With Kotak811, you can access a Personal Loan of up to Rs.35 lakhs for medical emergencies, ensuring coverage for diverse medical expenses. It comes with no end-use restrictions, allowing you to finance treatments like cosmetic surgery, IVF, pregnancy, dental procedures, and more.
Enjoy attractive interest rates starting from just 10.99% per annum, making repayment manageable with EMIs (Equated Monthly Instalments).
Features of a Kotak811 Personal Loan for Medical Emergency
- Zero collateral: Kotak811 offers a Personal Loan for medical emergency in India without collateral, guarantors, or security, making them easily accessible during urgent medical situations.
- Quick access to funds: With a digital loan process and minimal paperwork, obtaining a loan for medical treatment is swift and hassle-free.
- Longer tenure: Kotak811 Personal Loans provide a repayment tenure of up to six years. This allows you to manage repayment with budget-friendly EMIs. Use a Personal Loan EMI Calculator to determine the most suitable option for your financial planning.
- Transparency: Kotak811 ensures complete transparency with no hidden charges or surprise costs. This gives you peace of mind during critical times.
Process to avail a Kotak811 Personal Loan for Medical Emergency
Applying for a Personal Loan to cover any medical emergency is quick and convenient with Kotak811. If you have a pre-approved offer, you can follow these simple steps to get instant access to funds:
- Install the Kotak811 App: Download the app from the Google Play Store or App Store on your smartphone. Then, sign in using your credentials.
- Go to the 'Loans' section: Find the 'Loans' option within the different categories on the Kotak811 App. Next, start your application process.
- Select loan details: Choose the loan amount and repayment tenure that suits your medical expense requirements.
- Review and approve: Carefully read the loan terms, accept the agreement, and confirm your application.
- Receive funds instantly: Once approved, the loan amount will be transferred directly to your Kotak811 account without any delay.
Documents required to apply for a regular loan application
To apply for a Personal Loan without a pre-approved offer, you’ll need to provide the following documents at a Kotak Bank Branch:
- 2-3 passport-sized photographs
- Identity proof such as PAN Card, Aadhaar card, Voter’s ID card, Passport, or Driving License
- Residence proof like an Aadhaar card, Passport, or Driving License
- Last three months' bank statement with income details
- Last three months’ salary slips for salaried employees
The minimal documentation of a Personal Loan for medical emergency simplifies the loan application process. It ensures a hassle-free experience and swift access to funds for expenses.
Eligibility criteria - Personal Loan for Medical Emergency
- Work experience: Applicants should possess a minimum of one year of work experience.
- Monthly income: The minimum salary requirement varies based on your banking relationship:
- For Kotak Salary Account holders: Rs.25,000
- For non-Kotak811 Salary Account holders: Rs.30,000
- For Kotak811 employees: Rs.20,000
- Nature of employment: Employment in an MNC, private, or public limited company is required to qualify for a Personal Loan to meet medical emergencies.
- Age: Applicants must be aged between 21 and 60 years old to be eligible.
- Education qualification: Completion of at least graduation is necessary when applying for a loan for medical treatment.
If you meet the Personal Loan eligibility criteria, you can apply and get funds swiftly into your bank account.
Interest rate & charges - Personal Loan for Medical Emergency
At Kotak811, the interest rate of a Personal Loan for medical emergency starts at 10.99% per annum. However, your final interest rate is determined by various factors such as income, credit history, documentation, work experience, and debt-to-income ratio.
In addition to the interest rate, it's essential to be aware of other fees and charges associated with Personal Loans for medical emergencies. These include:
- Processing fee: Up to 5% of the loan amount, ensuring the smooth processing of your loan application.
- Repayment mode swap charges: Rs.500 per instance is applicable for swapping repayment modes.
- Prepayment charges: 2% of the outstanding principal loan amount, applicable for repaying the loan before the end of the tenure, along with GST.
Conclusion
In challenging times, unexpected health-related emergencies can take a toll on your mental, emotional, and financial well-being. Kotak811 Personal Loans for medical emergencies offer a reliable financial buffer, empowering you to focus on recovery rather than costs. With flexible options and quick access, it ensures you’re prepared to meet urgent healthcare expenses with confidence. Meet any situation knowing you have a safety net to rely on.
FAQs
What is a Personal Loan for medical emergency?
A Personal Loan for medical emergency is an unsecured loan, designed to cover unexpected or planned healthcare expenses. It provides quick financial assistance without requiring collateral, helping you handle medical emergencies without delay.
What are the uses of a Personal Loan for medical emergency?
A Personal Loan for medical emergency can be used for a variety of healthcare-related expenses, such as hospital bills, surgeries, diagnostic tests, or medication. It can also cover the costs of specialised treatments, post-surgery care, or even alternative therapies, offering flexibility for different medical needs.
What is the processing time of a Personal Loan for medical emergency?
The processing time of a Personal Loan for medical emergency is typically quick, especially when applying online through Kotak811 App. Once your application is approved, funds are disbursed promptly, ensuring immediate financial support during critical situations.
What are the benefits of a Personal Loan for medical emergency?
A Personal Loan for medical emergency is collateral-free, so you don’t need to pledge any assets to get it. It offers flexible repayment options, quick approval and covers various medical expenses, giving you peace of mind in stressful situations.
*Terms & Conditions apply.
Credit at the sole discretion of Kotak Mahindra Bank Ltd. and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets. Personal Loan will not be disbursed if the Savings Account is in dormant or freeze state.
Share
