Personal Loans are one of the most promising ways to borrow some much-needed cash, without offering any collateral. Since the absence of security, makes it riskier for the banks and Non-Banking Financial Companies, they charge a higher rate of interest on this credit type. Simply put, Personal Loans are a win-win situation for both parties.
At this point, you must be thinking, why are there distinct personal loans for doctors? Well, the answer to this question is- Doctors have distinct needs when it comes to finances. While one can imagine them as self-employed professionals, when it comes to setting up their workplace and meeting their financial obligations, things are fairly different from any other professional.
Eligibility Criteria for Personal Loans for Doctors
Before we delve deeper into some of the best online personal loans for doctors in India, let us understand the eligibility criteria for the same –
- The borrower must have the minimum qualification of MBBS, BDS, BAMS, BHMS, Radiology, Physiotherapy or Veterinary or higher degrees in medical science.
- The borrower must have an experience of 3 years in their field of work.
Additionally, it also proves to be of help if the borrower is an occupant of their current place of residence for at least 3 to 5 years.
1. Allahabad Bank – Loan Scheme For All Bank Doctor Plus
- Offered to doctors from all fields of medical science, this loan is available for practitioners in the age group of 21 to 60 years, and needs the borrower to liquidate the loan before reaching the age of 70.
- Yet another requisite for this loan is for the borrower to have a CIBIL Score of 700 or above.
- For private practitioners, the loan amount can be as high as twice the annual salary, subject to a maximum of Rs. 10 Lakh.
- For doctors serving in government or government-aided hospitals or medical colleges, the loan limit is equal to the annual salary, subject to a maximum of Rs. 20 Lakh.
- The interest charged on loan is MCLR+3%, while the processing fee is 1.06% of the loan amount (+taxes).
- The borrower can repay the loan in a maximum of 7 years.
2. HDB Financial Services – Doctor’s Loan
- In order to be eligible for this loan, the borrower must be 65 years of age or less, on the date of sanction of loan.
- The loan is available for Graduate Doctors (MBBS/BDS) as well as Post Graduate Doctors (MD/DM/MS/MCH/MDS).
- The applicant must have a minimum of 4 years of post-qualification experience.
- It is crucial that the applicant owns a residential property (own/parental) or a clinic or hospital in a location where HDBFS is operational.
- The loan is offered for a wide variety of purposes and can be repaid in a span of 5 years.
3. Fullerton India – Personal Loan for Doctors
- This loan is offered to consultants as well as practising
- The maximum loan amount offered by Fullerton India for Doctors is Rs, 30 Lakh.
- The loan attracts a fairly low interest rate starting from 11.99% per annum.
- The loan amount is disbursed within a short span of 72 hours, for the added convenience of the borrower.
- The amount can be repaid in a span of 12 to 60 months.
- The borrower may need to shell out a seemingly high processing fee of up to 6.5% of the loan amount.
4. Bajaj Finserv – Personal Loan For Doctors
- Available for Doctors from all fields of medical science, the maximum loan amount offered by Bajaj Finserv is Rs. 30 Lakh.
- The borrowers enjoy a quick processing and approval time of 24 hours when they apply for personal loan online.
- The NBFC offers a flexible repayment schedule of 12 to 96 months, depending on the borrower’s willingness and ability to repay.
- Borrowers enjoy a free pre-payment facility if the amount is equal to or more than at least 3 months’ worth of EMI.
- The loan attracts an interest rate of 14 to 16%.
- The Processing fee charged for this loan can be up to 2% of the loan amount.
5. ICICI Bank – Doctor’s Loan
- Graduate, as well as Post-Graduate Doctors, can conveniently avail this loan.
- The maximum loan amount offered under this segment is Rs. 40 lakh
- The ICICI Bank Doctor’s Loan attracts an interest rate of 12.50% onwards.
- The processing fee that the borrower needs to pay for this loan is 2.25% of the loan amount.
- The loan can be easily repaid in tenure of 12 to 60 months.
As a doctor, you may need to expand or renovate your hospital, clinic or nursing home; or you may need to purchase diagnostic tools, medical equipment, office equipment, electrical appliances, or ambulances amongst other things. Personal loans for doctors can help you do just that and more.
