15 DECEMBER, 2021

Medical emergencies are always unpredictable. We cannot prepare for them in advance. And, with the current cost of medical treatments, it is typically challenging to pay for all of them through your savings. At such crucial times, a medical loan can be of a great help. A medical loan can meet your urgent financial needs without depleting your savings or investments.

Here are three easy steps to apply for a medical loan from Kotak Mahindra Bank. Read on.

What Is a Medical Loan?

A medical loan is an unsecured loan that you can avail from a bank or financial institution. The lenders charge a certain personal loan interest rate after checking your eligibility. You need not furnish any collateral to avail a personal loan for a medical emergency. You can repay the medical loan through flexible tenures as per your financial viability.

How to Apply for a Medical Loan in Three Steps?

You can apply for a medical loan following the below three steps:

Fill the Application Form

  • Visit the Kotak Mahindra website and click on the personal loan tab.
  • Click on the apply now button. You will be asked to submit basic details like name, date of birth, salary, employment status, city of residence etc. These details are required to check your personal loan eligibility. Once you are eligible, you will get a quote and a representative will contact you.

Choose tenure and amount

Now enter the loan amount and tenure in the space provided. You must choose the amount after calculating all your medical expenses. Take into consideration the cost of medicines, surgeries and post-surgery therapy if needed. You must ensure to borrow the right amount. If you borrow more than what is required, it can be a burden on your finances. Similarly, if the loan amount is insufficient, you could have to borrow again, which can be a time-consuming and tedious process.

Similarly, choose the tenure carefully. Though long tenure reduces your EMI amount, it can increase the cost of borrowing. You can opt for a short tenure if you can afford a high EMI. You can use a personal loan EMI calculator to check your affordability and choose a perfect tenure for you.

Submit the documents

You must ensure to furnish updated documents with the application form. You would need to give your identity proof, address proof, income and employment proof. You will get the loan approval after your documents are verified. You must ensure to submit the complete and updated documents.

Facing a medical emergency can drain you mentally. However, let it not exhaust your savings and create more worries. With a medical loan, you can easily fund all the expenses of hospitals, medicines and therapies. Moreover, you can comfortably repay the amount as per your financial comfort. So, what are you waiting for? Visit the loan section and apply for a medical loan today.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.