Prioritise Your Health With Medical Loans in Singapore
If a loan for medical procedures is what you’re looking for — UK Credit’s medical loan in Singapore will nurse you back to health. It’s basically a loan for medical expenses for specific treatment that Medisave and health insurance can’t cover.
What are Medical Loans in Singapore?
A medical loan in Singapore is similar to a personal loan, but it is specifically designed to finance medical-related expenses like surgeries, hospital stays, or rehabilitation services. While its purpose as a loan for medical bills is appealing, so is its quick processing time and low interest rates compared to credit cards.
Need help paying for expensive medical bills? Our medical loan is the solution.
How Medical Loans in Singapore Can Help?
Fast application and approval
Apply for our medical loan and receive approval within 30 minutes! You can even speed up the process by applying using Singpass MyInfo.
Low interest rates and fees
Not only can you use our loan for medical treatment that insurance may not cover, but you also get to enjoy affordable rates. As one of the best money lenders approved by the Ministry of Law, our interest rates and fees are transparent and comply with MinLaw’s guidelines.
Flexible repayment period
Our medical loan in Singapore allows you to repay expensive treatments over several months, easing your financial burden and cash flow. Secure a loan for medical expenses without worrying about the loan tenure.
Customisable loan sum
While securing a loan for medical bills, you should also ensure that it comes with a sufficient loan sum. With our medical loan. receive a loan sum of up to six times your monthly salary, on top of a tailored plan to suit your financial needs.
Get Your Medical Loan in 3 Steps
Step 1
Send in your loan application online.
Step 2
Wait for our loan officer to update you on your application result shortly.
Step 3
Come down to our office to sign the contract and receive loan disbursement in just 15 minutes.
What to Consider When Getting a Medical Loan (FAQ)
What can I use a medical loan for?
A medical loan is used for paying a wide range of healthcare procedures and medical bills. It serves as financial support for both planned and unplanned medical treatments. It is especially helpful when procedures are not fully covered by health insurance or Medisave.
Why take a medical loan in Singapore?
Emergencies
Healthcare costs in Singapore can be very expensive and a loan for medical treatment can be a saving grace, especially when no budget has been set aside for medical emergencies. As a guide, an appendectomy, a common emergency surgery to treat appendicitis, can cost between S$5,900 and S$9,000, while the hospitalisation fee may go as high as S$17,700.
Dental treatments
A medical loan can cover a full range of dental procedures like dental implants, root canal treatment, and crowns. Dental implants might cost as high as S$6,000 per tooth while root canal treatment typically ranges between S$500 and S$1,500. Even expenses for cosmetic dental treatments like veneers, teeth whitening, and braces can be paid off with such loans. In Singapore, porcelain veneer can cost anywhere from S$1,000 to S$2,500 per tooth.
Plastic surgeries
Medical insurance rarely covers plastic surgeries but a loan that provides finance for medical procedures certainly can. Unless you have deep pockets to fund these pricey cosmetic procedures that can go anywhere from S$6,000 to S$15,000 for a rhinoplasty or S$5,000 to S$10,000 for a liposuction in private clinics, getting a medical loan is an easy way to fund that new look!
Bariatric surgeries
Bariatric surgeries including gastric bypass, sleeve gastrectomy, gastric band, and duodenal switch are weight-loss procedures essential for those with critical obesity issues. An average bariatric surgery costs S$20,000 to S$30,000 depending on the complexity of the surgery. A medical loan in Singapore can fund these procedures that normalise patients’ metabolism, blood pressure, and cholesterol levels.
Infertility treatments
Having a family is important for many couples and a medical loan can offer financial help to those facing fertility issues but still wanting to conceive. Assisted reproductive technology (ART) can be extremely costly. While Medisave can be used to cover the cost of assisted conception procedures in Singapore, the withdrawal limits are usually insufficient to fully pay for a fertility treatment costing S$12,000 to S$16,000.
LASIK eye surgeries
LASIK surgery is not covered by insurance or Medisave unless it is done for health issues rather than cosmetic purposes. Even though a LASIK surgery is done in 10 minutes, the average cost can range from S$1,369 to S$6,000 depending on the technology used. But there are loans for medical procedures such as this which allows you to cover not only the cost of the eye surgery but also other elective and non-elective ophthalmology procedures.
Prescription costs
Serious health problems and chronic conditions tend to require prolonged use of prescribed medications. This can lead to a significant increase in aftercare costs. At times, insurance companies may not want to pay for expensive or experimental drugs and the lack of coverage for these costs may quickly impact patients’ speed of recovery. When such a situation occurs, you can tap on versatile medical loans to pay for the medicines.
In what scenario(s) would a medical loan be useful?
Paying medical bills before receiving insurance payout
If you encounter an emergency that requires immediate payment for medical expenses, your insurance payout is unlikely to meet your urgent needs. A typical health insurer takes 14 to 30 days to process a claim, which means, you will not have the funds on hand to make a timely payment. This is where you can use a loan as finance for medical procedures as loan disbursement can happen within the same day of application.
Covering out-of-pocket costs exceeding insurance limits
When medical expenses or types of treatments are beyond the coverage of your insurance or Medisave, a medical loan can help to fill the gap. For example, cosmetic treatments and LASIK eye surgeries are generally not covered by health insurance. Loans for medical procedures, on the other hand, can readily finance these procedures.
Paying off loved one’s medical bills
A medical loan can go beyond paying personal bills to cover your family members’ emergency treatments, hospital stays, or ongoing rehabilitation needs. Welcoming a new baby into your family? You can use a loan for medical bills like pre-delivery and delivery expenses, too!
What are the different types of medical loans available?
If you need a loan for medical treatment, UK Credit has the ideal loan for you. In fact, our medical loans in Singapore are available in three main categories:
Unsecured Medical Loans
You do not need to pledge collateral, such as a property or a car, when applying for this type of loan. There is no risk of losing an asset if you default on your payment. Our loan team will evaluate your credit history and other relevant factors to determine the interest rates and loan sum.
Secured Medical Loans
You may consider this option if an unsecured medical loan does not meet your needs. Pledging an asset may help you access more favourable loan terms, like lower interest rates, a longer repayment period, or larger loan sum.
Medical Debt Consolidation Loans
You can combine multiple expensive medical debts and refinance them into one affordable medical debt consolidation loan. This move helps to lower overall borrowing costs and simplify the repayment process, since you will only have to deal with one repayment date.
Can you use a medical loan for plastic surgery abroad?
Yes, you can use a medical loan for plastic surgery abroad. However, we may require you to provide documents related to the procedure, costs, and the clinic or hospital where the surgery will be performed. Examples of these documents include quotes from the overseas clinic, a treatment plan, a hospitalisation plan, and details of the doctor performing the surgery.
Are you eligible for a medical loan?
There are four factors we consider when assessing your eligibility for a medical loan with us:
Credit history
A good credit history can trigger fast loan approval and favourable loan terms. A poor credit score or history of defaults may not affect the loan approval, but we may offer a package with a higher interest rate or different loan terms.
Income
Your proof of a consistent income source can help us assess your loan application more favourably, even if you have a subpar credit history. We understand that many factors can impact a person’s credit history and your stable income stream assures us of your financial strength to repay the loan.
Debt-to-Income ratio
Your Debt-to-Income ratio, the percentage of your monthly gross income that goes to paying debt, helps us determine your borrowing risk. Even a high income may not justify your loan application if your Debt-to-Income ratio is extremely high.
Employment history
Your employment history is an indicator of your regular income stream. If you can’t show proof of consistent employment, be prepared to show us supporting documents of investments, retirement funds, or other forms of income that you will use to repay the loan.
How soon can you get your medical loan?
You may receive your loan in as fast as 20 minutes upon application approval. Submitting all supporting documents during the loan application phase can help expedite the entire process.
How soon must you repay the entire medical loan?
The repayment period for a medical loan varies depending on the loan sum and agreed terms. Typically, repayment can range from a few months up to 12 months or 24 months; the latter only on a case-by-case basis.
