MEDICAL LOAN
Facing medical emergencies in your family and cash flow problems? Our medical loans will help you tide through this period so you or your loved ones can focus on getting treated without worrying about the medical expenses.
What is a medical loan?
A medical loan in Singapore is an unsecured personal loan that you can use for medical issues, including medical emergencies, surgeries or chronic illnesses. Â
Medical costs are always on the rise, due to factors like Singapore’s aging population, medical advancements, higher operating costs and inflation.
Sometimes, your MediSave, MediShield Life and personal insurance might not be sufficient for emergency situations that require you to fork out a large sum of money for your or your loved ones’ medical bills. Thus, a medical loan in Singapore might be a viable option.
Why take a medical loan in Singapore?
Medical emergencies are always a possibility, and sometimes, even if you have medical insurance, you might need to pay large medical bills upfront to get treated first before filing a claim, which might cause some people to run into cash flow problems.
There are also withdrawal limits to your MediSave and you might need to dip into your savings to cover your medical bills.Â
If our loved one falls ill and requires money for medical bills, we might be required to cough up a sum quickly as well.
If you apply for a personal loan with the bank, it might take up to two weeks to be approved, not to mention it also comes with stringent application criteria, which can be tough if you don’t have a good credit history and need the money urgently.
What expenses does a medical loan cover?
A medical loan covers all medical expenses, from regular consultation, medications, surgeries, to follow-up consultations and more. Here are some examples of some medical emergencies it covers:Â
Dental procedures: Dental procedures, such as getting braces, reconstruction, dental surgeries, and more.Â
Cosmetic surgery: Medical loans cover elective procedures, such as nose jobs, liposuction, and more. These are all procedures that are not covered by insurance policies, and funding them can be made easier via medical loans.Â
Physiotherapy: Getting treated is one thing, but in some situations, patients require rehabilitation and physiotherapy to get back on their feet. The process is costly and long, and some people might require loans to finance it.
Chronic health problems: These often chalk up the most medical bills for patients. For example, having to go for kidney dialysis weekly, or chemotherapy, can lead to extremely high costs that many might have not planned for. Â
How much can you borrow up to and what are the interest rates?
- If your annual income is less than S$20,000 and you’re a Singaporean or PR, you will be able to borrow up to S$3,000.
- For borrowers whose annual incomes are above S$20,000, you will be able to borrow up to six times your monthly income.
- As of October 2015, the maximum interest rate for a medical loan is 4% per month. If a borrower fails to repay the loan on time, the maximum rate of late interest is 4% per month for each month.
How can you apply for a medical loan?
Medical loans are available to Singaporeans, Permanent Residents, and foreigners.Â
Simply fill in the application form online and our loan officer will call you within the day or the next day. Afterwards, come down to our office at Chinatown with the relevant documents for verification, and once the loan is approved on the day itself, funds can be disbursed to you immediately.
What are the documents required?
- When applying, Singaporeans have to provide a copy of their IC, CPF contribution statements and the latest three months’ payslips (or IRAS Notice of Assessment for self-employed).
- Foreigners have to provide a copy of their employment pass, proof of home address in Singapore, as well as latest payslips for the past three months.
- You will also have to submit the relevant medical assessment papers, bills or projected costs from the hospital or clinic.
Why apply for a medical loan with Soon Seng Credit?
Soon Seng Credit offers an array of loans to customers and we are fully transparent with our loans, terms and promises.Â
We also understand the urgency of your loan request and we will process your loan application quickly and seamlessly – you can get your loan approved and funds disbursed within a day. Â
So if you need an urgent medical loan, apply here with us now.
