Corporation Bank Doctors Loan
Corporation Bank Loan for Doctors Jan 2020
| Interest Rate | 10.95% onwards Check Best Offers |
| Processing Fee | 0.50% |
| Loan Tenure | 12 Months - 84 Months |
| Loan Amount | ₹ 2 Lakh - ₹ 5 Cr |
| Age | 25 Years - 60 Years |
| Part Prepayment Charges | Allowed Nil Charges |
Preclosure Charges | Allowed Nil Charges |
- 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 Corporation Doctors Loan for Clinic, Labs and Equipments.
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Doctor Loan Corporation Bank
To purchase or construct hospital or clinic, purchase equipments related to hospital/ clinic.
Benefits of taking Corporation Bank personal loan for doctors are:- Get maximum loan amount upto Rs. 5 crore
- Nil prepayment charges
- No collateral or guarantor required
Who should take this loan?
Any registered medical practitioner or physiotherapist
Eligibility Criteria for Corporation Bank Doctor Loan
Corporation Bank 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 | ₹ 2 Lakh to ₹ 5 Cr |
| Loan Tenure | 12 Months - 84 Months |
| Interest Rate | 10.95% |
Corporation Bank offers the facility of Medical Loan to Doctors with 1 year minimum experience and age should be from 25 to 65 years.
- Corporation Bank gives a loan to doctor for amount ranging from ₹ 2 Lakh to ₹ 5 Cr
- Corporation Bank offers loan for a maximum tenure of 12 Months to 84 Months
- Corporation Bank grants loan at the minimum credit score of 650 and above
Corporation Bank Doctor Loan Calculator
Corporation Bank 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 Corporation Bank 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. Corporation Bank 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 Corporation Bank are 10.95% to 0.00% depending upon your loan eligibility and loan amount.
Loan tenure : This is the period in which you can repay your loan in Corporation Bank. Longer loan tenure means lower loan EMI. Generally, Corporation Bank 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.
Corporation Bank 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 Corporation Bank doctor loan interest and Corporation Bank Doctor Loan EMI at different tenures
Doctor Loan EMI for Rs. 1 Lakh loan amount at lowest 10.95% interest rate offered by Corporation Bank for different tenures
EMI per lakh of loan at different loan tenure
| 2 years | 3 years | 4 years | |
|---|---|---|---|
| Corporation Bank EMI for a loan amount Rs. 1 lakh at 10.95% | ₹ 4,658 | ₹ 3,272 | ₹ 2,582 |
| Total amount you pay back to the bank including principal and interest | ₹ 1.24 Lakh | ₹ 1.38 Lakh | ₹ 1.54 Lakh |
| Interest you have to pay over loan tenure | ₹ 24,117 | ₹ 38,276 | ₹ 54,051 |
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 Corporation Bank for a period of 4 years, you pay the lowest EMI of ₹ 2,582 . However, you pay an interest of ₹ 54,051 on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from Corporation Bank at the lowest loan rate for a period of 2 years, you pay a higher EMI of ₹ 4,658 and pay an interest of only ₹ 24,117 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. Corporation Bank allows pre payment of loan at charges.
Processing Fee - Corporation Bank charges a processing fee of 0.50% with applicable tax.
Doctor Loan Corporation Bank Documents
Following Documents are required for applying for Doctor Loan with Corporation Bank
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 Corporation 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 Corporation Bank on loan for doctors?Doctor loan interest rate in Corporation Bank are 10.95% to 0.00%.
What is the minimum and maximum tenure of Corporation Bank 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 Corporation Bank?Corporation Bank offers loan between ₹ 2 Lakh to ₹ 5 Cr.
How much processing fee is charged by Corporation Bank on loan for doctors?Corporation Bank charges a processing fee of 0.50% along with applicable service tax.
Are there any prepayment charges on Corporation Bank loan for doctors?Yes, you can prepay your charges on professional loan from Corporation Bank 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 Corporation Bank loan for doctors?Yes, age is an important eligibility factor to get Corporation Bank 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 Corporation Bank if I have a bad credit score?No, for taking a loan from Corporation Bank, 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.
