Doctor Loan
Personal Loan for Doctors Upto 40 Lakhs @ 10.50%*
Doctor Loan | Personal Loan for Doctors up to ₹40 Lakh* at an attractive interest rate of 10.50%* easy approval, flexible repayment options, & minimal paperwork
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Key Features of Personal Loans for Doctors
- Higher Loan Amounts
Medical professionals are eligible for higher loan amounts, ranging from ₹5 lakhs to ₹40 lakhs, depending on the lender. This allows doctors to cover both personal and professional needs, whether it’s upgrading their clinic or consolidating debt. - Attractive Interest Rates
Given the stable and respected nature of the medical profession, lenders offer lower interest rates for personal loans for doctors. These rates often start at around 10.25% per annum, making it more affordable compared to regular personal loans. - Minimal Documentation
Unlike traditional personal loans, personal loans for doctors require less paperwork. Key documents typically include proof of identity (like Aadhaar or PAN), medical registration certificates, bank statements, and income proof (salary slips or IT returns). - Flexible Repayment Tenure
Lenders offer flexible repayment options ranging from 12 months to 60 months, allowing doctors to choose a tenure that fits their financial situation. This flexibility helps manage repayments without disrupting cash flow. - Fast Approval and Disbursement
With streamlined processes for medical professionals, many lenders approve and disburse loans within 24-48 hours. This quick turnaround ensures that doctors can access funds when needed, especially for urgent financial needs. - No Collateral Required
Most personal loans for doctors are unsecured, meaning no collateral or assets are required to secure the loan. This makes the application process faster and less complicated.
Eligibility Criteria for Doctors Personal Loan
Eligibility Criteria | Details |
---|---|
Profession | MBBS, BDS, MD, MS, MDS, BHMS, BAMS, and other recognized medical degrees. |
Experience | Minimum of 1 year post-qualification experience (varies by lender). |
Age Limit | 25 to 65 years (may vary depending on the lender). |
Minimum Income | ₹20,000 – ₹30,000 per month (depending on the lender). |
Credit Score | Preferably 700 or above. |
Employment Type | Both salaried and self-employed doctors are eligible. |
Loan Amount | Up to ₹40 Lakh based on creditworthiness and income. |
Nationality | Indian citizen. |
Workplace Stability | Employed in a reputed hospital/clinic or running a self-owned clinic for at least 1 year. |
Bank Interest Rates for Doctor Loan
Banks
Institution | Interest Rates |
---|---|
HDFC Bank | 10.85% – 24.00% |
Axis Bank | 11% – 24.00% |
Bandhan Bank | 11.90% Onwards |
ICICI Bank | 10.85% – 16.25% |
DBS Bank | 10.99% – 24.00% |
Bank of Baroda | 11.05% – 18.75% |
SBI | 11.45% – 14.85% |
IndusInd Bank | 10.49% – 24.00% |
Yes Bank | 11.25% – 21.00% |
Standard Chartered | 11.50% – 24.00% |
IDFC First | 10.99% – 23.99% |
Kotak Mahindra Bank | 10.99% – 24.00% |
PNB | 11.40% – 17.95% |
Indian Bank | 10.90% – 24.00% |
Bank Interest Rates for Doctor Loan
NBFCs
NBFC Name | Interest Rate |
---|---|
InCred Interest Rate 2025 | 16% – 42% |
Finnable Interest Rate 2025 | 16% – 28% |
L&T Finance Interest Rate 2025 | 11% – 24% |
Aditya Birla Interest Rate 2025 | 10% – 32% |
Shriram Finance Interest Rate 2025 | 11% – 42% |
Bajaj Finserv Interest Rate 2025 | 10.75% – 31% |
Piramal Interest Rate 2025 | 12.99% onwards |
Tata Capital Interest Rate 2025 | 11.99% – 35% |
Poonawalla Interest Rate 2025 | 11.49% – 19% |
SMFG Interest Rate 2025 | 13% – 36% |
Axis Finance Interest Rate 2025 | 13% onwards |
Mahindra Finance Interest Rate 2025 | 12% – 36% |
Paysense Interest Rate 2025 | 16.8% – 33% |
Documents required for Doctors personal loan
Document Type | Details |
---|---|
Identity Proof | Aadhaar Card, PAN Card, Voter ID, Passport, or Driving License. |
Address Proof | Utility Bill, Passport, Aadhaar Card, or Rent Agreement. |
Qualification Proof | Medical Degree Certificate (MBBS, BDS, MD, etc.). |
Income Proof | Latest Salary Slips (for salaried) or Income Tax Returns (ITR) for 2 years (for self-employed). |
Bank Statements | Last 6 months of bank account statements. |
Proof of Employment/Practice | Employment Certificate (for salaried) or Clinic Registration (for self-employed). |
Photographs | Recent passport-sized photographs. |
Credit Score Report | (Optional) Latest credit score or report. |
Fees and Charges on Doctor Personal Loans
Fees/Charges | Details |
---|---|
Processing Fee | 1% to 3% of the loan amount (varies by lender). |
Prepayment/Foreclosure Charges | 2% to 5% of the outstanding principal (if prepayment is allowed). |
Late Payment Fee | 2% to 3% per month on the overdue amount. |
Loan Cancellation Charges | ₹3,000 to ₹5,000 (if applicable). |
Document/Stamp Duty Charges | As per state laws (generally between ₹500 to ₹2,000). |
Cheque Bounce Charges | ₹500 to ₹1,000 per bounced cheque (varies by lender). |
Loan Restructuring Fees | Up to ₹5,000 (if applicable for changing loan terms). |
Part-Payment Charges | 2% to 4% of the part-payment amount (may vary depending on lender policies). |
GST on Fees | 18% GST applicable on processing fees, prepayment charges, and other applicable fees. |
How to Apply for Personal Loan for Doctors at Fincover?
- Visit https://www.fincover.com/banking/loan/personal/loan-for-doctors/
- Click Apply now button
- Enter all the required information as requested and Submit your personal loan application
- You will get a call back from our backend team for the process
- Check if your personal loan is approved with the reference number
- If approved and verified, the loan will disbursed in few days
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