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Doctor Loan

Loan for Doctors: Details

Last Updated 22nd May 2022

  • Doctor Loan interest rate starting @ 10.50%. Check Best Offers
  • Compare and get best offers for doctor loans across top lenders.
  • Doctor loan eligibility depends upon the amount of your monthly professional fees, if you are in practice or salary, if you are in a job which determines your capacity to repay a loan.
Interest Rate 10.50% onwards
Processing Fee Nil to Upto 3.00%
Loan Tenure 60 months
Lowest EMI Per Lakh ₹ 877 for 60 Months
Prepayment Charges Nil to upto 5%
Apply for Doctor Loan @ 10.50%*

Compare Doctor Loan Interest Rates of Top Banks

Bank Interest Rates Processing Fee
SBI 9.00% 3.00%
HDFC Bank 12.50% 2.50%
ICICI Bank 10.50% 2.00%
PNB 7.90% 0.90%
Bajaj Finserv 14.00% 2.00%
Bank of Baroda 10.85% 2.00%
Bank of India 8.85% Nil
Corporation Bank 10.35% 0.50%
Central Bank of India 9.85% 0.50%
Union Bank of India 10.40% 0.50%
IDBI Bank 12.25% 1.00%

What is Doctor Loan?

Loan for doctors is provided to help them fulfill their professional dream to set up a medical clinic or hospital, buy new clinical equipment for a medical clinic or renovate or improve existing clinic. Doctors can also take funds for their personal use, popularly known as personal loan for doctors. Banks consider doctors as safe and creditworthy and keep coming out with low cost personal loan schemes for them. Almost all leading banks and NBFCs in India offer doctor loans at competitive interest rates. Currently, ICICI Bank offers the lowest interest rate of 10.50% for doctors and the scheme is quite popular amongst medical professionals.

Doctor Loan Interest Rate 2022

Here is a list of top 5 banks offering lowest interest rate on Dr loans:-

Bank Name Interest Rate
SBI 9.00%
ICICI Bank 10.50%
IDFC First Bank 10.75%
Bank of Baroda 10.85%
Tata Capital 10.99%

Features and Benefits of Loan for Doctors

As mentioned above, doctors are one of the focus segments for top banks and NBFCs and hence, they provide loans for doctor with a host of features and benefits, which includes the following:-

  • No requirement to to pledge a collateral or arrange for a guarantor
  • Loan can gets sanctioned quickly, within as short as 48 hours to 72 hours
  • Minimum documentation required for approval which is based on basic KYC, quick background checks, CIBIL score and income proofs
  • Salaried doctors get lower rate loans compared to rates offered for self employed doctors or other self employed professionals owing to their stable income
  • It can be used for construction of clinic, renovation or purchasing various equipment for medical use
  • Loan is available for a maximum tenure of 60 months
  • Flexible repayment tenure options are available to repay the EMIs

Purpose of Doctor Loan

Some of the basic purposes for which bank grants this loan are mentioned below:

  • Loans for hospital and nursing homes: There are special schemes for hospital loans that are designed to provide funds for medical practitioners who want to set up a new medical clinic/hospital/ nursing homes or want to renovate their existing hospital premise.
  • Loans for Diagnostic centres and Pathological laboratories: These loans are sanctioned to those who want to set up their diagnostic centres and pathological laboratories.
  • Loans for Specialised clinics: These loans are taken by the practising doctors to set up specialised clinics which includes the following
    • Skin Clinics
    • Dental Clinics
    • Eye Centres
Purposes for which loan is granted Purposes for which loan is not granted
Clinic/ hospital construction Personal use
Clinic/hospital renovation Land purchase
Medical equipment purchase Wedding or vacation

Documents Required for Doctor Loan

Documents required to avail a loan for doctors are listed as follows:

  • 2 Passport Size color Photographs
  • Filled Application form
  • Identity Proof such as PAN card, Aadhar card, Driving License.
  • Address Proof such as Aadhar card, voter ID or utility bills like water, gas or electricity bills.
  • Qualification Proof such as degree certificates, passing certificates , marksheets.
  • Last 3 months Pay-slips in case of salaried and last 2 years income tax returns for self employed
  • 6 months Bank Statements
  • Proof of ownership in case of self owned clinic or hospital

Eligibility Criteria for Doctor Loan

You may be eligible for physician loan in India from top banks if you meet the following doctor loan eligibility criteria:

Eligibility Criteria
Eligible Entities
  • Salaried Doctors
  • Self Employed Doctors who own a clinic, hospital, nursing home, pathological laboratory, skin clinic, dental clinic or eye centres
Minimum and Maximum AgeIndividuals with minimum age of 21 years and maximum age of upto 65 years
Loan TenureBanks give loan upto a period of 60 months depending upon your age
Note: However, some banks also restrict the maximum tenure to 60 months.
Minimum QualificationBHMS/BUMS degree to qualify a loan.Must have 1 year and more experience to get a professional loan
Note: Applicants should have an IMA (Indian Medical Association) membership number or any other registration allowed by Indian Government
Income Tax ReturnsShould have filled a minimum ITR of 24 months
CIBIL Score RequirementBank consider 750 and above credit score eligible for doctor loan

Degrees Required to Apply for Doctor Loan

The following set of degrees are required to apply for loan for doctors

  • MD/DM/MS for Super Specialist Doctors
  • MBBS for Graduate Doctors
  • BDS/MDS for Dentist Doctors
  • BHMS/BAMS for Ayurvedic and Homeopathic Doctors
  • DHMS for Homeopathic Doctors

How to Apply for Doctor Loan?

While you can apply for a doctor loan by visiting the nearest bank branch or the bank's online website. However, to get the best offers on a doctor loan, you must apply for a loan with an online marketplace like MyLoanCare. Below mentioned are the steps to apply for the same.

  • Visit the official website of MyLoanCare.
  • Go to the Doctor loan tab.
  • Provide all required details like Name, mobile number, place of residence, educational degrees, etc
  • Now, enter the OTP (One Time Password) received on the provided mobile number.
  • Now, fill the further details such as specialization, date of birth, gender, current EMIs, etc
  • Click on ‘Submit’
  • Now select the best offer for you
  • Click on ‘Apply’
  • Our Sales Executive will call you to help with the procedure ahead

Who is Eligible for a Doctor Loan?

Banks and finance companies offer this loan to multiple categories of doctors which includes the following:

  • Loan for Salaried Doctors: The loans are taken by those medical practitioners who work with hospitals or clinics and have a regular source of income. They need to have obtained their medical degrees at least 1 year before the date of applying for a loan to be eligible to get this loan.
  • Loan for Self Employed Doctors: These loans are designed for doctors who have their own practice, want to set up their own clinic, nursing home or hospital or those who intend to expand their medical clinic or hospital. The self-employed doctors can also use the loan to buy medical equipment and build other medical facilities in their clinics or nursing homes.

Secured Loan for Doctors

Banks and financial institutions offer secured doctor loans when you pledge a residential or commercial property to set up a medical clinic, nursing home or to buy medical equipment. Medical Equipment loans are also available against the hypothecation of equipment purchased. In addition, secured loans are also available to purchase ambulances, which have to be registered with RTA (Road Transport Operator) and hypothecated in the name of the bank. Financial institutions decide the loan amount by assessing the type of property and the market value of the property. The interest on secured loan is comparatively lower in comparison to unsecured loans for doctors. Also, secured doctor personal loan are offered with a higher loan amount.

Medical Equipment that can be financed

Some of the medical equipment for which loans can be availed include

  • CT Scanners
  • Sonography Machines
  • MRI Machines
  • X-Ray Machines

Unsecured Loan for Doctors

Unsecured doctor loans are the loans which can be availed without pledging any collateral security. These loans are quick loans and can be availed for a shorter tenure. Beside enhancing your business, you can also take this loan to upgrade your medical equipment or instruments to offer the best possible diagnosis and treatment to the patients. Many banks and finance companies in India offer specially designed and customised unsecured business loan for doctors on the basis of their financial statements, work experience and CIBIL score. Key features of these loans are:

  • Loans can be taken without pledging any property as a collateral security.
  • Loan amount of ₹ 1 Cr and above can be availed.
  • The tenure of doctor loan ranges between 12 months to 60 months.
  • Interest rates starting from 10.50%.

Tips to Consider Before Availing Loan for Doctors

Here are a few tips which will help you to improve your chances of getting your loan application improved.

Improve Credit Score – It is very important to have a good credit score because having a lower credit score may increase the chances of getting your loan application rejected by the lender. Whereas, a higher credit score above 750 increases the chances of getting your loan approval with a lower interest rate.

Avoid multiple loan applications – Applying for multiple loan applications increases the probability of the loan being rejected as each query gets captured in your credit report and multiple queries can make you seem credit hungry.

Choose your Bank wisely – Before taking this loan, you are advised to do a thorough research on Banks that offer best rates on doctor loans. You should strive to identify the bank which offers fast service with a low interest rate. Negotiate and apply for a loan through online marketplaces like MyLoanCare to get best deals on rates and processing fees.

Business Existence – Banks will consider giving a loan to doctors with minimum 3 years of practising experience either as a salaried or a self practitioner .

Apply for a loan amount based on your repayment capacity – Determine the loan amount that you can easily repay in future. If you apply for a loan amount which is higher than your eligibility, it can create doubt in the mind of the lender and lead to rejection of your application.

Maintain proper accounts and financial information- It is extremely critical that you have your GST registration in place. Also, it is advisable to keep an audited record of your financial statements. Ensure that you receive and deposit your fees into your bank account as it allows the lenders to get a real understanding of your monthly inflow and outflows.


Is CIBIL Score important for availing loan for doctors?

CIBIL score is very important for availing doctor loan. You must have a Good CIBIL score of 750 and above in order to avail a loan for doctors. It indicates a good repayment record and hence banks can offer you a higher loan amount at a low rate of interest. Bad CIBIL Score will result in either a loan at a higher interest rate or rejection of the loan application.

Do banks offer pre-approved loans for doctors?

Yes, few banks provide pre-approved loan for doctors, but it depends on the number of factors like their existing bank account, CIBIL score, income level etc.

How do I repay my loan for doctors?

You can pay back the doctor loan in equal monthly installments (EMIs). The loan will be paid through post-dated cheques. You may also pay your loan through the Electronic Clearing System (ECS) or a standing instruction to debit your Bank account with the EMI amount that may prompt automated deductions.

Which banks in India offer specialized loan for doctors?

Although most of the banks offer loans for Doctor, there are few lending institutions offering specialized doctor loan program as follows:

  • Canara Bank : Doctor Choice
  • Corporation Bank : Doctor Plus Scheme
  • Bank of India : Star Doctor Plus
  • Bank of Baroda : Baroda Loan to Doctor
  • Punjab National Bank : PNB Sanjeevani Scheme

How much time will it take to get a doctor loan?

Usually it takes up to 48 hours to 72 hours to get a doctor loan sanctioned. However, you can get a loan faster if you have a pre-approved offer. The loan is sanctioned only after document verification and ensuring eligibility checks.

Is the interest rate on doctor loans fixed or floating?

Doctor loans are available at both fixed as well as floating interest rate, it is your choice what kind of an interest rate you want to choose. There might be chances that few banks offer floating interest rates and few offer flexible interest rates.

Is part payment option available for a doctor loan?

Yes, a part payment option is available for a doctor loan. However, you will have to pay a fee for it, which varies from bank to bank. The prepayment fee for doctor loan ranges from NIL to upto 5 %.

What are the end uses of loan for doctors?

Loan amount can be used for various purposes such as:

  • Buying clinical and electronic equipments, IT systems, diagnostic products
  • Purchase of ambulance
  • Development of clinic/ hospital such as buying patient bed, maternity bed, stretchers, operation theatre, ICU etc
  • Day to day expenses and many others

What are the charges of availing loans for doctors?

Apart from the interest rate, banks also apply following charges:
Processing fees : This fee is charged when you apply for a loan. The processing fee can range between NIL to upto 3.00% of the loan amount and can be negotiated if you are an existing customer of the same bank. You can approach the bank through an online marketplace like MyLoanCare to get the best deal at Doctor loan processing fee.
Prepayment penalty : Prepayment penalty is the amount which you are supposed to pay as a penalty in case of early loan payment. Prepayment penalty on doctor loan may vary across all lenders, and may be NIL to up to 3.00%.

Which loan is best for doctors?

As per the current rates, ICICI Bank, offers the lowest rate on doctors loan starting at 10.50% and is the best loan for doctors.

How much loan do doctors get in India?

Doctors can avail a maximum loan of upto ₹ 15,00,00,000. The eligibility for the same however depend on factors such as income, CIBIL score and the existing relationship with the bank.

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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