Easy EMI for Hair Transplant and Cosmetic Surgery in India

Cosmetic surgeries are becoming increasingly popular in India. As per the International Society of Aesthetic Plastic Surgery, in 2020, India saw the 10th highest number of cosmetic procedures globally. Similarly, Indians are also increasingly opting for hair transplants.

But these procedures are costly for an average Indian. The cost of cosmetic procedures can range from ₹1,500 to ₹3 lacs. The cost is affected by the type of procedure, additional hospital charges, and any complications faced during the surgery. The cost of a hair transplant depends on how many grafts are used. One graft can have from one to three hair follicles. So, the price of the surgery can range from ₹60,000 to ₹1.5 lacs (without tax). There are also extra costs, like fees for the consultation, medicines, and post-operative care.

These procedures are believed to have permanent effects, making them worth the price. So, if you are considering one or both of these procedures, a personal loan is an excellent option.

Loan for Hair Transplant and Cosmetic Surgery

Most Indians cannot afford to get plastic surgery because these costs are not covered by insurance. Medical insurance only pays for treatments that save a person’s life or help a body part to work again. So, insurance does not pay for these surgeries unless they are considered reconstructive. To meet your expenses, you can consider a personal loan for a hair transplant or cosmetic surgery.

What Is a Personal Loan? 

Personal loans are unsecured loans given by banks and NBFCs. Unsecured loans do not require you to put up any asset as security to get the loan. The use of the personal loan amount is not restricted by the lender. You can use the loan money for anything, ranging from debt consolidation to paying for a luxury trip.

Since these are unsecured loans, you do not lose an asset for defaulting. But there are other consequences. When you fail to repay the loan, your credit score goes down, making it hard for you to get loans or credit cards in the future.

Finally, you can only get personal loans if the EMI remains below 40%–50% of your monthly income.

Types of Interest Rates On Personal Loans

You can get a personal loan with either a fixed or a variable interest rate. For a fixed interest rate, the monthly payments will remain the same throughout the loan term. For a loan with a variable rate, the EMIs can change. So, you might have to pay different amounts each month. The fixed rate of interest is usually higher when compared to the variable interest rate. You can use an online EMI calculator to figure out how much your EMIs will be. This personal loan EMI calculator can also help you find out the overall cost of your loan.

Benefits of Taking Out a Personal Loan

The main benefits of getting a personal loan for a hair transplant or cosmetic surgery are

Tailored to Your Needs

Banks do not monitor the use of personal loans. So, you can use the loan amount for anything. They are perfect for unplanned expenses or a temporary financial crisis. You can pay for tuition, medical bills, house renovations, and other expenses. With a personal loan for a hair transplant or cosmetic surgery, you can pay for the surgeries without having to wait for your savings to catch up to the expenses, which could take years.

High Loan Amount

The minimum loan amount set by most lenders is ₹30,000. Some lenders may approve loans for a lower amount. This can also go up to ₹10 lacs. The maximum value depends on your salary, profession, and other factors. You can apply for the loan amount based on your need and repayment capacity.

Flexible Repayment Time

Personal loans range from a term of 1 to 5 years. This allows you to repay the amount with much flexibility. Selecting a loan tenure as per your comfort helps you plan your finances better. 

Easy to Avail

You can apply for personal loans digitally. It only takes about 10 minutes to apply. In contrast, secure loans involve time-consuming processes. 

No Collateral Needed

You can get personal loans without any collateral. You just need to submit your documents and income proof for approval. If you need a higher amount than the one you are approved for, you can also go for a co-applicant. 

Quick Approval and Disbursal

The approval process can be completed within a week. It depends on the lender and how fast they process your documents. The processing time for personal loans is also little. The loan amount is disbursed within 24-48 hours of being sanctioned. 

Builds Credit Score

Personal loans also help in building your credit score. When you pay the EMI on time and regularly, you build a positive score. This will help you in future when you need other credit facilities. 

High Acceptability

Personal loans are available for both salaried and self-employed. Personal loans are approved for most people with a steady source of income and a stable credit record.

Affordable Interest Rate

The interest rate for personal loans can vary from 11.99% to 36%. It is a loan with the most flexible interest rates, which is a benefit for all applicants.

Eligibility for a Personal Loan 

The criteria for personal loan eligibility varies between lenders. Generally, the following factors are important:

Age 

Anyone aged 21-60 years is eligible for a personal loan. 

Income 

You need a regular income source, with a minimum monthly income of ₹20,000. 

Occupation

You can be a salaried employee for public or private firms or be self-employed.

Work Experience

You should have worked in your current workplace for a minimum of 6 months. Self-employed people should also show proof of stable work.

Credit Score

A credit score above 750 is preferred by lenders. 

Documents

You only require to submit your ID proof, address proof, salary slips, and bank statements. Some lenders may require additional documents. 

Conclusion

Cosmetic surgeries are becoming increasingly popular in India. Due to its high cost, you might hold off on getting the look of your dreams. But you do not have to wait any longer. By taking out a personal loan for a hair transplant and other cosmetic surgeries, you can keep your savings intact and still pay for expensive surgery.

For quick and easy personal loans, try Piramal Finance. Get personal loans with zero prepayment and foreclosure charges, with a group of experts helping you through the process. You can also check out their other products and services to meet your financial needs.