How to finance IVF Treatment by using a personal loan?

Starting a family is a dream come true for many couples. But with rising infertility among young Indians, embracing parenthood has become a distant dream. However, with the right approach and planning, you can avail fertility treatment or go for an IVF. IVF is a costly procedure but with the right financial planning, you can opt for a personal loan for IVF.
 
This guide will explore the steps you can take to finance IVF treatment by using a personal loan, from researching different loan options to the repayment schedule and everything in between. So, if you are ready to start your journey to parenthood, let's dive in and see how a personal loan can help make it happen.
 

What is IVF treatment?

 
In vitro fertilisation (IVF) is a medical procedure in which an egg is fertilised by sperm in a laboratory dish outside of the body. The embryo(s) formed are now transmitted to the mother’s uterus. In vitro fertilisation (IVF) treats infertility caused by various factors, such as blocked fallopian tubes, low sperm count, or unexplained infertility. IVF treatment is widely available in India and is a relatively inexpensive option for couples looking to have a child. In India, numerous IVF clinics and hospitals offer the procedure, and the success rates are generally high.

What are the steps in IVF treatment?

The in vitro fertilisation (IVF) procedure typically involves several steps, which may vary slightly depending on the specific clinic or hospital. Here is a quick run down to the IVF process:
 

• Fertility medication

  The woman begins taking medication to stimulate the ovaries to produce multiple eggs. This medication is given through injections, which are administered at home.
   

• Egg retrieval

  The eggs are retrieved from the ovaries using a needle and a small ultrasound-guided tube. This procedure is performed under sedation and takes about 20-30 minutes.
   

• Sperm collection:

  The sperm is collected from the man on the same day or the day before the egg retrieval.
   

• Fertilisation

  The eggs are fertilised with the sperm in a laboratory dish. This can be done through traditional insemination or with the use of intracytoplasmic sperm injection (ICSI).
   

• Embryo culture

  The fertilised eggs (now embryos) are grown in the laboratory for 2-6 days.
   

• Embryo transfer

  The embryos are transferred to the woman's uterus using a small, thin catheter. This protocol is painless and only requires a few minutes to complete.
   

• Pregnancy test

  Two weeks after the embryo transfer, a pregnancy test is done to determine if the procedure was successful.
   

• Follow-up care

  The woman will have regular follow-up appointments with her doctor to monitor the pregnancy.
   
  It is worth mentioning that some clinics might have additional steps or variations, like freezing of embryos for later use, Pre-implantation Genetic Testing (PGT) or use of Donor eggs or sperm.
   

How much does IVF cost in India?

IVF does not fall under daycare procedure. The process is broken down into small stages, requiring frequent doctor visits. In India, the cost of this medical treatment ranges from Rs 75,000 to Rs 2,00,000. The expense varies according to how advanced the hospital is.
 

How to take a Personal Loan for IVF treatment?

 

1. Explore Lenders

   Different lenders provide IVF loans with varying interest rates. However, due to the high level of competition, there is not much of a difference. However, keep in mind that even minor variations of 1% can significantly increase the personal loan interest payable at the end of the loan term. By visiting any of the loan aggregator websites, you can compare offers of various lending institutions in one place.
    

2. Check Eligibility

   After you have narrowed your search to a few lenders based on their offerings, the next step is to review the eligibility requirements. Begin by visiting the official website of each of your preferred lenders and navigating to the IVF financing eligibility section. To make things easier for you, here is a quick rundown of what most personal loan lenders require.
    
   • Your age or your wife’s age in whose name the IVF loan is applied for should be in the range of 21-58 years.
   • The applicant must have at least six years of experience. If your spouse is unemployed or lacks relevant experience, you should either become a co-applicant or apply on your own.
   • In the case of the self-employed, either a professional or a non-professional domain, two years of relevant work experience is necessary.
   • A monthly earning of Rs 15,000 is a must for getting an IVF loan.
    

3. Check Documentation

   Following eligibility, the next critical step is to review document requirements. The lender requires six months of income proof, as well as proof of identity and address. If you are a salaried applicant, a bank account statement in which your salary is credited, a salary slip, or income tax documents such as Form 16 will suffice.
    
   If you are self-employed, depending on the amount of the IVF loan, you may be required to provide income tax returns, an audited balance sheet, or a current account statement.
    

4. Apply

   The last step is to submit an application. You can apply for an IVF loan online or in person. The former is more convenient because it allows you to apply from any location with a few finger taps. The steps involved in an online application are as follows:
    
   • Go to the lender's official website and navigate to the product section.
   • Click the 'Apply Now' button on the new page.
   • Provide your details on the application form and upload supporting documents.
   • Your details will be verified by employing AI and ML technologies. If information is found to be genuine, your profile is subject to credit appraisal. At this stage, the amount you qualify for and the interest rate depending on the risk, are determined. 
   • After the loan amount is determined, the funds will be released within 24-48 hours.
    

Also Read: A Step-by-step Guide to Getting Unsecured Personal Loans
 

Personal Loan for IVF treatment: Crucial Considerations

 

• The maximum funds you can borrow with this loan is Rs 5,00,000. The disbursement amount depends solely on your credit profile, like income, age, and debt coverage ratio.
• The personal loan carries interest payments. If you have medical insurance and your insurer covers IVF, it is preferable to use a medi-claim rather than obtaining a loan.
• You have leeway when it comes to funds utilisation. Following the procedure, if any complications arise, personal loans will assist you in dealing with the financial shortfall.
• Never sign an agreement without first reading the fine print. Examine the provisions for partial or full prepayment, repayment tenure flexibility, and condition-based charges for rescheduling, late payment, and settlement.
• Funds under this product are accessible without collateral. However, if you fall slightly short of meeting the minimum qualifying conditions, pledging valuables with a lender can qualify you for better terms. 

 
Also Read: Mistakes to avoid when choosing a personal loan
 

Conclusion

 
IVF treatment is not among the most expensive medical procedures, but it does consume a significant portion of your savings. However, with personal loans, you don't have to think twice about experiencing the joys of parenthood. The maximum loan amount available not only covers the entire procedure, but you can also use the balance for other purposes. Furthermore, you have the option of closing your loan at any time between 12-60 months.