Personal Loan for Doctors

Most banks and NBFCs in India offer specialised personal loans for doctors and medical professionals for various professional and personal needs whether it’s setting up a clinic, upgrading medical equipment, pursuing further studies, or managing personal expenses.

At Paisabazaar, you can check multiple personal loan offers, including pre-approved offers with quick disbursal. Whether you’re a specialist, or dentist, a physiotherapist, or an MBBS graduate, you can choose and apply for personal loans from India’s top banks and NBFCs all in one place.

Compare and Apply for Personal loans with Top banks and NBFCs Easily

Personal Loan Eligibility Criteria for Doctors

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:-

• Age: 18 to 60 years
• Employment: Consultants, physicians, practicing professionals working in a government, private hospital or a clinic
• Profession: MBBS, BDS, MD, MS, MDS, BAMS, BHMS, BPT or other medical degrees
• Minimum Monthly Salary: Usually, a minimum Rs 15,000 per month for salaried
• Credit Score: 750 or above is usually considered; having a higher credit score increases the chances of availing personal loans
• Income: Minimum net annual income required is Rs 5 lakh for self-employed
• Practice Vintage: Minimum 2 years of post-qualification experience

Personal Loan Schemes 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

How Doctors/Medical Professionals Can Improve Loan Approval Chances

• Check the eligibility criteria before applying for a personal loan.
• Build or improve your credit score to a minimum of 750 and above, as preferred by most lenders.
• Submit required documents, including identity proof, medical registration certificate, income proof, degree certificate, etc, to avoid delays or rejection.
• Make sure your EMI does not exceed 50-55% of your NMI. To improve your chances:
  • Limit your existing loans and credit card EMIs, or
  • Choose a longer repayment tenure or prepay (if you have adequate funds) to reduce the EMI burden.
• Avoid making multiple personal loan applications within a short duration. Multiple applications shows that you are a ‘credit hungry’ borrower and may have difficulty in repayment, which may lead to loan rejections by some lenders and lower your credit score.

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 a self-employed professional
  • Salary slips in the case of a salaried doctor
  • Bank Statements / Bank Passbook
• Proof of employment
• Last degree certificate and medical registration certificate
• Proof of Signature

Read Also: Documents Requirements for Personal Loan

FAQs on Personal Loan for Doctors

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

The minimum salary required by most lenders is Rs 15,000. In case of self-employed individuals, lenders usually require a net annual income required is Rs 5 lakh.

Can I use the loan amount for personal as well as professional purposes?

You can use the personal loan amount for both professional and personal expenses, such as, setting up a clinic, buying equipment, weddings, travel, or home renovation.

Can interns or medical students get a personal loan?

Most lenders require applicants to have completed their medical degree and have at least 2 years of post-qualification experience. However, a few banks and NBFCs may consider final-year medical students or interns for loans, subject to certain terms and conditions.

How much loan can an MBBS doctor get?

The maximum personal loan amount for an MBBS doctor depends on their eligibility, which is assessed based on their income, credit score, existing debt obligations, etc. Most lenders offer personal loans up to Rs 40 lakh, while some may offer higher amounts to those applicants having strong credit profile.

How soon can I get the loan amount?

If you’re eligible for a pre-approved loan offer, the disbursal can happen within minutes to few hours. For other regular applications, the disbursal may take 1–3 working days, depending on the lender’s policies and verification process.