Central Bank of India Doctors Loan
Central Bank of India Loan for Doctors Jan 2020
| Interest Rate | 10.85% onwards Check Best Offers |
| Processing Fee | 0.50% |
| Loan Tenure | 12 Months - 84 Months |
| Loan Amount | ₹ 1 Lakh - ₹ 5 Cr |
| Age | 25 Years - 60 Years |
| Part Prepayment Charges | Not Allowed | Preclosure Charges | Allowed Nil if prepaid through own funds else 1% |
- Get best offers on Loan for Doctors equipment for salaried and self employed doctors.
- Eligibility of Business Loan for Doctors depend on job stability, income, credit score, etc.
- Avail Central Bank Doctors Loan for Clinic, Labs and Equipments.
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Doctor Loan Central Bank of India
This loan can be taken to purchase necessary medical equipments, setting up of a clinic/ hospital or pathological laboratories.
Benefits of taking Central Bank of India personal loan for doctors are:- Requirement of minimum working capital
- No guarantee or collateral required for loans up to Rs. 1 crore
- Equitable mortgage of immovable property for loan amount above Rs. 1 crore
Who should take this loan?
Individuals, partnership firms ,trust, qualified doctors with minimum qualification in any branch of medical science like MBBS/ BAMS/ BDS/ BHMS
Eligibility Criteria for Central Bank of India Doctor Loan
Central Bank of India 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) | 3 Years |
| Minimum Credit Score | 650 and above |
| Loan Amount | ₹ 1 Lakh to ₹ 5 Cr |
| Loan Tenure | 12 Months - 84 Months |
| Interest Rate | 10.85% to 11.10% |
Central Bank of India offers the facility of Medical Loan to those qualified doctors and medical practitioners with minimum education of MBBS/ BAMS/ BDS/ BHMS.
- Central Bank of India gives a loan to doctor for amount ranging from ₹ 1 Lakh to ₹ 5 Cr
- Central Bank of India offers loan for a maximum tenure of 12 Months to 84 Months
- Central Bank of India grants loan at the minimum credit score of 650 and above
Central Bank of India Doctor Loan Calculator
Central Bank of India 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 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 online Central Bank of India 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 rate of interest and also check and compare lowest EMI per lakh on loan to doctors. Central Bank of India Doctor Loan EMI depends upon multiple factors such as loan amount, interest rate and loan tenure:
Loan Amount : Higher the loan amount, higher the EMI. Loan amount depends upon the interest rate offered by the bank.
Interest Rate on loan for doctors: Another factor which affects your EMI is interest rate on the loan. Longer the loan tenure, lower will be the EMI. Professional loan interest rates in Central Bank of India are 10.85% to 11.10% depending upon your loan eligibility and loan amount.
Loan tenure : This is the period in which you can repay your loan in Central Bank of India. Longer loan tenure means lower loan EMI. Generally, Central Bank of India offers loan for a maximum tenure of 12 Months to 84 Months.
EMI calculator helps you to calculate your monthly EMI at different rate of interest.
Central Bank of India 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, thus allowing you to choose the right combination of loan amount and loan tenure.
Rate of interest is an important factor which affects your EMI on loan taken. Higher the rate, higher will be the EMI. 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 Central Bank of India doctor loan interest and Central Bank of India Doctor Loan EMI at different tenures
Doctor Loan EMI for Rs. 1 Lakh loan amount at lowest 10.85% interest rate offered by Central Bank of India for different tenures
EMI per lakh of loan at different loan tenure
| 2 years | 3 years | 4 years | |
|---|---|---|---|
| Central Bank of India EMI for a loan amount Rs. 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 Rs. 1 Lakh loan from Central Bank of India for a period of 4 years, you pay the lowest EMI of ₹ 2,577 . However, you pay an interest of ₹ 53,452 on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from Central Bank of India 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.
In addition to interest rates, these loans also carry some other charges which include:
Prepayment Charges - These charges are to be paid in case you want to repay your loan either in part or full during the tenure period. Central Bank of India allows pre payment of loan at charges.
Processing Fee - Central Bank of India charges a processing fee of 0.50% with applicable tax.
Doctor Loan Central Bank of India Documents
Following Documents are required for applying for Doctor Loan with Central Bank of India
In case of salaried individual
- Filled Application Form
- Identity Proof (PAN Card) : Passport, Driving License, PAN Card, Banker’s sign verification
- Qualification Proof : Graduate or Post Graduate 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
- 2 passport size photographs
- 6 months bank statement
- 3 Post Dated Cheques/ECS Mandate
In case of Self- employed / professional individual
- Filled Application Form
- Identity Proof : Passport, Driving License, PAN Card, Banker’s sign verification
- Qualification Proof : Graduate or Post Graduate qualification certificate, IMA (Indian Medical Association) membership number, or any other registrations allowed by Indian Government
- Last 2 years ITR
- Professional/Self- employed existence proof for more than 3 years
- 2 Passport Size colour Photographs
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
Frequently Asked Questions on Central Bank Doctor Loan
It is advised to calculate your loan EMI before taking a professional loan. Estimating your loan EMI in advance gives a clear picture on the number of 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 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 spends accordingly.
How much interest is charged by Central Bank of India on loan for doctors?Doctor loan interest rate in Central Bank of India are 10.85% to 11.10%.
What is the minimum and maximum tenure of Central Bank of India loan for doctors?You can repay your professional loan in a flexible period of 12 Months to 84 Months.
How much loan amount I can borrow from Central Bank of India?Central Bank of India offers loan between ₹ 1 Lakh to ₹ 5 Cr.
How much processing fee is charged by Central Bank of India on loan for doctors?Central Bank of India charges a processing fee of 0.50% along with applicable service tax.
Are there any prepayment charges on Central Bank of India loan for doctors?Yes, you can prepay your charges on professional loan from Central Bank of India at .
How does repayment happens for loan for doctors?The repayment of professional loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favor of the bank at the time of disbursing the loan.
Is age an eligibility factor to apply for Central Bank of India loan for doctors?Yes, age is an important eligibility factor to get Central Bank of India 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 Central Bank of India if I have a bad credit score?No, for taking a loan from Central Bank of India, an applicant must have a good credit score of 650 and above. Usually, most of the banks avoid giving loans if you have low credit score.
