6777 7775
Sim Lim Tower, 10 Jalan Besar Sim Lim Tower #01-01, 208787
Apply for a Medical Loan in Singapore
An urgent medical situation that requires prompt intervention can, unfortunately, happen at any time. Or do you need extra funds to cover treatment your insurance doesn’t fully cover? In any case, an unsecured medical loan in Singapore can be a fantastic option to consider.
What Is a Medical Loan?
When the unthinkable happens, and you are left in the care of the Singaporean medical system, it’s good to know that there are solutions to ease the pressure on your finances and reduce the ongoing financial impact of medical emergencies.
- In simple terms, medical loans from a licensed moneylender can be defined as a type of financing option where a personal, secured or unsecured loan is used to cover healthcare-related costs.
- Medical loans can cover almost any healthcare-related cost in our nation, including when your insurance refuses to cover treatments/interventions or your savings are insufficient.
- Medical loans can be used by individuals who need financial assistance with healthcare expenses, or by people who want to pursue treatments in private clinics that are not fully supported by their insurance.
- A medical loan provider can fund external procedures or in-depth imaging without requiring extensive documentation of your medical history.
The main advantage of medical loans in Singapore is flexibility. They can help you manage healthcare costs by spreading repayments over a set period, rather than paying the full medical bill upfront on short notice.
What Can You Use a Medical Loan For?
The benefits of medical loans extend beyond simple hospital bills. A medical loan can help cover healthcare costs when government-available schemes aren’t suitable and/or your personal savings aren’t enough. The conditions will depend on the lender. That said, as a general rule, you should be able to use the funds to:
- Pay for hospitalisation, emergency treatment, and/or surgeries.
- Cover the costs of in-depth lab tests, scans, or MRIs required for diagnosis.
- Pay for your consultations, medication, physiotherapy, or other recurring treatment plans.
- Get the necessary funds for planned procedures that are not covered by private insurance or by the healthcare-support scheme implemented by the Singaporean government.
- Other miscellaneous medical expenses that weren’t included in your insurance policy.
Why Consider Monetium Credit for a Medical Loan?
You deserve to partner with a licensed money lender specialising in medical loans. At MonetiumCredit, we understand how important professionalism and punctuality are for our clients, and we make great efforts to interpret each case from a different perspective and find financial solutions even for clients who were previously refused by conventional banking institutions or other lenders.
We Are Licensed to Operate in Singapore
Choosing a licensed, legal moneylender in Singapore is the first step in securing the financing you need to pursue your ambitions and resolve personal situations. Monetium Credit is listed in the official Registry of Moneylenders under license number 153/2025.
We are one of the 153 lending agencies legally allowed to provide private financial services such as personal loans for medical expenses in our country, and we follow the framework laid out in the Moneylenders Act. So, there are never any surprises with our offerings, and the terms of our services are clearly laid out.
We Can Help You Make the Right Choice
Applying for a medical loan can be both stressful and unpleasant, especially when money is the last thing on your mind. At MonetiumCredit, we provide you with assistance to properly understand the loan options available to you, and we are always available to our potential partners.
We can be contacted for various questions about our financial services; we are flexible with the repayment schedule applicable to your medical loan, and we are keen to find solutions, characterised by favourable interest rates, that will be beneficial to both parties. You don’t just get a licensed moneylender. You get a financial partner that understands your situation.
Interest Rates for Medical Loans, Fees and Repayment
Before applying for personal loans for medical bills, it’s important to understand the total costs of borrowing, including effective interest rates and the applicable administrative fees, related to your selected loan package. As a borrower, you should compare the factors that can affect how much you’ll actually pay for the medical loan at the end of the repayment period.
Applicable Interest Rate
Per the framework laid out in the Moneylender Act, the maximum interest rates applicable to secured or unsecured loans are capped at 4% per month.
Interest is calculated on the outstanding principal and the actual rate offered to you, as a borrower might be lower than the maximum imposed by law, as your lending conditions will depend on the optional collateral you are able to attach to your medical loan application, and/or your current credit score and ongoing income.
Processing and Administrative Fees
The administrative fee charged by our agency cannot legally exceed 10% of the loan principal.
For instance, if you are applying for a medical loan totalling S$10,000, under the Moneylenders Act, the maximum administration fee applicable to the credit package cannot be greater than S$1,000.
Late Payment Charges, Loan Tenure, and Total Amount Repayable
By law, our agency can:
- Charge late interest of 4% per month calculated on the overdue amount
- Impose a S$60 penalty for each month of late repayment
- Pursue court action in order to recover the loan.
As for the total fees you need to pay, in accordance with the law, combined interest rates, late interest, upfront administrative fee and late-payment fees cannot exceed the loan principal. So, in other words, you can’t pay in taxes more than you borrow.
Moreover, repayments for the medical loan can be made either at regular, pre-established intervals or monthly, and the total amount you’ll need to pay will depend on the cumulative interest applicable to the loan and the duration of the repayment period.
How to Apply for a Medical Loan with Monetium Credit?
Step 1- Submit Your Application
Visit our website and browse the loan offers we provide. You will need to select a package, provide details about your financial circumstances and ensure that the information you submit is free of errors.
Step 2- Complete the Assessment and Verification
After you have submitted your application, you might be required to provide extra documentation that will determine your eligibility for your selected financial plan. Such documents attest to your income, residency, or job stability.
Step 3- Review the Agreement and Receive the Funds
Our team will present you with an offer in which we will detail the interest rates and administrative fee applicable to the loan, the repayment schedule, and the total amount payable. If you agree to these terms, you will be invited to sign the loan agreement at our company’s headquarters, and we’ll disburse the funds to you on the spot.
Do You Need More Information?
We will take the time to provide answers to all the questions that our clients in Singapore may have. Therefore, you can contact Monetium Credit through the form or call 6777 7775 to get any information you may need.
We are located just 2 minutes walking distance from Jalan Besar MRT
10 Jalan Besar Sim Lim Tower #01-01, 208787
Contact: 6777 7775
To serve you better, we are open for business as follows:
Monday-Sunday: 10:00 am to 7:30 pm
Public Holidays Closed
Check Other Medical Funding Options
Taking out a loan can be a good way to cover medical expenses, but it’s not always your only option. Here are four options that are worth exploring before applying for a medical loan:
MediSave
- MediSave is a national medical savings scheme. Citizens and permanent residents contribute a portion of their salary to a CPF account that can be used for future medical procedures or treatments.
MediShield Life
- MediShield Life is a universal, basic health insurance plan administered by the CPF Board. All citizens are enrolled in this plan from birth, while permanent residents are included in the plan once they obtain their residency. Premiums are deducted annually from your MA.
MediFund
- MediFund is a government-backed safety net, designed to help citizens who are subsidised patients at MediFund-approved institutions and still struggle to pay their bills after government subsidies, insurance and MediSave.
Hospital Payment Arrangements
- Sometimes, the medical institution that treated you might provide financial assistance or payment arrangements, designed for low-income individuals, or cases in which government-backed schemes are not an option to consider.
FAQs
Can I Get a Medical Loan While Waiting for Insurance Reimbursement?
Yes. If you meet the loan’s eligibility requirements, our agency can help you settle outstanding hospital bills or eligible medical expenses while you wait for your insurer to process your application.
Can I Get a Medical Loan to Pay for A Family Member’s Treatment?
Yes. Personal loans for medical bills can be utilised to cover healthcare costs in Singapore, regardless of the fund’s recipients. Either way, however, if the loan is taken out in your name, you will be responsible for repaying it.
Are Medical Loans Available to Foreigners?
Yes. Foreigners working in our country can obtain medical loans provided by a licensed moneylender, as long as they have a work visa and a regular source of income. Actual lending conditions, however, might differ from lender to lender.
What Happens if I Struggle to Repay a Medical Loan?
There is always a solution. If you find it hard to repay your medical loan, the best course of action should be to contact our agents and explain your circumstances.
Loan Options From Monetium Credit
Do you want to invest in your family’s well-being? If so, we can offer you a loan for personal necessities with an advantageous interest rate that suits your requirements.
Is money tight right now? Were you interested in finding the best renovation loan in Singapore, but now you are considering getting a payday loan? If so, we can offer you a solution characterized by flexible interest rates.
Are you looking for a way to start
a new venture? If so, you may be interested in a business loan. We can offer fantastic loan suggestions and help you with all required documentation.
Do you need a vacation? Have you got your eye on jewellery or a new phone? A lifestyle loan can be a perfect financial instrument for subjective requirements, as these credits are used for miscellaneous purchases.
Do you owe multiple debts? If so, going for a debt consolidation loan offered by a loan provider is an excellent idea. This type of financial instrument is characterized by flexible interest rates and a more extended repayment period, so it could be just what you need.
A mortgage loan will allow you to purchase your dream home. As a professional loan provider, we understand your needs and will find a solution to help you buy your property at an advantageous price.
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Medical Loan Enquiries:
Medical loans in Singapore may not be the ideal solution for any healthcare-related expenses. But for specific situations in which financial help is needed with utmost urgency, the services of a licensed moneylender such as ours will likely be more advantageous than dealing with healthcare bills.
Our team is always available for your queries, and we are keen to discuss a medical loan that fits your current needs.
