RBL Bank Medical Loan

In the journey of life, we are often confronted with unforeseen health challenges. Therefore, it’s important to have a backup ready to face such situations. To do so, RBL has introduced personal medical loans. Whether it’s hospital bills or unexpected health expenses, this scheme will cover it all. Urban Money has acknowledged its potential and provided all the information related to this loan scheme on the website. You can now read all about RBL Personal loans for medical emergencies in the below content:

Benefits of RBL Bank Medical Loan

A few perks of RBL Bank Medical Loan:

• Borrow up to INR 20 lakhs to cover various medical expenses.
• Enjoy convenient repayment options ranging from 12 to 60 months.
• No need for collateral.
• Experience simplified and quick documentation for faster loan approval.
• Benefit from competitive and attractive interest rates starting at 14%.
• Use the loan for various medicine-related expenses, including pharmaceuticals, medications and post-treatment care. 
• After 12 EMIs, there are no foreclosure charges if using your funds.
• Existing RBL Bank account holders may receive pre-approved offers and favourable interest rates.

Personal Loan for Medical Interest Rates & Charges

Here is a list of additional charges that you might need to face alongside the interest rate on the RBL Bank Medical loan:

Tips for Getting a RBL Bank Medical Loan

Tips for an easy sanction of RBL Bank Medical Loan:

• Make sure your income and work experience meet the bank’s requirements.
• Figure out exactly how much money you need for the Medical.
• Keep a good credit score for better loan terms.
• Double-check and provide accurate documents like IDs and proof of income.
• If you’re already an RBL Bank customer, see if you have any special offers.
• Choose a loan with a good interest rate after comparing options.
• Plan a repayment schedule that fits your budget.
• Be aware of any extra fees or charges.
• Talk openly with the bank about your needs.
• Read and understand the loan terms before signing anything.

Eligibility for RBL Bank Loan for Medical 

To be eligible for an RBL Bank personal medical loan you need the following:

• Minimum net monthly income of INR 40,000.
• Minimum age at loan sanction – 25 years. Maximum age at loan maturity – lower than 60 years or retirement age.
• Work experience of a minimum of 1 year at the current employment and 3 years of total employment experience.

Documents Required for Medical Loan Application

Documents required for a medical loan application:

• Application form with a photograph
• KYC documents (PAN card, Aadhaar, Passport, Voter ID)
• Proof of identity and age
• Proof of address (Aadhaar, Voter ID, Driving License, Passport, Utility Bill)
• Latest 3 months’ salary credit bank statements
• Salary slips (1 for loans below 7.5 lakhs, 2 for loans above 7.5 lakhs)
• For existing RBL Bank account holders, additional verification may be needed.
• Medical Bills (If asked)

How to Apply for a Medical Loan?

To apply for a Medical loan from RBL Bank:

• Visit the RBL Bank website or branch.
• Complete the application form.
• Provide necessary documents like ID proof, income proof, and address proof.
• Submit and wait for the bank’s verification process.