MyLoanCare is a FREE of cost service for borrowers Apply Online

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

IDBI Doctors Loan

IDBI Loan for Doctors Jul 2021

Last Updated 19th Jul 2021

  • Get best offers on doctor loan IDBI Bank for renovating or opening a clinic or lab, and purchasing medical equipment.
  • Eligibility of IDBI Bank doctor loan depends on job stability, income, credit score, etc.
Interest Rate 12.25%
Check Best Offers
Processing Fee 1.00%
Loan Tenure 12 Months - 60 Months
Loan Amount ₹ 50,000 - ₹ 2 Cr
Age 22 Years - 60 Years
Part Payment Facility Allowed After 1 Months
0%-2%
Foreclosure Facility Allowed After 1 Months
0%-2%
Apply for Doctor Loan @ 10.50%*

Doctor Loan IDBI Bank

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

Features of IDBI Bank Personal Loan for Doctors

Some features of doctor loan IDBI Bank are:

  • Get maximum loan upto ₹ 2,00,00,000
  • 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 1.00%

Eligibility Criteria for IDBI Bank Doctor Loan

IDBI 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 22 years and Max 60 years
Job Stability (Years) 3 Years
Minimum Credit Score 650 and above
Loan Amount ₹ 50,000 to ₹ 2 Cr
Loan Tenure 12 Months - 60 Months
ITR returns 24 Months

Doctor Loan IDBI Bank Documents

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

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

Prepayment charges 0%-2%
Processing fee 1.00%

How do I Apply For a Doctor Loan IDBI Bank?

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

  • Visit the nearest IDBI 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

IDBI Bank Doctor Loan Calculator

IDBI 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 IDBI 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. IDBI 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 IDBI Bank doctor loan EMI. Borrowed Loan amount depends upon the IDBI Bank doctor loan eligibility requirements and your income and credit score.

Interest Rate on loan for doctors

Another factor which affects your IDBI Bank doctor loan EMI is interest rate on the loan. Doctor loan interest rates in IDBI Bank begins from 12.25% 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 IDBI Bank. Longer loan tenure means lower loan EMI. Generally, IDBI Bank offers loan for a maximum tenure of 12 Months to 60 Months.

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

Loan for doctor IDBI Bank EMI for ₹ 1 Lakh loan amount at lowest 12.25% interest rate offered by IDBI Bank for different tenures

EMI per lakh of loan at different loan tenure
2 years 3 years 4 years
IDBI Bank EMI for a loan amount ₹ 1 Lakh at 12.25% ₹ 4,719 ₹ 3,333 ₹ 2,646
Total amount you pay back to the bank including principal and interest ₹ 1.27 Lakh ₹ 1.44 Lakh ₹ 1.62 Lakh
Interest you have to pay over loan tenure ₹ 27,293 ₹ 43,618 ₹ 62,036

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 IDBI Bank for a period of 4 years, you pay the lowest EMI of ₹ 2,646 . However, you pay an interest of ₹ 62,036 on a ₹ 1 Lakh loan.

In contrast, if you take a ₹ 1 Lakh loan from IDBI Bank at the lowest loan rate for a period of 2 years, you pay a higher EMI of ₹ 4,719 and pay an interest of only ₹ 27,293 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 IDBI Bank on loan for doctors?

Doctor loan interest rate in IDBI Bank are 12.25% to 13.50%. 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 IDBI 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 IDBI Bank?

IDBI Bank offers loan between ₹ 50,000 to ₹ 2 Cr. IDBI 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 IDBI Bank on loan for doctors?

IDBI Bank charges a processing fee of 1.00% 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 IDBI 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 IDBI Bank loan for doctors?

Yes, age is an important eligibility factor to get IDBI Bank loan for doctors. Your age should be as minimum 22 years to maximum 60 years at the time of taking loan from the bank.

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

It is advised to calculate your loan IDBI 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 IDBI 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 IDBI 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.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.95%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 8.25%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
IDBI Doctor Loan News - Jul 2021
  • 2021-01-15 : IDBI Bank reported Rs 378-crore profit
    IDBI Bank posted a net profit of Rs 378 crore for the December quarter. The loans which includes home, LAP, personal, car, two-wheeler, gold, education and doctor loan along with business and mudra loans fell 7% to Rs 1.6 lakh crore (y-o-y) in December 2020. The bank’s total deposits which includes fixed and recurring deposits rose 2.85% y-o-y to Rs 2.24 lakh crore at the end of December 2020. In addition to this, CASA improved to 48.97% as on December 31, 2020.
*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
Loader
Please wait while your information is being processed...