June 22, 2024

We, as humans, love it when someone compliments us on our beauty. Many individuals like to experiment a lot on themselves with the hope of becoming more and more attractive. They use cosmetics and beauty products to enhance their attractiveness. Nowadays even men like to take it up a notch when it comes to beauty, they tend to choose medical treatments like surgery, fillers, augmentations etc. to change their appearance.

It is a very common thing among film stars and models that choose the medical treatment to make the changes in their body. As these treatments cost a lot, you need to have a sufficient backup of money to finance them. You can avail Personal Loan for medical purposes to pay for these treatments.

A medical loan is kind of Personal Loan which is provided for medical purposes like surgeries, operation, therapies and medical procedures. The banks approve the loans up to INR 25 lakhs for a medical loan, so according to the medical expenses, the banks provide the loan.

  • The Eligibility for Getting a Medical Loan

You have to be between the age group of 22 to 55 years. You must be a salaried employee in a company for more than 3 years. If you are self-employed, you need to provide the banks with the ITR for 3 years.

  • Documents for Getting the Loan Approved

The bank will refer to the bank history of the applicant to check the repayment capacity. They can also refer to the job history of the applicant while approving the loan. The bank also checks your credit score for loan eligibility. They provide loan within a short duration of time for the medical loan.

Sources of Finance for the Medical Treatment

  • Banks: The banks provide Personal Loans for medical emergencies. The medical emergency loans get approved within 72 hours. While applying for a Personal Loan for beauty treatment, you cannot rely on a single bank to provide you the loan. Sometimes the loan may get rejected due to the purpose of the loan might not be permissible by the lender. You have to make sure that you check with the lender who agrees with your purpose and approves your loan.
  • Non-banking Financial Companies (NBFCs): The NBFCs are those companies which are not directly affiliated with the banks. A person with a bad credit score or low income can also apply Personal Loan for a medical emergency through these companies. However, they provide an unsecured loan to the applicants without verifying the purpose of the loan. An unsecured loan needs no collateral but it has a higher rate of interest due to the high risk involved.
  • Credit Cards: You can also use the credit card to make the payments for the beauty treatment. Credit Cards are also a type of unsecured loans that you can avail from the banks. The credit cards have a limit. This limit is proportionate to the amount of money deposited in the account of the applicant. The credit cards have a high-interest rate as they are a kind of loan that is for a shorter tenor.

It is very easy to finance your loan for the beauty treatments that amount up to a few lakhs as you can avail a loan from the banks and other financial institution.

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