Personal Loan for Doctors

Interest Rates of “Personal Loan for Doctors” Schemes offered by Various Banks & NBFCs

Banks/NBFCs	Interest Rates (p.a.)
PNB Doctor’s Delight	10.40% – 11.40%
BOI Star Personal Loan – Doctor Plus	12.25%
IDFC First Bank (Professional loan for Doctors, CAs, CS, Architects, etc.)	10.49% onwards
SMFG India Credit (Formerly known as Fullerton India) Personal Loan for Doctors	11.99% onwards
IndusInd Bank Medical Loan	10.49% onwards
Bajaj Finance Personal Loan for Doctors	11.00% onwards

Note: Interest rates as of 25 September 2023

Interest Rates of Regular Personal Loan Schemes offered by other Banks & NBFCs

Doctor Loans and regular Personal Loans have more or less similar features. So, doctors can also consider availing regular personal loans from the lenders below:

Banks/NBFCs	Interest Rates (p.a.)
State Bank of India	11.05% – 15.05%
Axis Bank	10.49% onwards	Apply Now
ICICI Bank	10.50% onwards	Apply Now
Kotak Mahindra Bank	10.99% onwards	Apply Now
Tata Capital	10.99% onwards	Apply Now
HDFC Bank	10.50% onwards	Apply Now

Note: Interest rates as of 25 September 2023

Features of Personal Loan for Doctors

• Competitive interest rates
• No collateral required
• Loan amount of up to Rs. 50 lakh, depending on repayment capacity
• Loan tenure ranging from 1 to 8 years
• Can be availed for any purpose including to meet emergency fund requirements
• Usually requires minimal documentation
• Many lenders offer quick approval and instant disbursal

Eligibility Criteria for Doctors

• Eligible Profile: Resident Indian
• Employment: Consultants, physicians, practicing professionals working in a government, private hospital or a clinic
• Age Limit: Applicants’ age should be between 21 years and 70 years
• Minimum credit score: Doctors having credit scores of 750 or above have higher chances of availing personal loans
• Salary/Income: Minimum net annual salary required is Rs 5 lakh
• Practice Vintage: Minimum 2 years of post-qualification experience
• The applicant should be staying at the current place of residence for continuous 2 years (not applicable to government doctors)

Note: Some lenders also allow medical students to avail Doctors loan, subject to certain terms and conditions. Also, the above information is indicative and may differ across lenders.

Documents Required for Personal Loan Application

• Duly filled application form with passport-sized photographs
• Proof of Identity (Passport/ Voter ID/ PAN Card, etc.)
• Proof of Residence (Ration card/ Utility Bills/ Rental Agreement / Passport / Bank Statement or Passbook)
• Proof of Age (PAN Card, Passport, any other certificate from a statutory authority)
• Proof of Income
  • Form 26 AS / ITR / Form – 16 in case of self-employed professional
  • Salary slips in case of salaried doctor
  • Bank Statements / Bank Passbook
• Proof of employment
• Last degree certificate and medical registration certificate
• Proof of Signature

FAQs

Q. What is the minimum income requirement to avail doctors’ personal loan?

Ans. The minimum salary required by most lenders is Rs. 15,000. In case of self-employed individuals, lenders usually require gross annual income of at least Rs. 2 lakh. Note that some banks and NBFCs have not publicly disclosed the minimum monthly salary or annual income for doctors’ personal loan. Also keep in mind that fulfilling the minimum income requirements alone will not make you eligible to avail personal loan for doctors. Other eligibility criteria that applicants must meet to apply for doctor loans includes age, credit score, educational qualifications, practice vintage, etc.

Also Read: How much personal loan can you avail based on your salary?

Q. How does your credit score affect your eligibility to avail personal loan for doctors?

Your credit score is majorly based on your credit repayment history. Higher credit score indicates responsible use of credit while lower scores indicate higher probability of loan default. Most banks and NBFCs do not mention the minimum credit score requirement for a loan application. However, a credit score of 750 and above is preferred by most lenders; hence, applicants with such scores have higher chances of getting their loan application approved at lower interest rates and other favourable terms, subject to the fulfilment of other eligibility requirements. Also note that having a low or no credit score does not translate to loan rejection. On the basis of other factors, your lender may approve your doctors’ loan application but at a higher rate of interest or at a lower limit than you applied for. Either way, it may not fetch you the best results.