Availing a personal loan is quite easy for the doctors as compared to the borrowers from salaried and businessmen class. The banks and financial institution tends to prefer doctors due to factors such as high qualification criteria and nature of the occupation which ensure that the borrower might be having a good and stable source of income, either he/she is practicing somewhere or running his/her own clinic.
The purpose of the loan can be anything such as, starting own medical practice, study for higher medical courses, purchase of medical equipment, debt consolidation, or any other non-speculative purpose. Although, most of the banks cater doctors with special loan offering, doctors can still apply in regular personal loan schemes offered by the banks/FIs depending upon the nature of profession, be it salaried doctor or self-employed.
|Doctors Personal Loan at a glance|
|Age||Minimum 22 Years to Maximum 65 Years|
|Minimum Income||Rs. 18,000 per month|
|Minimum Interest Rate||10.75% per annum|
|Maximum Tenure||96 Months|
|Banks/FIs||Interest Rates||Max Loan Amount||Tenure|
|HDFC Bank||12.50% - 15.65%||Rs. 50 Lacs||12 to 60 months|
|SBI||10.75% - 15.15%||Rs. 5 Crores||12 to 84 months|
|Axis Bank||14.25%||Rs. 50 Lacs||12 to 60 months|
|ICICI Bank||11.25% to 22%||Rs. 40 Lacs||12 to 60 months|
|YES Bank||-||Rs. 15 Crores||12 to 84 months|
|Indusind Bank||11.25% - 23%||Rs. 15 Lacs||12 to 60 months|
|Bajaj Finserv||14% - 16%||Rs. 35 Lacs||12 to 96 months|
|Capital First||12% - 18%||Rs. 25 Lacs||12 to 60 months|
|Bank of India||11.85%||Rs. 20 Lacs||12 to 84 months|
Since doctors usually have a stable work profile and source of income, the banks and financial institutions doesn’t ask for any third party guarantee or collateral security.
Most of the banks and financial institutions tend to create and offer special loan offering to the doctors with tenure usually longer than what is being offered to salaried and self-employed businessmen.
Due to the stable source of income and growth able work profile, the banks and financial institutions usually offer higher loan amount to the doctors than to salaried and businessman.
Since the loan offering to doctors can also be secured loans as well as funding to purchase equipments and machines which can be very costly sometimes, the lender may ask the doctors to provide margin money in order to avail the loan amount, especially in cases where personal loan is taken for business purposes.