Doctor loan Interest Rates - HDFC, SBI, Bajaj, ICICI Bank, All Banks
Lowest Doctor Loan Interest Rates in India Jun 2017
- Doctor loans range from Rs. 50,000 to Rs. 10,000,000
- Lowest Doctor loan interest rates starting @ 11.25%* onwards
- Personal loan for doctors eligibility depends on income, other obligations, and repayment history
- Doctor loan is taken for buying new equipments, diagnostic tools or setting up new clinic
- Maximum loan tenure up to 5 years
- Apply doctor loan online
Doctor Loan Interest Rates Comparison, Lowest EMI Jun 2017, Best rates
|Bank||Doctor Loan Interest Rates*||Lowest EMI per Rs. Lakh for Max Tenure|
|SBI (3.3/5.0) 2 Users||10.00% - 15.00%||Rs. 1,660 for 84 months||Explore More Apply Now|
|HDFC Bank (3.8/5.0) 3 Users||11.25% - 14.50%||Rs. 2,187 for 60 months||Explore More Apply Now|
|ICICI Bank (3.3/5.0) 2 Users||12.50% - 12.50%||Rs. 2,250 for 60 months||Explore More Apply Now|
|PNB (3.6/5.0) 2 Users||11.20% - 11.20%||Rs. 1,723 for 84 months||Explore More Apply Now|
|Bajaj Finserv (3.5/5.0) 3 Users||NA||NA||Explore More Apply Now|
|Capital First (3.5/5.0) 1 Users||12.50% - 12.50%||Rs. 2,658 for 48 months||Explore More Apply Now|
|Bank of Baroda (5/5.0) 1 Users||10.85% - 11.35%||Rs. 2,167 for 60 months||Explore More Apply Now|
|Bank of India||10.80% - 11.80%||Rs. 3,264 for 36 months||Explore More Apply Now|
|Corporation Bank||10.75% - 11.50%||Rs. 1,363 for 120 months||Explore More Apply Now|
|Central Bank of India||10.75% - 11.00%||Rs. 1,699 for 84 months||Explore More Apply Now|
|Dena Bank||10.10% - 10.60%||Rs. 1,665 for 84 months||Explore More Apply Now|
|Union Bank of India||12.00% - 12.00%||Rs. 1,765 for 84 months||Explore More Apply Now|
|IDBI Bank||NA||NA||Explore More Apply Now|
Documentation for Doctor Loan
|For Salaried Persons||For Self Employed/Professionals.|
|Filled Application form||Filled Application form|
|Identity Proof (PAN CARD)||Identity Proof|
|Qualification Proof||Address Proof|
|Own house proof||Qualification Proof|
|Latest 3 months Pay- slips||Last 2 years Income Tax Returns|
|2 Passport Size color Photographs||Professional/Self employed existence proof for more than 3 years|
|Address proof||2 Passport Size color Photographs|
|6 months Bank Statements||6 months Bank Statements|
Frequently Asked Questions on Doctor Loan
Doctors are life savers and highly respected individuals. They spend years of hard work and lots of money to become Doctor and master the profession and then devote their whole life for the treatment of people. But when it comes to setting up medical clinic/hospital, they have to rely on their family member or take help of money lending institutions. Almost every bank in India offers personal loan for Doctor. Although Doctor Fall under the category of self employed, banks offer them greater benefits.What are the key benefits offered while taking Doctor Loan?
Listed below are the benefits offered when Doctor take doctor loan:
- Higher loan amount
- Flexible repayment tenure
- Part payment option
- Both fixed and floating options available
- Processing time for personal loan is very fast
- No guarantors or collateral
- No prepayment and foreclosure charges
You can apply in several ways. You can directly visit the bank branch and meet the sales person, contact a loan agent or apply online at any bank or NBFC’s website. You can also compare personal loan interest rates of all banks online to apply for Doctor loan.What are the eligibility requirements for availing Doctor Loan?
With benefits come following minimum requirements as follows:
- Qualification should be MBBS, BAMS, BHMS, and other higher professional degree
- Experience after the graduation and post graduation in a recognized centres
- Annual income above certain limit
In order to avail Doctor Loan had to submit following documents:
- Education qualification certificate
- Bank statement for last 6 months
- Income tax return certificate of last 2 years
- Proof of permanent address, identity
Collateral security and guarantor depending on the loan amount. Although most of the banks do not ask for this.Is CIBIL Score important for availing Doctor Loan important?
CIBIL score is very important for availing Doctor loan. You must have a Good CIBIL score in order to avail Doctor loan. As it indicates good repayment record and hence banks can offer you higher loan amount at low rate of interest. Bad CIBIL Score will result in either loan at higher interest rate or rejecting the loan application.Do banks offer pre-approved loans for Doctor?
Yes, some of the banks give pre-approved loans, but it depends on the number of factors like the bank account they currently use, your income etc.What are the uses of Doctor Loan?
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.
You pay the loan in equal monthly installments (EMIs). The loan will be paid through post-dated cheques. You may also pay your Doctor loan through the Electronic Clearing System (ECS) or a standing instruction to debit your Bank account with the EMI amount.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 loans as follows:
- Canara Bank: Doctor Choice
- Corporation Bank: Doctor Plus Scheme
- Bank of India: Star Doctor Plus
- Bank of Baroda: Baroda Loan to Doctor
- State Bank of India: SBI Doctor Plus Scheme
- Punjab National Bank: PNB Sanjeevani Scheme
Apart from the interest rate, banks also apply following charges:
Processing fees: This is a miscellaneous fee (% of the loan amount) charged by the banks for documentation work, credit history check, admin tasks etc. This may also be charged upfront before even sanctioning the loan. This fee is refundable by various banks in case the loan application is declined. You can even bargain to lower the fees especially when the loan amount is bigger.
Prepayment penalty: Amount which borrower is supposed to pay. If you repay a bigger loan early, then it will generate expected return at lower than anticipated amount. This amount is collected in the form of interest.
Late payment charges: Never think of making a late payment. Always make your monthly payments on time in order to avoid late payment charges which are normally in the range of 1.5%-2.00%. Moreover, it affects an individual’s credit history which results in future loan or credit card application getting rejected.
Nowadays, banks give various offers on to give the best rates to individuals. To get with lowest interest rate and lowest EMI, compare new rates and offers of all banks at MyLoanCare. You can do rates comparison, check your eligibility, apply online and get the cheapest rate on . MyLoanCare helps you throughout the loan process from the day you apply to the time you get complete disbursement. You can even track your loan status after getting registered with us. MyLoanCare make it easy for you to get hassle free with ultimate cashback and refer and earn benefits. So, apply for today and enjoy the benefits.