Personal Loans for Your Maternity Expenses Made Easy

Bearing a child comes with multiple medical and lifestyle expenses. From routine checkups and postnatal care to home adjustments, expenses keep adding up.

So, how to fund one? The answer: Maternity loans, also known as personal loans for maternity expenses. It offers the financial support you need to cover these expenses without using up all of your savings.

This blog will take you through a step-by-step guide to apply for a personal loan, along with the expenses it covers. 

Step-by-Step Guide to Apply for a Personal Loan for Maternity

To ensure that you get a personal loan at a reasonable rate and aligned with your needs, here's a complete guide to applying for a personal loan for maternity.

Step 1 - Explore Lenders

Every lender offers a different interest rate for a personal loan to cover maternity expenses. While the difference is not very high, even a small percentage affects the total payment in the long run. So, compare the rates and calculate the EMI before making a decision.

Also Read - How Loan EMIs Are Calculated: A Simple Guide to Manage Your Finances

Step 2 - Check Eligibility

Visit your preferred lender's official website and check the eligibility terms.

Collect all the necessary documents to confirm your eligibility.

Step 3 - Apply for the Loan

• Most lenders have a simplified application process online. All you have to do is -  
• Navigate to your preferred lender's personal loan application page and enter your basic details.
• Complete your KYC with your identity through a secure online process.
• Share your employment and income details.
• Choose your repayment mode.

Tip - Set up auto-debit to avoid defaults.

• Review your entries and digitally sign your loan agreement.

Pro Tip - To ensure a quick disbursement, maintain a healthy credit score of 750 or higher, review the eligibility criteria, and select the loan amount and tenure based on your creditworthiness. 

Expenses Covered by Maternity Loans

Families of 58% of women opting for private maternity care have to part with 80% of their household income to cover health expenses. A personal loan helps you avoid this with comprehensive coverage.

Here's what it covers -

Prenatal Expenses

Prenatal care is essential to keep your child healthy. A personal loan helps you maintain your health and your child's health with coverage for these expenses:

• Routine doctor visits
• Diagnostic scans
• Medicines
• Lifestyle changes
• Nutrition
• Yoga  

Delivery and Hospital Expenses

During the day of delivery, you need a huge chunk of money. A personal loan makes it seamless to cover these delivery expenses -

• Surgery charges
• OT fees

Postnatal Bills

After childbirth, expenses increase. This includes caring for both the mother and the baby. A personal loan covers all these expenses to ensure that you stay financially stable after childbirth -

• Nutrition and supplements
• Routine health checkups

IVF Procedures

When you conceive a child through IVF treatments, a personal loan offers the financial cushion to cover the expensive processes without depleting your savings.  

Other Expenses

After childbirth, there will still be multiple expenses you might not expect, such as -

• Home renovation
• Childcare essentials
• Unexpected health expenses and more

A personal loan offers the right amount, so you can cover these bills without a financial crunch.

Eligibility Criteria for Maternity Loans in India

Before you apply, it is important to know the eligibility requirements and prepare the required documents. The eligibility terms differ by lender, but here's a general overview of the eligibility criteria you should meet. 

Eligibility Criteria for Maternity Loans in India

Before you apply, it is important to know the eligibility requirements and prepare the required documents. The eligibility terms differ by lender, but here's a general overview of the eligibility criteria you should meet. 

Interest Rates, Fees, and Repayment Options

It is important to consider related expenses and repayment options to ensure that the loan aligns with your financial condition.

Below are the key associated fees and rates you must know - 

Plan Maternity Finances Easily With a Personal Loan

A personal loan for maternity expenses helps you care for the mother and the baby without the financial burden. You can easily distribute the expenses across months, so you do not have to use up your savings.

Hero Fincorp offers quick approval and easy terms to reduce the stress of maternity expenses. We offer a digital application process, so you need not visit the branch to apply for a loan. Plus, you get quick approval and disbursal, so in case of emergency treatments, such as C-section or more, you do not face a budget crisis. Check our eligibility now and apply for a personal loan today! 

Frequently Asked Questions

1. Can I apply for a maternity loan during my maternity leave?

Yes, you can apply for a maternity loan during maternity leave, but the terms may vary.

2. What documents are required to apply for a maternity personal loan?

To apply for a personal loan for maternity expenses, you need income proof, identity proof, and address proof.

3. What is the maximum loan amount for maternity expenses?

The maximum loan amount for maternity expenses varies by lender, but you can get anything between ₹50,000 and ₹5 lakhs, depending on your creditworthiness.

4. Can I prepay or foreclose my maternity loan without penalty?

The foreclosure terms vary by the lender. Read the loan terms to check if you can prepay the loan without penalty.