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Bank of Baroda Doctors Loan

Bank of Baroda Loan for Doctors Jul 2021

Last Updated 16th Jul 2021

  • Get best offers on doctor loan Bank of Baroda for renovating or opening a clinic or lab, and purchasing medical equipment.
  • Eligibility of Bank of Baroda doctor loan depends on job stability, income, credit score, etc.
Interest Rate 10.85%
Check Best Offers
Processing Fee 2.00%
Loan Tenure 12 Months - 60 Months
Loan Amount ₹ 50,000 - ₹ 50 Lakh
Age 25 Years - 60 Years
Part Payment Facility Allowed After 1 Months
Nil Charges
Foreclosure Facility Allowed After 1 Months
Nil Charges
Apply for Doctor Loan @ 10.50%*

Doctor Loan Bank of Baroda

Doctor loan Bank of Baroda is a loan which can be availed by qualified doctors with MBBS, BAMS, BHMS, MD, BDS degrees for various purposes like setting up a clinic or a nursing home, buying medical equipment etc. Bank of Baroda medical treatment loan can be availed within 2-3 days. It can even be availed within a few hours if it is a pre-approved loan. Ensure meeting the Bank of Baroda doctor loan eligibility and documentation to get doctor loan from Bank of Baroda easily.

Features of Bank of Baroda Personal Loan for Doctors

Some features of doctor loan Bank of Baroda are:

  • Get maximum loan upto ₹ 50,00,000
  • Flexible loan tenure which ranges between 12 Months - 60 Months
  • You can prepay part of your loan anytime with 1% charge
  • Get processing fee on your loan upto 2.00%

Eligibility Criteria for Bank of Baroda Doctor Loan

Bank of Baroda has detailed criteria to determine a potential borrower’s eligibility for professional loan for doctors.

Some of the key eligibility criteria are summarised in the table below:

Eligibility Criteria
Age: Min 25 years and Max 60 years
Job Stability (Years) 1 Years
Minimum Credit Score 650 and above
Loan Amount ₹ 50,000 to ₹ 50 Lakh
Loan Tenure 12 Months - 60 Months
ITR returns 24 Months

Doctor Loan Bank of Baroda Documents

Following Documents are required for applying for Doctor Loan with Bank of Baroda

  • 2 passport size photographs
  • Filled doctor loan Application Form
  • Identity Proof (PAN Card) : Passport, Driving License, PAN Card
  • Qualification Proof : Graduate or Postgraduate qualification certificate, IMA (Indian Medical Association) membership number, or any other registrations allowed by Indian Government
  • Address Proof : Passport, Telephone bill, Electricity bill, Rental agreement, Driving license, Election ID card
  • Latest 3 months pay slip
  • 6 months bank statement/ Last 2 years ITR
  • 3 Post Dated Cheques/ECS Mandate
  • Professional/Self- employed existence proof for more than 3 years

Processing Fee and Other Charges for Bank of Baroda Doctor Loan

In addition to interest rates, these loans also carry some other charges which include:

Prepayment charges Nil Charges
Processing fee 2.00%

How do I Apply For a Doctor Loan Bank of Baroda?

To apply doctor loan Bank of Baroda perform the following steps:-

  • Visit the nearest Bank of Baroda branch
  • Fill the application form for doctor loan
  • Submit the required documents
  • Lender will verify the documents
  • In 2-3 days loan amount will be disbursed in your account

Bank of Baroda Doctor Loan Calculator

Bank of Baroda Doctor Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as your income. It is important to calculate eligibility for a loan from the bank. You can calculate your loan eligibility using the MyLoanCare Doctor Loan Calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

You can also use the online Bank of Baroda Doctor Loan Calculator to calculate loan EMIs. EMI is a fixed amount that you are required to pay each month towards the repayment of your loan till the end of tenure. The EMI calculator helps you to calculate your monthly EMI at different rates of interest and also check and compare lowest EMI per lakh on loan to doctors. Bank of Baroda Doctor Loan EMI depends upon multiple factors such as loan amount, interest rate and loan tenure:

Loan Amount

Higher the loan amount, higher the Bank of Baroda doctor loan EMI. Borrowed Loan amount depends upon the Bank of Baroda doctor loan eligibility requirements and your income and credit score.

Interest Rate on loan for doctors

Another factor which affects your Bank of Baroda doctor loan EMI is interest rate on the loan. Doctor loan interest rates in Bank of Baroda begins from 10.85% but may vary depending upon your loan eligibility and loan amount.

Loan Tenure

This is the period in which you can repay your loan in Bank of Baroda. Longer loan tenure means lower loan EMI. Generally, Bank of Baroda offers loan for a maximum tenure of 12 Months to 60 Months.

What are the Benefits of Using Bank of Baroda Medical Loan EMI Calculator?
  • Bank of Baroda EMI calculator helps you to calculate your monthly EMI at different rate of interest.
  • Bank of Baroda Doctor Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living.
  • Getting an EMI estimate will help you ascertain the monthly EMI you can comfortably service for doctor loan Bank of Baroda, thus allowing you to choose the right combination of loan amount and loan tenure.
  • You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates.

Illustration: Use doctor loan calculator to calculate Bank of Baroda Doctor Loan EMI at different tenures

Loan for doctor Bank of Baroda EMI for ₹ 1 Lakh loan amount at lowest 10.85% interest rate offered by Bank of Baroda for different tenures

EMI per lakh of loan at different loan tenure
2 years 3 years 4 years
Bank of Baroda EMI for a loan amount ₹ 1 Lakh at 10.85% ₹ 4,654 ₹ 3,267 ₹ 2,577
Total amount you pay back to the bank including principal and interest ₹ 1.24 Lakh ₹ 1.38 Lakh ₹ 1.53 Lakh
Interest you have to pay over loan tenure ₹ 23,876 ₹ 37,873 ₹ 53,452

The above table shows that EMI paid on the loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan from Bank of Baroda for a period of 4 years, you pay the lowest EMI of ₹ 2,577 . However, you pay an interest of ₹ 53,452 on a ₹ 1 Lakh loan.

In contrast, if you take a ₹ 1 Lakh loan from Bank of Baroda at the lowest loan rate for a period of 2 years, you pay a higher EMI of ₹ 4,654 and pay an interest of only ₹ 23,876 which is less than half of what you pay for a 4 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Doctor Loan from Other Banks in India

FAQs

How much interest is charged by Bank of Baroda on loan for doctors?

Doctor loan interest rate in Bank of Baroda are 10.85% to 16.55%. The interest rate is dependent on the credit score, so higher the credit score means lower the interest rate.

What is the minimum and maximum tenure of Bank of Baroda loan for doctors?

You can repay your professional loan for doctors in a flexible period of 12 Months to 60 Months. Also, you can prepay the loan before the tenure gets over, for that you will have to pay extra charges.

How much loan amount I can borrow from Bank of Baroda?

Bank of Baroda offers loan between ₹ 50,000 to ₹ 50 Lakh. Bank of Baroda medical treatment loan is available to set up a new medical clinic or buy new medical equipment or even expansion or renovation of existing medical premises.

How much processing fee is charged by Bank of Baroda on loan for doctors?

Bank of Baroda charges a processing fee of 2.00% along with applicable service tax. Always, check the processing fee before applying for loan as it affects your budget.

Are there any prepayment charges on Bank of Baroda loan for doctors?

Yes, you can prepay your loan with Nil charges. If there are no prepayment charges then it is a good idea to repay the loan before the tenure otherwise you may end up paying more.

Is age an eligibility factor to apply for Bank of Baroda loan for doctors?

Yes, age is an important eligibility factor to get Bank of Baroda loan for doctors. Your age should be as minimum 25 years to maximum 60 years at the time of taking loan from the bank.

Will I get the loan for doctors from Bank of Baroda if I have a bad credit score?

It is advised to calculate your loan Bank of Baroda EMI before taking a professional loan for doctors. Estimating your loan EMI in advance gives a clear picture on the number of doctor loan Bank of Baroda EMIs to be paid over the loan tenure. In case the calculated EMI is more than your monthly budget, then you can consider applying for a lower loan amount with Bank of Baroda which results in affordable EMI and fits into your monthly budget. Further, If you already know the EMI you have to pay each month, then you can plan your expenses accordingly.


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Bank of Baroda Doctor Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
    Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion.
*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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