fbimg

Union Bank of India Doctors Loan

Last Updated 06th Sep 2019

Union Bank of India Loan for Doctors Sep 2019

Interest Rate 12.00% onwards
Check Best Offers
Processing Fee 0.50%
Loan Tenure 12 Months - 84 Months
Loan Amount ₹ 2 Lakh - ₹ 8 Cr
Age 25 Years - 65 Years
Part Prepayment Charges Not Allowed
Preclosure Charges Allowed After 12 Months
2% in case of balance transfer
  • 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 Union Bank Doctors Loan for Clinic, Labs and Equipments.
Apply for Doctor Loan @ 11.25%*
+91

Doctor Loan Union Bank of India

This is a loan for buying medical equipments and for setting up diagnostics labs or clinics.

Benefits of taking Union Bank of India personal loan for doctors are:
  • No prepayment penalty is charged on loan
  • Personal guarantee to be obtained of all members offering collateral security
  • Get processing fee upto 0.50 per cent on loan
  • Insurance is mandatory in case you purchase the asset from bank's finance
  • Collateral security up to 50 per cent of the loan amount

Who should take this loan?

Any registered medical practitioner, physiotherapist, opthalamist and medical technicians

Eligibility Criteria for Union Bank of India Doctor Loan

Union 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 65 years
Job Stability (Years) 3 Years
Minimum Credit Score 650 and above
Loan Amount ₹ 2 Lakh to ₹ 8 Cr
Loan Tenure 12 Months - 84 Months
Interest Rate 12.00% to 12.10%

Union Bank of India offers the facility of Medical Loan to those doctors with 1 year minimum experience and age should be from 25 to 65 years.

  • Union Bank of India gives a loan to doctor for amount ranging from ₹ 2 Lakh to ₹ 8 Cr
  • Union Bank of India offers loan for a maximum tenure of 12 Months to 84 Months
  • Union Bank of India grants loan at the minimum credit score of 650 and above

Union Bank of India Doctor Loan Calculator

Union 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 Union 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. Union 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 Union Bank of India are 12.00% to 12.10% depending upon your loan eligibility and loan amount.

Loan tenure : This is the period in which you can repay your loan in Union Bank of India. Longer loan tenure means lower loan EMI. Generally, Union Bank of India offers loan for a maximum tenure of 12 Months to 84 Months.

What are the benefits of calculating Union Bank of India Medical Loan EMI ?

EMI calculator helps you to calculate your monthly EMI at different rate of interest.

Union 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 Union Bank of India doctor loan interest and Union Bank of India Doctor Loan EMI at different tenures

Doctor Loan EMI for Rs. 1 Lakh loan amount at lowest 12.00% interest rate offered by Union Bank of India for different tenures

EMI per lakh of loan at different loan tenure

2 years 3 years 4 years
Union Bank of India EMI for a loan amount Rs. 1 lakh at 12.00% ₹ 4,707 ₹ 3,321 ₹ 2,633
Total amount you pay back to the bank including principal and interest ₹ 1.27 Lakh ₹ 1.43 Lakh ₹ 1.60 Lakh
Interest you have to pay over loan tenure ₹ 26,677 ₹ 42,576 ₹ 60,471

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 Union Bank of India for a period of 4 years, you pay the lowest EMI of ₹ 2,633 . However, you pay an interest of ₹ 60,471 on a Rs. 1 Lakh loan.

In contrast, if you take a Rs. 1 Lakh loan from Union Bank of India at the lowest loan rate for a period of 2 years, you pay a higher EMI of ₹ 4,707 and pay an interest of only ₹ 26,677 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.

Union Bank of India Medical Loan Charges

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. Union Bank of India allows pre payment of loan at charges.

Processing Fee - Union Bank of India charges a processing fee of 0.50% with applicable tax.

Doctor Loan Union Bank of India Documents

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

Why should I calculate Union Bank of India doctor loan EMI before taking a 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 Union Bank of India on loan for doctors?

Doctor loan interest rate in Union Bank of India are 12.00% to 12.10%.

What is the minimum and maximum tenure of Union 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 Union Bank of India?

Union Bank of India offers loan between ₹ 2 Lakh to ₹ 8 Cr.

How much processing fee is charged by Union Bank of India on loan for doctors?

Union Bank of India charges a processing fee of 0.50% along with applicable service tax.

Are there any prepayment charges on Union Bank of India loan for doctors?

Yes, you can prepay your charges on professional loan from Union 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 Union Bank of India loan for doctors?

Yes, age is an important eligibility factor to get Union Bank of India 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 Union Bank of India if I have a bad credit score?

No, for taking a loan from Union 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.

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Get Free Credit Report