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Personal Loan for Doctors

Loans for Doctors in India

Last Updated 20th Jun 2021

  • Personal loan for doctors is the specially designed credit facility for doctors to meet their financial requirement.
  • The rate of interest on Personal loan for medical professionals ranges between 10.50% - 19.00%.
  • Age: 25 years - 65 years
  • Registered medical practitioners in MCI.
  • At least 1 year of experience.
Documents Required
  • KYC documents such as PAN Card, Aadhaar Card, and Voter ID card
  • Salary slips and Income proof
  • Bank Statements for last 6 months
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Personal Loan for Doctors

Personal loans for doctors are designed keeping in mind the requirements and challenges of the doctors. Consultants and practicing professionals working in a government, private hospital or a clinic can avail of a personal loan for doctors. Personal loans for medical professionals can be used for buying medical, healthcare or dental equipment, for business expansion and renovation and premises, for setting up clinics, pathology labs, medical stores, ambulances, etc.

Eligibility Criteria for Personal Loan for Doctors

The eligibility criteria for a personal loan for doctors in India differ from bank to bank. However, the basic criteria are:

  • The minimum age of the Individual must be at least 25 years.
  • The maximum age of the Individual must not exceed 65 years.
  • The Individual should be registered medical practitioners with at least 1 year of experience.
  • The doctor should have practised in the Medical Council of India recognised branch.
  • The minimum income of the applicant must be ₹ 8,000.
  • Lastly, applicants applying for personal loan for doctors are required to have filled ITR for minimum 24 months.

Documents Required for a Personal Loan for Doctors

The documents required for applying personal loan for medical professionals are as follow:

  • KYC documents such as PAN Card, Aadhaar Card, and Voter ID card
  • Income proof:
    • Last three months salary slips for salaried.
    • Income proof for self-employed.
  • Bank Statements:
    • For salaried individuals last six months bank account statements of salary account.
    • For self-employed last 6 months bank account statements of current account.

Fee and charges

The fee and charges are an important part of any loan. The associated fee and charges determine the feasibility of any credit. Fee and charges on a personal loan for doctors are as follow:

  • Rate of interest: Rate of interest is the cost charged against the credit. The rate of interest in the personal loan for doctors varies from bank to bank. However, it generally ranges between 10.50% to 19.00%
  • Processing fee: Doctor loan processing fee is a one-time charge to be paid by borrowers to get the loan processed. Processing fee can be fixed or may vary according to the loan amount. The processing fee on a personal loan is from 0.99% to 2.50%.
  • Late payment fee: Late payment of the EMIs attracts a penalty. It usually ranges from 2% per month on the due amount.
  • Prepayment and part payment of the loan: Foreclosing refers to making a single payment to repay the loan before the tenor lapses whereas part payment means a situation wherein a borrower pays in advance a certain share of his Doctor loan before the actual due date. Some banks levy penalty on both the prepayment and part payment of the loan as they reduce the lender's interest income. The penalty varies from bank to bank and may be NIL in some cases.
  • Statement charges: Statement charges is the fee levied for providing the statements related to interest and the principal amount paid on the Doctor loan. Most banks do not charge any fee while a few levy a nominal fee for the same.


Can salaried doctors avail the personal loan?

Yes, salaried doctors can avail a personal loan for doctors in India. If you are salaried, your minimum income should be at least ₹ 8,000. However, in case of self employed, applicants are required to show a minimum gross receipt of ₹ 5,00,000.

Do doctors get special mortgages?

Yes, banks provide mortgage loans specially designed for doctors. The mortgage loan for medical professionals helps them to save money through lower fees and loan cost.

Can you refinance a doctor loan?

Yes, banks provide the option to refinance your Doctor loan. Individuals must focus on the overall goal of becoming debt-free while refinancing a doctor loan.

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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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