Yes, there is a thing called Personal Loan for doctors. Such a loan is essentially offered by the leading banks, non-banking financial companies (NBFCs) and online lenders in India to help doctors meet the financial needs pertaining to the setup of their own hospital or clinic. One can also use the amount disbursed under this title for setting up a diagnostic centre, X-ray lab, or any other medical facility of this kind. The loan amount disbursed under this scheme can also be used for:
If you have been on the lookout for some of the Best Personal Loans in India, designed to cater to the financial needs of doctors, then you are at the right place. Right from letting you know the eligibility criteria for this loan to suggesting some of the best loan offers, we have got it all covered for you.
When it comes to being eligible for a doctor’s loan, you should have the basic qualification of an MBBS, BDS, BAMS, BHMS. Other higher degrees of education in the medical field are also welcome. You should have a continued occupancy at your current place of residence, of a minimum of 3-5 years. It is also required that you must have a minimum experience of at least 3 years in the healthcare industry.
In addition to the above, it would prove to be of great help if you can furnish proof of servicing any loan for a minimum of 12 months. Now that you know what it takes to apply for the doctor’s loan, let us throw some light on some compelling loan offers for you!
What makes Bank of India’s Doctors’ Loan distinct from all the other loans mentioned here, is the fact that it is available for companies, partnerships and even trusts, although the eligibility criteria for each one of them differs. In the case of an individual, they need to be a registered medical practitioner, with a minimum work experience of 3 years. In case of companies, the bank mandates at least half of the directors or promoters to be registered medical practitioners in a bid to avail the loan.
When it comes to partnerships, at least 50% of the partners ought to be registered medical practitioners, while for trusts, at least 1 member of the trust must be a doctor. The bank offers a loan amount of up to 20 Lakhs, with the interest rates starting from as low as 10.85%. The loan is usually disbursed for a tenure of up to 84 months.
This loan is exclusively designed to cater to the financial needs of medical practitioners who are looking forward to setting up or expanding a nursing home, a hospital, a clinic or a pathological lab.
Bank of Baroda (BoB) offers this loan in multiple forms including, working capital, and overdraft as well as a term loan, depending upon your preference. The loan amount ranges from 50,000 to 15 Lakhs for medical practitioners in rural and semi-urban areas, and ranges from 50,000 to a maximum of 50 Lakhs, for practitioners in urban areas.
In case of working capital needs, the loan amount is restricted to 1 Lakh for rural and semi-urban areas, and to 3 Lakhs for urban areas. When it comes to the interest rates, BoB usually levies anywhere between 2.5-3%, over and above the prevailing base rate. This is an unsecured loan, which can be repaid in a span of 12 to 60 months.
State Bank of India has started this scheme in a bid to encourage doctors who have an entrepreneurial streak. This loan can be used for purchasing medical equipments, ambulance, vehicles, computers, and so on; setting up a clinic/nursing home/x-ray lab/drug store/and others; renovation, expansion or modernisation of existing premises, or for other relevant purpose.
Available for all medical practitioners as well as registered corporates, partnerships and trustees, the loan amount offered under this scheme is 10 Lakhs to 5 Crores. The repayment tenure varies between 3-7 years, and interest rate varies between 10.25% – 10.75%.
This loan from Canara Bank has been designed to cater to all qualified registered medical practitioners working in Allopathy, Ayurvedic, Dental, Homeopathy, and Unani. Offered at an interest rate ranging from 10.05% to 11.85%, the maximum loan amount disbursed under this scheme is 5 Crores. A loan taken from this bank can be repaid in a tenure of up to 7 years.
Punjab National Bank extends this loan to all registered medical practitioners, including Unani, Homeopathic, Ayurvedic or Allopathic doctors, with the requisite qualifications. The bank offers a loan amount of 1 Lakh to 5 Crores. Offering the loan at an interest rate of 11.50%, the bank waives the processing fee of 20% in the case of online applications. The repayment period for this loan can be up to 7 years.
Under this scheme, the bank grants a loan to individual registered medical practitioners and doctors in medicine, ayurvedic, homeopathy, veterinary, and other medical stream in India. The applicant must have a minimum CIBIL score of 618.
You can get a loan amount of up to 20 Lakhs, with the tenure of up to 84months. The interest for this loan is charged at 9.45% – 11.45, while the processing fee is 1.06%.
Corporation Bank offers loans to all medical practitioners as well as physiotherapists, at a reasonable interest rate ranging from 10.85% to 11.60%. The maximum loan amount offered under Corp Doctor Plus Scheme (or Loan to Doctors) facility is 5 Crores. As an extended facility, the bank does not levy any prepayment charges.
We hope that you now know all that there is to about special Personal Loans for doctors. Now that you have the figures at your fingertips, why don’t you take a pick, and kick-start the process of applying for the loan offer that best suits your needs!
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