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Personal Loan for Doctors

Loans for Doctors in India

Last Updated 04th Dec 2021

Eligibility
  • Age: 21 years - 58 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
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Personal Loan for Doctors

A personal loan can be a great saviour during a financial crunch if you are a professional or practising doctor working in a private or a government hospital or even your clinic. There are various banks and NBFCs in India that offer personal loans and instant loans for doctors at a competitive interest rate. This loan can be taken for any purpose like paying off existing debts, or emergency medical bills, planning a vacation or wedding, paying kids' education fees, buying medical equipment etc. Moreover, this loan comes with flexible repayment tenure and easy eligibility criteria.

Features and Benefits of Personal Loan for Doctors

A personal loan for doctors not just help you to get out of your financial crunch, however, you can also avail the following features and benefits:-

  • You can take a loan for all your personal needs for up to ₹ 8,00,00,000.
  • The loan will get approved with minimal documentation. However, the documents submitted should be correct.
  • Banks approve the loan request within a few hours.
  • Select the tenure as per your financial convenience; minimum tenure is 12 months and 60 Months.
  • No collateral is required to apply for a personal loan.
  • Some of the top schemes for personal loan for doctors include, personal loan for doctors HDFC and, a personal loan for doctors SBI.
  • Also, you can enjoy pre-approved offers if you are already a bank customer and have paid existing EMIs on time or maintain a minimum balance in the account.

Top Banks Offers Personal Loan for Doctors

Following are the banks which are offering lower rates for personal loan for doctors:-

Bank Interest Rate Processing Fee
ICICI Bank 10.50% Rs. 1999
Yes Bank 10.50% Rs. 1499
HDFC Bank 10.85% Rs. 499
Bank of Baroda 11.05% Upto 2%, Min Rs. 1,000 and Max Rs. 10,000
Corporation Bank 11.20% Upto 0.75%, Min Rs. 5,000

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 is:

  • You must be between 21 years - 58 years.
  • You must have a work experience of more than 12 years
  • The doctor should have practised in the Medical Council of India recognised branch.

Documents Required

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

  • Identity proof : PAN Card, Aadhaar Card, and Voter ID card
  • Address proof : Aadhaar card, Voter ID, Passport, Utility bills
  • Income proof: Last three months salary slips for salaried.

Processing Fee and Other Charges

The fee and charges are an important part of any loan. The associated fee and charges determine the feasibility of any credit. You will have to pay following charges for instant personal loan for doctors.

  • 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 10.25% to 26.00%.
  • 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 Upto 3% of loan amount
  • 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 or prepayment 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 loan. Most banks do not charge any fee while a few levy a nominal fee for the same.

FAQs

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 ₹ 12,500. However, in case of self employed, applicants are required to show a minimum gross receipt of ₹ 5,00,000.

Which bank is best for a personal loan for doctors?

ICICI Bank, Yes Bank are the best banks for physician personal loans because they offer the lowest interest rate. Furthermore, according to customer rating, HDFC Bank can be considered as the best bank because it has a customer rating of 4.5/5.

How much personal loan can a doctor take?

As a doctor, you can take a personal loan worth ₹ 8,00,00,000 for all your personal financial needs. The maximum loan amount varies for every lender.

Can I get a personal loan for my MBBS degree?

Yes, you can get a personal loan if you have an MBBS degree. All you need is that you should have worked practised in the Medical Council of India recognised branch and have an MBBS degree.

How can a doctor get a personal loan?

A doctor can get a personal loan if they meet the eligibility criteria of a lender related to age, income etc. Generally, the eligibility criteria are that you should be between 21 years- 58 years and should be earning more than ₹ 12,500 per month.

What is the maximum tenure for personal loans for doctors?

The maximum tenure for a physician personal loan is different with every lender. Most of the banks have a maximum tenure of 84 months, whereas ICICI Bank has a maximum tenure of 60 months.

Can I get an instant personal loan for doctors?

Yes, you can get an instant personal loan if you are a doctor. However, you should have a good credit history, a credit score above 750, and have maintained a required balance in your account.

In how much time can I get a personal loan for doctors?

You can get a doctor’s personal loan within 72 hours if all your documents are submitted correctly. If you have got a pre-approved offer, then your loan gets approved within 24 hours.

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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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