Hair loss at a young age is a common concern for millions of Indians, particularly men. The worst thing about hair loss is that it is difficult to reverse baldness. Hence, in many cases, the only viable option is going for a hair transplant. But it is an expensive procedure, and the cost of the best hair transplant option can go up to lakhs. Since hair treatment is not a physical illness, it is not covered under health insurance policies. As such, taking a personal loan for a hair transplant can be your best option.
What is a hair transplant?
Hair transplantation is a medical procedure in which parts of the bald-resistant scalp are transferred to areas of hair loss. Bald-resistant scalps are typically those found at the back or sides of your head.
Different types of hair plant treatment in India
In India, you will find three types of hair transplant procedures. These are –
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Follicular Unit Extraction (FUE)
This is the most popular hair transplant procedure in India. In this procedure, the hair strands are transplanted from both sides and the back of your head. The treatment is performed in groups of one and a maximum of four. Since the FUE does not require deep cutting, scar healing and filling are much faster. The average cost of the FUE transplant process can go up to Rs 2,00,000.
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Follicular Unit Strip Surgery (FUSS)
The FUSS process is ideal for you if you have moderate to severe baldness in some areas. This procedure requires a donor from whom a strip of hair is extracted and implanted in the bald area. The FUSS process entails the transplantation of multiple grafts in a single session only. Following the procedure, the doctor uses sutures to close the donor area, and the healing process of that specific area takes a few days. Depending on the degree of baldness, the entire procedure could cost between Rs 35,000 and Rs 3,00,000.
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Scalp Reduction
Due to its hefty cost, this hair transplant procedure remains an unpopular choice. In the scalp reduction process, the doctor removes the bald area on your head through surgery and plants a hair-bearing scalp. This procedure is known for tightening the scalp and thinning the hair. Scalp reduction transplant costs start at Rs 50,000 and can go up to several lakhs.
Benefits of loan for hair transplant
In India, more people are considering hair transplants on EMI due to the benefits that personal loan offers.
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Higher loan value
You can get a top-class hair transplant treatment at one of the most advanced hospitals without looking at your budget. A personal loan for hair transplant is available for a maximum of Rs 5 lakhs. This is sufficient to cover the surgery, as well as post-surgery medicine and consulting fees.
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Flexible tenure
The most appealing aspect of a personal loan for a hair transplant is the flexible mode of repayment. The lender does not set the tenure and instead allows you to choose a payback period with a budget-friendly EMI. You can use a personal loan EMI calculator to determine how much EMI you can afford by varying the principal amount and tenure. One thing to keep in mind is that your payback period is directly proportional to the total interest payable. Extending the term may result in higher interest.
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Competitive interest rate
The lender does not have a fixed interest rate for every borrower. The personal loan rate of interest is established after reviewing your credit behaviour. If you have paid your past debts without any skips, have a lower debt-to-income ratio, and use your credit card smartly, your chances of getting the loan approved at a lower rate are much higher.
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Flexible usage
Following the transplant surgery, you will require funds for medication, recurring consultation fees, and a few other expenses. If you have undergone FUSS therapy, you will also be responsible for the donor's medication costs. As personal loans provide end-use flexibility, you can use the funds for whatever purpose you see fit.
Also Read: How Personal Loans Help During An Emergency Eligibility criteria for a personal loan for a hair transplant
You can
apply for a personal loan if you fulfill the following conditions.
| Nationality | Resident Indian |
| Who can apply? | Salaried & self-employed |
| Minimum age | 21 years |
| Maximum age | 58 years |
| Work experience | - Six months for salaried
- Two years for business owners
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| Minimum monthly income | Rs 15,000 |
| Documents | - Application form
- Passport size photograph
- Address proof
- Identity proof
- Income proof
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What should you consider before getting a personal loan for a hair transplant?
Applying for this loan without assessing your finances and other factors will result in debt. Here is what you need to consider.
- Check if you are left with 50% of your income after paying your current loan EMIs. Try to pay off your small debt first in order to qualify for a low-interest loan.
- If you earn money from sources other than your primary job, include this information on your loan application.
- Compare lenders to find the best deals and interest rates. Compare the level of flexibility provided by various lenders in terms of repayment and usage.
Also Read: A Step-by-step Guide to Getting Unsecured Personal Loans To conclude
A personal loan can help with any medical procedure, not just a hair transplant. The competitive interest rate, higher loan amount, flexible repayment tenure, and freedom to use the funds are some of the key features that make this funding option a preferred choice for hair treatment. However, before applying for this loan product, always consider your debt-to-income ratio and compare different lenders to get the best deal.
