Understanding EMI Options for Surgical Procedures: A Comprehensive Guide for Patients

In This Article

Understanding EMI Options for Surgical Procedures: A Comprehensive Guide for Patients

Dr. Ananya Ghosh

Dr. Ananya Ghosh

Updated on May 21, 2024

Medically verified by Dr. Arya

Fact checked by Dr. Pournami

Financial Wellness

6 min read

Surgical procedures can be really hectic and financially draining on individuals. We are left with a very limited situation to think of delaying an essential surgery.

Some surgeries cost a huge sum of money, which is sometimes impossible to pay at once.

Mykare Health is here to help you out on this with a comprehensive guide for EMI options of paying the hospital bills.

Payment options: EMI

EMI or Equated Monthly Instalment is a payment method when the fees are paid on a monthly basis. The entire amount of money is equally divided into smaller amounts of monthly payments.

This option of payment is opted when a person is unable to pay the entire amount at a go. There are several types of EMI options to repay the sum of money by:

  • Direct bank to hospital EMI option – Some hospitals have this facility to pay directly to the hospital without involvement of any bank or third party. You can pay your bills as per your convenience directly to the hospital.

  • Credit Card EMI option – Several banks issue credit cards with EMI options. If you have such cards, you can definitely use those for paying your monthly instalments.

  • Third party financing – Some financing schemes that benefit the users to get the proper surgery done without worrying about the financial conditions. There are also options for zero interest EMI payment methods.

  • Bank Loans – The age-old procedure to pay someone or some services is by taking loans from banks. The interest rates differ as per your requirement and amount of loan.

Factors on Which EMI Depends

Amount of money applied for EMI – The simple rule of thumb is the more the amount the longer the duration of repayment.

  • Interest rate – This depends on several factors and also varies from back to bank. To keep the loan amount minimum, opt for the bank which offers the least interest rate or zero interest. It is always advisable to do a thorough research to wisely select the provider.

Moreover, this criterion should not be the only reason to select the particular bank for repayment by EMI.

  • Duration of repayment – This is the time period for which the EMI should be paid. This is again dependent on the loan amount and the interest rate. If you wish to reduce the duration of EMI payment, you have to increase the amount of monthly instalments to be paid per month.

  • Credit score – To opt for a loan or EMI option for payment of a service or surgical procedure, your credit score plays a huge role. A bank trusts us with the capability to repay the amount based on our accountability and timely reimbursement of loans. This decides our credit score, which again facilitates the chance of getting another EMI benefit from that bank.

  • Other charges – often the banks and third parties take a processing fee or other charges for providing the EMI services. You can get a thorough idea about these in any EMI calculator.

Bonus: Your EMI amount per month must be less than or equal to 50% of your monthly income.

Some special loans can be obtained for surgical procedures, like:

  • Dental surgeries – You can avail for personal loans for critical dental procedures like braces or maxilla-facial surgeries. Presently, only a few banks provide EMI options for dental surgeries in India.

  • Cosmetic surgeries – Any form of cosmetic surgery is highly chargeable. These are some special options of personal loans that cover the cost of cosmetic surgeries like- lipoma removal, nose jobs or breast augmentation.

  • Medical tourism loans – Several banks provide loans to people travelling to a new country for tourism or treatment. You can get a detailed idea about these from your respective bank websites.

Related Posts
feature Image5 min read

Navigating EMI Plans for Surgical Care: What Patients Need to Know

feature Image5 min read

EMI Plans For Surgical Emergencies: How To Prepare For Unexpected Medical Expenses

feature Image5 min read

Different EMI Options For Surgery

Book Your Consultation Now

+91 |

Advantages of Paying Hospital Bills by EMI

  • Freedom to get surgery done as and when required.

  • Affordable for the ones who don’t have a huge sum of money at hand during a medical emergency.

  • No mediators involved. The patients and their family can pay their own bills at their convenient time.

  • Easy on their pockets. The families would not recur indirect costs by getting exploited due to financial burden. Often the transport costs and missing of daily wages for workers is involved. So, medical bills don’t put an extra burden over them.

Disadvantages of Payment by EMI

  • Longer tenure of payment of bills. EMI is structured to pay on a monthly basis, so it takes years to fully repay the amount.

  • Incurred interest on payment. Often there is interest that has to be paid by the patient for opting EMI schemes. This is the extra amount that is incurred when the lumpsum amount is not paid at once.

  • Penalty on skipping EMI any month. There is provision of charging a penalty if at any month you fail to repay the scheduled amount to the lender. This will also impact your credit scores and your credibility as a whole.

  • Financial independence. You have to bear the costs of paying the EMIs for a longer duration. This directly or indirectly hampers the financial ability and decision of spending money in the long run.

Financing Options at Mykare Health

Good news is SaveIN has partnered with Mykare Health, which makes the process of availing EMI services much easier and more affordable. Let’s see at the benefits of these schemes:

  • Zero cost EMI

  • Payment in Instalments

  • Cost Effective Treatment assisted

  • Paperwork Assistance by Care Buddy

  • Hassle-free Approval Procedure

In this world of costly healthcare services, the ones who cannot afford to pay the bills are left untreated and suffer for life. We at Mykare are here to help you out with the fees payment options like availing EMI.

Monthly instalments are very much needed by some people.

Mykare helps people to get their treatment also with zero percent interest rate of EMI. Now, every ill patient can get themselves treated without the worry of paying the huge sum at once.

Key Takeaways

EMI or Equated monthly Instalments are the recurring amount paid against the lumpsum amount of surgery every month in small quarters.

There are different types of EMI – bank loans, direct hospital financing, third party payments, credit cards.

Credibility to pay the EMI depends on your credit score.

With EMI, one can get the treatment or surgery done without the worry to pay bills at once.

Moreover, the bills need to be paid over a long duration that may hamper other financial decisions.

SaveIN has partnered with Mykare Health to provide EMI services to the people.

Related Articles

View all
feature Image

Navigating EMI Plans for Surgical Care: What Patients Need to Know

Financial Wellness

5 min read

feature Image

EMI Plans For Surgical Emergencies: How To Prepare For Unexpected Medical Expenses

Financial Wellness

5 min read

feature Image

Different EMI Options For Surgery

Financial Wellness

5 min read


Justkare Technologies Pvt Ltd

#14, 291 M, Sute 52 A, 1st floor A Square, Edathala P.O
Kuzhivelippady, Ernakulam, Kerala - 683561


251, Little Falls Drive, Wilmington, New Castle Country,
Delaware, US - 19808

Popular Topics

OphthalmologyProctologyVascularWellnessFinancial Wellness


Privacy PolicyRefund & Cancellation PolicyTerms & ConditionsDisclaimer

Sign Up to our newsletter

Stay up to date with latest news and articles

©2023 mykarehealth.com. All Rights Reserved.

social linkssocial linkssocial linkssocial linkssocial links