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

SBI Doctors Loan

SBI Loan for Doctors Jul 2021

Last Updated 07th Jul 2021

  • Get best offers on doctor loan SBI for renovating or opening a clinic or lab, and purchasing medical equipment.
  • Eligibility of SBI doctor loan depends on job stability, income, credit score, etc.
Interest Rate 11.20%
Check Best Offers
Processing Fee 2.00% - 3.00%
Loan Tenure 12 Months - 48 Months
Loan Amount ₹ 5 Lakh - ₹ 15 Lakh
Age 21 Years - 65 Years
Part Payment Facility Allowed
Nil Charges
Foreclosure Facility Allowed After 1 Months
Nil Charges
Apply for Doctor Loan @ 10.50%*

Doctor Loan SBI

Doctor loan SBI 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. SBI 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 SBI doctor loan eligibility and documentation to get doctor loan from SBI easily.

Features of SBI Personal Loan for Doctors

Some features of doctor loan SBI are:

  • Get maximum loan upto ₹ 15,00,000
  • Flexible loan tenure which ranges between 12 Months - 48 Months
  • You can prepay part of your loan anytime with 1% charge
  • Get processing fee on your loan upto 3.00%

Eligibility Criteria for SBI Doctor Loan

SBI 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 21 years and Max 65 years
Job Stability (Years) 2 Years
Minimum Credit Score 650 and above
Loan Amount ₹ 5 Lakh to ₹ 15 Lakh
Loan Tenure 12 Months - 48 Months
ITR returns 24 Months

Doctor Loan SBI Documents

Following Documents are required for applying for Doctor Loan with SBI

  • 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 SBI Doctor Loan

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

Prepayment charges Nil Charges
Processing fee 2.00% - 3.00%

How do I Apply For a Doctor Loan SBI?

To apply doctor loan SBI perform the following steps:-

  • Visit the nearest SBI 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

SBI Doctor Loan Calculator

SBI 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 SBI 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. SBI Doctor Loan EMI depends upon multiple factors such as loan amount, interest rate and loan tenure:

Loan Amount

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

Interest Rate on loan for doctors

Another factor which affects your SBI doctor loan EMI is interest rate on the loan. Doctor loan interest rates in SBI begins from 11.20% 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 SBI. Longer loan tenure means lower loan EMI. Generally, SBI offers loan for a maximum tenure of 12 Months to 48 Months.

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

What is Doctor Loan SBI Plus Scheme and Its Purpose

SBI doctor plus loan scheme is a type of medical loan offered by SBI to qualified medical professionals who have a degree of MBBS, BAMS, BHMS, BDS, GAMS etc. This scheme is best suited for people who have an entrepreneurial approach and want to start a medical clinic of their own. SBI doctor plus loan interest rate is dependent on one’s credit score. Higher the credit score, lower the interest rate. However, doctor plus scheme sbi can also be availed by other practitioners for any other purpose.

Illustration: Use doctor loan calculator to calculate SBI Doctor Loan EMI at different tenures

Loan for doctor SBI EMI for ₹ 1 Lakh loan amount at lowest 11.20% interest rate offered by SBI for different tenures

EMI per lakh of loan at different loan tenure
2 years 3 years 4 years
SBI EMI for a loan amount ₹ 1 Lakh at 11.20% ₹ 4,670 ₹ 3,283 ₹ 2,594
Total amount you pay back to the bank including principal and interest ₹ 1.25 Lakh ₹ 1.39 Lakh ₹ 1.56 Lakh
Interest you have to pay over loan tenure ₹ 24,723 ₹ 39,289 ₹ 55,557

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 SBI for a period of 4 years, you pay the lowest EMI of ₹ 2,594 . However, you pay an interest of ₹ 55,557 on a ₹ 1 Lakh loan.

In contrast, if you take a ₹ 1 Lakh loan from SBI at the lowest loan rate for a period of 2 years, you pay a higher EMI of ₹ 4,670 and pay an interest of only ₹ 24,723 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 SBI on loan for doctors?

Doctor loan interest rate in SBI are 11.20% to 16.60%. 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 SBI loan for doctors?

You can repay your professional loan for doctors in a flexible period of 12 Months to 48 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 SBI?

SBI offers loan between ₹ 5 Lakh to ₹ 15 Lakh. SBI 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 SBI on loan for doctors?

SBI charges a processing fee of 2.00% - 3.00% 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 SBI 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 SBI loan for doctors?

Yes, age is an important eligibility factor to get SBI loan for doctors. Your age should be as minimum 21 years to maximum 65 years at the time of taking loan from the bank.

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

It is advised to calculate your loan SBI EMI before taking a professional loan for doctors. Estimating your loan EMI in advance gives a clear picture on the number of doctor loan SBI 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 SBI 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 6.80%. 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 7.30% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 8.80%. 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
*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...