Personal Loan for Doctors

Given below are a few personal loan schemes for doctors offered by some of the leading banks and NBFCs in India:

IDFC FIRST Bank Professional Loans for Doctors

IDFC FIRST Bank offers collateral-free professional loans to doctors for skill upgradation, expanding their practice, improving cash flow, purchasing equipment, etc. The bank offers loans of up to Rs 1 crore and instant loans of up to Rs 30 lakh for repayment tenures of 7 years.

• Interest Rate: 11% p.a. onwards
• Eligible Applicant: MD, MBBS, BHMS, MDS, BAMS, BDS, Veterinary and Physiotherapist
• Tenure: 1 to 7 years
• Loan Amount: Rs 5 lakh to Rs 1 crore (Up to Rs 30 lakh instant loan based on professional qualification)
• Age Limit: 23 years to 68 years (Minimum 21 years if parents are in the same profession)
• Profitability: Positive net worth and cash profit in the last 2 years

DBS Bank Doctors Loan

DBS Bank offers doctors loan to dentists, or any other medical practitioner in allopathy, dentistry, alternative medicine and for various other fields. The applicant can use the funds for setting up a clinic or buying medical equipment or purchasing an ambulance, etc. The bank considers the applicant’s income, years of practice, medical degree, repayment history, credit score, etc., before approving the loan application.

• Eligible Applicant: Resident Indian Salaried/Self-Employed
• Tenure: 1 to 5 years
• Age: Above 21 years

HDB Financial Services - Loan for Doctors/Medical Practitioners

HDB Financial Services offers personal loans to individual doctors and medical practitioners without any collateral. The applicant can take a loan for meeting professional requirements, purchase of medical and diagnostic equipment, development of a clinic or clinic-cum-residence, nursing home or pathological laboratory, setting up of an operation theatre, etc.

• Eligible Applicant: Graduate Doctors (BDS/MBBS)/Post Graduate Doctors (MD/MS/MCH/DM/MDS)
• Tenure: 1 to 5 years
• Age: Maximum 65 years on the date of sanction of the loan
• Experience: Minimum 4 years of post-qualification experience
• Other Eligibility Criteria: Should have own house or clinic (Parental or own house in any location where HDBFS operates)

PNB Doctor`s Delight - Personal Loan Scheme To Doctors (Secured)

Punjab National Bank personal loan to doctors for up to Rs 20 lakh or 24 times the monthly gross salary/income, whichever is lower. Doctors can use a personal loan to meet the expenses of their professional or personal requirements. The bank does not levy any prepayment charges.

• Interest Rate: 10.50% p.a. onwards
• Loan Amount: Rs 2 lakh to Rs 20 lakh or 24 times monthly gross salary/income, whichever is lower
• Tenure: Up to 7 years
• Security: Tangible Collateral Security of the value of 100% of the loan amount
• Processing Fee: 0.90% of the loan amount

The personal loan eligibility criteria for doctors vary from one lender to another due to varied lending risk policies and applicant’s credit profiles. Some lenders also allow medical students to avail doctors loan, subject to certain terms and conditions. Here are the general eligibility criteria considered by most personal loan lenders:-