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ICICI Doctors Loan

ICICI Loan for Doctors Jul 2021

Last Updated 14th Jul 2021

  • Get best offers on doctor loan ICICI Bank for renovating or opening a clinic or lab, and purchasing medical equipment.
  • Eligibility of ICICI Bank doctor loan depends on job stability, income, credit score, etc.
Interest Rate 10.50%
Check Best Offers
Processing Fee 0.99% - 2.00%
Loan Tenure 12 Months - 60 Months
Loan Amount ₹ 1 Lakh - ₹ 40 Lakh
Age 25 Years - 65 Years
Part Payment Facility Allowed
5% of outstanding loan amount
Foreclosure Facility Allowed After 6 Months
Nil for loan amount more than Rs. 10 Lakh and closed through own funds else 5% foreclosure charges
Apply for Doctor Loan @ 10.50%*

Doctor Loan ICICI Bank

Doctor loan ICICI Bank 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. ICICI Bank 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 ICICI Bank doctor loan eligibility and documentation to get doctor loan from ICICI Bank easily.

Features of ICICI Bank Personal Loan for Doctors

Some features of doctor loan ICICI Bank are:

  • Get maximum loan upto ₹ 40,00,000
  • 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 ICICI Bank Doctor Loan

ICICI 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 65 years
Job Stability (Years) 1 Years
Minimum Credit Score 650 and above
Loan Amount ₹ 1 Lakh to ₹ 40 Lakh
Loan Tenure 12 Months - 60 Months
ITR returns 24 Months

Doctor Loan ICICI Bank Documents

Following Documents are required for applying for Doctor Loan with ICICI Bank

  • 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 ICICI Bank Doctor Loan

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

Prepayment charges 5% of outstanding loan amount
Processing fee 0.99% - 2.00%

How do I Apply For a Doctor Loan ICICI Bank?

To apply doctor loan ICICI Bank perform the following steps:-

  • Visit the nearest ICICI Bank 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

ICICI Bank Doctor Loan Calculator

ICICI 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 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 ICICI 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 rates of interest and also check and compare lowest EMI per lakh on loan to doctors. ICICI 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 ICICI Bank doctor loan EMI. Borrowed Loan amount depends upon the ICICI Bank doctor loan eligibility requirements and your income and credit score.

Interest Rate on loan for doctors

Another factor which affects your ICICI Bank doctor loan EMI is interest rate on the loan. Doctor loan interest rates in ICICI Bank begins from 10.50% 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 ICICI Bank. Longer loan tenure means lower loan EMI. Generally, ICICI Bank offers loan for a maximum tenure of 12 Months to 60 Months.

What are the Benefits of Using ICICI Bank Medical Loan EMI Calculator?
  • ICICI Bank EMI calculator helps you to calculate your monthly EMI at different rate of interest.
  • ICICI 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 for doctor loan ICICI Bank, 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 ICICI Bank Doctor Loan EMI at different tenures

Loan for doctor ICICI Bank EMI for ₹ 1 Lakh loan amount at lowest 10.50% interest rate offered by ICICI Bank for different tenures

EMI per lakh of loan at different loan tenure
2 years 3 years 4 years
ICICI Bank EMI for a loan amount ₹ 1 Lakh at 10.50% ₹ 4,638 ₹ 3,250 ₹ 2,560
Total amount you pay back to the bank including principal and interest ₹ 1.23 Lakh ₹ 1.36 Lakh ₹ 1.51 Lakh
Interest you have to pay over loan tenure ₹ 23,034 ₹ 36,470 ₹ 51,374

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 ICICI Bank for a period of 4 years, you pay the lowest EMI of ₹ 2,560 . However, you pay an interest of ₹ 51,374 on a ₹ 1 Lakh loan.

In contrast, if you take a ₹ 1 Lakh loan from ICICI Bank at the lowest loan rate for a period of 2 years, you pay a higher EMI of ₹ 4,638 and pay an interest of only ₹ 23,034 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 ICICI Bank on loan for doctors?

Doctor loan interest rate in ICICI Bank are 10.50% to 19.00%. 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 ICICI Bank 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 ICICI Bank?

ICICI Bank offers loan between ₹ 1 Lakh to ₹ 40 Lakh. ICICI Bank 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 ICICI Bank on loan for doctors?

ICICI Bank charges a processing fee of 0.99% - 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 ICICI Bank 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 ICICI Bank loan for doctors?

Yes, age is an important eligibility factor to get ICICI Bank loan for doctors. Your age should be as minimum 25 years to maximum 65 years at the time of taking loan from the bank.

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

It is advised to calculate your loan ICICI Bank EMI before taking a professional loan for doctors. Estimating your loan EMI in advance gives a clear picture on the number of doctor loan ICICI Bank 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 ICICI Bank 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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*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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