Among all the personal loans the medical loan is the most crucial one which is often required on an urgent basis by the applicants.
According to the company data, 25 percent of the total loans taken from the company are the medical loans availed within consumer loans.
So now InCred has initiated a separate category for medical loans at a lower interest rate of 11.5 - 24 percent.
The Bangalore-based firm operates on an end-to-end digital platform enabling the transfer of funds within 24 hours of receiving the online application.
It is currently providing loans in three categories including Auto loan, medical and the ticket size ranging between Rs. 50,000 to Rs. 10, 00,000.
The loan is provided for a tenure ranging across six months to 48 months at a 0% interest rate for the initial year followed by six percent for two years, eight percent for three years and nine percent for four years.
Further, a processing charge of two percent is levied on each loan.
The borrowers could apply for the loans on the Credihealth website ranging from Rs. 30,000 to Rs, 50,000 for a period of six months to four years.
The company has claimed to sanction the emergency medical loans within 24 hours.
Tata Capital offers medical loans to provide finance to patients for treatments including knee replacements, dental care, maternity care and orthopaedic surgery. The lending rate is in the range of five percent to 11 percent, according to the nature of treatment and the credit profile of the patient. They focus on treatments which often not covered by insurance.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)