Up to 2.50% of loan amount + applicable taxes
Prepayment Penalty	Up to 4% of the prepaid amount (applicable for loans closed within 12 months)
Late Payment Charges	2% per month on outstanding dues
Additional Charges	Bounce charges, documentation charges (may apply in some cases)

Why Choose ICICI for Medical Loans?

With a dedicated medical loan, ICICI goes beyond just finance. Here’s what sets them apart:

• Multiple medical services: Access second medical opinions, emergency medical evacuation, and cashless hospitalisation facilities through ICICI Bank’s concierge services.
• Pre-approved loans: Enjoy faster approvals and streamlined processes if you’re an existing ICICI Bank customer.
• EMI Calculator: Easily calculate your monthly instalments with their online EMI calculator to plan your finances effectively.

ICICI Personal Loan for Medical Emergency: Additional Rates & Charges

While ICICI Bank doesn’t offer a specific “medical loan,” you can utilise their personal loan for medical expenses. Interest rates for personal loans are similar to medical loans, ranging from 10.65% to 14.00%. However, personal loans may have additional charges like processing fees and prepayment penalties.

Tips for Getting an ICICI Medical Loan

Here are some tips to increase your chances of approval and secure an ICICI loan for medical expenses:

• Maintain a good credit score: Aim for a score above 750 for better interest rates and faster approvals.
• Choose a suitable loan amount: Borrow only what you need and avoid over-borrowing.
• Compare interest rates: Check rates other lenders offer before deciding on ICICI.
• Provide accurate documentation: Submit all required documents promptly to avoid delays.

Who is Eligible for an ICICI Medical Loan?

To be eligible for an ICICI medical loan, you must:

• Be a resident Indian citizen (salaried, self-employed, or professional)
• Have a minimum age of 21 years and a maximum age of 65 years at loan maturity
• Have a stable income source
• Have a good credit score

Documents Required for Medical Loan Application

The document requirements for an ICICI medical loan are minimal:

• Identity Verification (PAN card, Aadhaar card, Voter ID)
• Income proof (salary slips/IT returns)
• Bank statements for the past 6 months
• Latest medical bills/estimates (if available)

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

Before taking an ICICI medical emergency loan, carefully consider:

• Loan amount: Borrow only what you need for immediate medical expenses.
• Repayment affordability: Ensure you can comfortably manage the monthly EMIs.
• Interest rates: Compare and evaluate rates offered by different lenders to get the best deal.
• Hidden charges: Be aware of processing fees, prepayment penalties, and other charges.

How to Apply for a Medical Loan?

To initiate an application for an ICICI Medical Loan via the Urban Money platform, begin by navigating to the Urban Money website. Upon arrival, locate the section dedicated to personal loans. Subsequently, furnish your contact information as prompted within the specified fields. Following this step, anticipate communication from a representative who will reach out to you to proceed further with your loan application process.