Cover Healthcare Expenses With a Medical Loan in Singapore
Fast loan in 30 mins. Loan up to 6 times your salary. Easy repayment plans.
No longer worry about medical expenses, we’re here to help!
What Is a Medical Loan in Singapore?
Health is wealth, especially in the face of unforeseen medical emergencies. This is why loans for medical expenses exist to make financing affordable. A medical loan in Singapore serves as another ‘lifeline’ to offer immediate assistance so you can take care of yourself or your loved ones.
Getting finance for medical procedures has never been easier with Soon Seng Credit’s medical loan — loans for medical bills are easy unsecured credit facilities to apply for.
How Does a Medical Loan in Singapore Work?
A medical loan in Singapore offers essential financial assistance for medical procedures, hospitalisations, emergency treatments, and unexpected medical bills. A medical loan is especially handy when Medisave or health insurance plans cannot or are not sufficient to cover the type of medical procedure or treatment needed.
Our customised loans for medical treatment also lets you pay in fixed monthly instalments, borrow up to 6 times your monthly income, and doesn’t require any collateral.
The Perks of a Medical Loan in Singapore
Convenient Online Loan Application
It takes only a few minutes to submit your online loan application. This means you can apply for our medical loans anytime, anywhere to finance your medical procedures and medical expenses. Our round-the-clock online loan applications are available beyond office hours.
Fast Loan Approval and Quick Cash Disbursement
A medical loan application process only takes 30 minutes, so you can expect to receive loan approval and fund disbursement in no time, via cash or PayNow. Our experienced loan officers are experienced in tailoring loans that serve as finance for medical procedures and expenses so you can receive the funds quickly to meet your urgent needs.
Fair Interest Rates and Fees
The interest rates of medical loans from legalised money lenders in Singapore are always fair and competitive. We also keep our fees well within 10% of the approved loan sum, as per the guidelines by MinLaw.
Can Be Used for Many Medical Treatments
Medical loans in Singapore can be used to finance different medical procedures and medical bills. From non-invasive procedures like physical examination and X-rays to surgeries like appendectomy and tummy tuck, if you need a loan for medical expenses — a medical loan is the answer.
What Can a Medical Loan in Singapore Be Used For?
A medical loan in Singapore can be used for a wide range of medical procedures and medical bills. Here’s a non-exhaustive list of treatments that a medical loan can cover:
- Long-term medical treatments
- Urgent surgeries
- Dental treatment
- Hospital visits
- Prescriptions
- Medical tests
- Consultation visits
Eligibility Criteria and Key Documentation
Eligibility Criteria
- Singaporeans, Singapore Permanent Resident (SPR) or Foreigner
- Minimally 21 – 65 years old
Documentation To Put Together
- Identity proof (e.g. NRIC, passport, Employment Permit for foreign applicants)
- Income proof (e.g. Bank statement, CPF contributions, and payslips from the last 3 months, and latest income tax statement)
- Latest credit report
Keen on taking out a medical loan after hearing all the perks?
Medical Loans in Singapore – FAQs Addressed
How much can I borrow from Soon Seng’s medical loan?
Our medical loan limits are in accordance with MinLaw’s recommended guidelines and they are structured as follows:
Minimum annual income | Loan limit for Singaporean & SPR | Loan limit for foreigner living in Singapore |
Less than S$10,000 | S$3,000 | S$500 |
S$10,000 to S$20,000 | S$3,000 | S$3,000 |
S$20,000 or more | 6 X monthly income | 6 X monthly income |
What are the interest rates and fees on Soon Seng Credit’s loans for medical procedures?
Soon Seng Credit is one of the top Chinatown money lenders with low interest rates.
As a legal money lender, our medical loan interest rates and fees are regulated by MinLaw, while our processing charges vary from 5 – 10% of your approved principal loan sum. At Soon Seng Credit, our private money lending rates for a medical loan are 1 to 4% per month while loan processing fees are capped at 10% of the approved loan sum. The maximum late interest is 4% per month and late fees are capped at S$60 for each month of late repayment.
Can I use a medical loan to pay another person’s medical bills?
Yes, you can use a medical loan as finance for medical procedures of another individual. However, you have to specify in the loan agreement the type of medical expenses the loan is used for.
What makes Soon Seng Credit’s medical loan stand out from other loan providers?
Soon Seng Credit is a legalised money lender with more than 27 years of experience. We pride ourselves on rendering excellent service that deserves many 5-star Google reviews. All our loan officers are trained to give realistic advice and tailor loan plans based on borrowers’ needs and repayment capabilities so that their cash flow will not be disrupted in the long run.
How is a medical loan different from health insurance and Medisave?
A medical loan is like a personal loan specifically taken to cover medical expenses. You have to pay interest and fees for such a loan but you’ll enjoy much flexibility on the type of medical procedures you wish to pay for.
Medical insurance is usually a long-term policy in which you pay monthly or yearly premiums for coverage on a specific range of healthcare services. Medisave, on the other hand, is a compulsory savings scheme for Singapore citizens and SPR to help cover certain medical expenses.
There are limitations on how much and what procedures you can use your insurance and Medisave for. For example, cosmetic treatments are usually not within their approved range of medical procedures. This is where specially tailored loans for medical bills from legal lenders can come in handy.
What procedures does a medical loan cover?
1. Dental Procedures
Medical loans cover typical dental procedures as well as cosmetic dentistry. Besides dental implants, root canal treatment, braces, and dental surgeries, you may also use the loan for veneers or teeth whitening.
2. Cosmetic Surgeries
Unlike health insurance and Medisave, you can use medical loans to cover plastic surgeries like facelifts, nose jobs, and weight loss surgeries. We offer loans for medical treatments and cosmetic-related surgeries that boost your confidence with a single makeover.
3. Physiotherapy
Rehabilitation and physiotherapy can be a long and costly process that is hard to finance. If prolonged rehabilitation is draining your savings, a medical loan can come in handy to pay for medical bills and ease your cash flow.
4. Chronic Health Problems
Treatments for chronic diseases are costly for the patient’s health and finances. Regular treatments can often snowball into piles of medical bills. Thankfully, medical loans can pay for chronic medical treatments.
How to Apply for a Medical Loan from Soon Seng?
Step 1: Submit Medical Loan Application
Call or Whatsapp us at 6226 8860 or submit your online loan application to let us know your intention to take out a medical loan.
Step 2. Get Your Medical Loan Approved
Receive your medical loan approval in 30 minutes. You will be invited to our office to help us verify your documents and finalise the loan contract.
Step 3. Receive Your Loan
Sign the loan contract and receive cash or the funds in your bank account instantly.
