Personal Loan for Doctors

Overview

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

Personal Loan Offers for Doctors


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

Advantage of Doctors Personal Loan


No Guarantor/Security

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.

Longer Tenure

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.

Higher Funding

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.

Disadvantages of Doctors Personal Loan


Margin Money

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.

Eligibility Criteria


  • Applicant must be at least 22 years older at the time of loan application.
  • Applicant should not be more than 65 years older at the time of loan maturity.
  • The doctor can be an individual, a partner in a partnership firm, or Corporate/Trusts.
  • Promoters should be registered practitioners and should possess minimum qualification to practice in allopathic discipline such as MBBS, BDS, etc.

Documentation


  • Proof of highest Professional Qualification
  • Loan Application with Photographs
  • Proof for Identity & Residence
  • ITR for last 2 years
  • Bank Statements of last 6 months
  • Audited Balance Sheet with Profit & Loss A/C for Last 3 Years as certified by CA
  • Documents for Existing Obligations