Medical Loan

A medical loan is a form of unsecured personal loan that helps you pay for your medical expenses. 

More often than not, these medical expenses are not covered by your MediSave and health insurance. 

There may be times when your health insurance may not be able to fully cover the cost of your medical fees, due to their restrictions or limits. 

A medical loan will be your next best option if you are looking to clear your medical bills. 

With a medical loan, you will be able to cover for the for costs including, but not limited to:

• Surgical procedures
• Non-surgical procedures
• Consultation visits
• Emergency surgery
• Hospitalization costs
• Medicine
• Follow-up visits
• Medical tests

The three main differentiating factors between our medical loan compared to other financial institutions are:

• Speed
• Ease of application
• Service rendered

We believe in providing you with a medical loan in the shortest time possible. 

This is why we have streamlined our borrowing process into 3 simple steps. 

Moreover, we do not go through rigorous credit checks and also do not require much paperwork. 

Ultimately, our experienced loan officers will be there to guide you on the best medical loan package for your needs and provide professional advice so that your medical expenses will be well taken care of.

1. Type of loan required

Before you enter into any loan contract, it is important to discern between secured and unsecured loans.

• Unsecured loans have a lower borrowing threshold. However, they do not require collateral.
• Secured loans have a higher borrowing threshold. However, they require collateral.

2. Interest rates

Ensure that you are getting the best interest rates as they will significantly affect your monthly repayments.

Additionally, there may be hidden fees that you might be unaware of:

• Origination fees
• Service fees
• Underwriting fees

Lending Bee® does not practice any of such fees. Additional fees, if any, will be made known to you before you sign your loan contract. 

3. Loan tenure

Your loan tenure will also have an impact on the cost of your total loan. Ensure that you work with a loan tenure that is comfortable with you so that you can make comfortable repayments.

4. Your current financial situation

This is going to be the most vital factor. Know where you currently stand in your finances so that you will be able to make better financial decisions, especially on the loan amount that you are looking to apply for.

Below is a list of some common and emergency medical procedures, and the estimated costs after government subsidization, under a public hospital, class B2 (do expect to pay more if you opt for a private hospital):

Source: Ministry of Health Singapore

The medical costs do not just stop after a surgery. There are many other things that have to be taken into consideration

Think follow up check-ups, further complications during surgery which may result in a longer hospital stay and medication. 

There may also be some situations where the problem cannot be solved with just a single surgery. The patient might have to be on long term medication, or require subsequent surgeries thereafter.

All these equate to additional costs. This is why we have served many borrowers looking to apply for a medical loan. 

As we strive to help with your medical financing costs, you will then be able to devote your time to what matters most: your health. 

We understand that medical emergencies and procedures can place quite a dent on your finances, which is why our medical loan can provide you with the timely financial assistance that you require.

To qualify for a loan with Lending Bee®, you’ll simply have to:

• Be a Singapore Citizen, Permanent Resident or a Foreigner with a valid work permit
• Be at least 21 years old
• Be permanently employed for at least 3 months

For Singaporeans / PRs:

• Proof of identity (NRIC, passport)
• Proof of income (CPF / bank statements)

• Work Permit / S Pass / E Pass
• Proof of residence (Utility bills, phone bills, tenancy agreement, etc.)
• Payslips / bank statements

At Lending Bee®, all applications for our medical loans are kept fast and simple. 

• Step 1: Submit your application via our online application form.
• Step 2: We will drop you a call regarding your loan application status within the hour.
• Step 3: Head down to your selected Lending Bee® branch, sign the contract and receive your loan.

We will disburse the funds to you immediately after you have accepted and signed our loan contract at any of our branches. 

Yes, you are still welcome to apply for a loan with us!

Lending Bee® aims to help as many borrowers as possible and provide them with one of the best loan packages in the market.

We are here to serve your needs.

Yes, you can still apply for a medical loan with us. We aim to help our borrowers regardless of their credit scores. 

This is why we do not have specific restrictions with regard to credit scores.

No, we do not charge any fees for early loan repayments. 

Outstanding interests, if any, will also be nullified once you have finished repaying your loan earlier than the date stipulated in your loan contract.

No, we do not mail any of your loan information to your home. 

All loan details will be kept digital, and private with us, unless a physical copy is requested.