My Mudra Medical Loans

Financial Assistance For Your Best Treatment

We have designed our Medical Loan to be easy, fast, and comfortable. Because medical emergencies do not give enough time to get stuck in managing funds. When time is of the essence, you can count on us.

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Medical Loans

 

Interest Rates and Charges


The interest rate on Medical loans starts from 10.25%. Whereas some banks charge even lesser interest depending on your eligibility criteria.

You do not need to worry about any hidden charges with us. To ensure smooth processing of your Medical Loan, we keep everything transparent related to processing fees, foreclosure charges, or delayed EMI Payments.

 

Banks/NBFCs

Interest Rates(p.a.)

 

HDFC Bank

11.00% p.a. onwards

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SBI

10.00%-13.75%

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ICICI Bank

10.50% onwards

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Axis Bank

10.25% onwards

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Kotak Mahindra Bank

10.99% onwards

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IndusInd Bank

10.49% onwards

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IDFC First Bank

10.49% - 25%

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Bajaj Finserv

13.00% onwards

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Tata Capital

10.99% onwards

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Medical Loans

Types of Medical Loans Interest Rate

There are two kinds of Medical Loans interest rates: fixed and floating.

Fixed Interest Rate

Here, the rate of interest charged on the Medical Loans amount will remain constant throughout the loan repayment period. You know your Medical Loans EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.

Medical Loans
Medical Loans

Floating Interest Rate

Here, Medical Loans interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating Medical Loans interest rate makes it difficult for you to ascertain your monthly financial obligation.

Medical Loans Interest Calculation Method

There are two methods to calculate interest: flat rate method and the reducing balance method.

In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the Medical Loans will be considered and calculated on the basis of the outstanding loan amount.

Flat Interest Rate Calculation

EMI = (principal + total interest payable) / loan tenure in months i.e. total interest payable = P x r x n/100

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

Floating Interest Rate Calculation

EMI = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

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Our partners from across the industry

We collaborate with the best and biggest in the banking & financial world to get you relevant products at great rates.

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From taking regular backups to using stronger passwords, we strictly prohibit any kind of unauthorized access of your crucial data, corruption, or theft throughout its life cycle.

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