A Personal Loan for Doctors to Expand Their Medical Practice
If you are a doctor and want to start or expand your medical practice, there are several options out there. You can resort to an instant personal loan for doctors in India with a hassle-free application process and quick disbursal.
What makes a personal loan for doctors distinct? The answer lies in its features. These loans typically come with competitive interest rates, often ranging between 8% to 15% per annum, reflecting the high creditworthiness and stable income associated with medical professionals. Moreover, they offer a high loan amount—up to Rs. 50 lakh or more, based on one's eligibility.
But that's not all; doctors can benefit from flexible tenure options, extending up to 8 years or more, ensuring they can manage their EMIs comfortably. With minimal paperwork, often limited to basic identity, address, income proofs, and pertinent professional certifications, securing a doctor's personal loan instant approval becomes more straightforward.
Eligibility Criteria for a Personal Loan for Doctors
It's vital to know the doctor's personal loan eligibility before applying. These criteria often include being an Indian resident, having post-qualification experience, falling within a specified age bracket, meeting income and credit score benchmarks, and having a steady practice history. Once these boxes are ticked, availing an instant personal loan for doctors becomes a hassle-free process. Here are some of the top banks offering personal loans for doctors in India and their related doctor's personal loan eligibility.
| Bank Name | Eligibility |
| Bank of India | Doctors registered with the Medical Council of India or state medical council. |
| HDFC Bank | At least four years post-qualification experience (5 for physiotherapists) |
| ICICI Bank | Minimum of three years post-qualification experience and net annual income of Rs. 5 lakh. |
| Axis Bank | At least two years of post-qualification experience with a net annual income of Rs. 5 lakh. |
| Kotak Mahindra Bank | 2 years post-qualification experience and net annual income of Rs. 6 lakh. |
Personal Loan Interest Rates for Doctors
For the medical professionals who tirelessly serve the community, Indian banks have curated specialised personal loans for doctors to assist them with their financial needs. Here's a succinct overview:
Bank of India's Star Doctor Plus:
- Loan Amount: Rs. 1 lakh to Rs. 20 lakh.
- Tenure: Up to 7 years.
HDFC Bank's Doctor's Superia:
- Loan Amount: Rs. 3 lakh to Rs. 50 lakh.
- Tenure: Up to 8 years.
- Special Feature: Doctor's personal loan instant approval options available.
ICICI Bank's Personal Loan for Doctors:
- Loan Amount: Rs. 2 lakh to Rs. 40 lakh.
- Tenure: Up to 7 years.
Axis Bank's Doctor's Loan:
- Loan Amount: Rs. 1 lakh to Rs. 20 lakh.
- Tenure: Up to 5 years.
Kotak Mahindra Bank's Personal Loan for Doctors:
- Loan Amount: Rs. 1 lakh to Rs. 30 lakh.
- Tenure: Up to 5 years.
For potential borrowers, doctor's personal loan eligibility varies across banks, but the aforementioned banks offer attractive schemes tailored for medical practitioners. Tools like Pluto Money's personal loan EMI calculator can assist in planning repayments.
Moreover, with the evolution of banking services, getting an instant personal loan for doctors has become quicker and more seamless.
To choose the best personal loan for doctors in India, it's prudent to compare these offers and determine the most favourable terms for your financial needs. Here is a table providing the doctor's personal loan interest rates.
| Bank Name | Interest Rate |
| Bank of India | 12.35% p.a |
| HDFC Bank | 10.25% to 15.00% p.a |
| ICICI Bank | 10.50% to 17.50% p.a |
| Axis Bank | 10.49% to 21.00% p.a |
| Kotak Mahindra Bank | 10.99% to 20.99% p.a |
Documents Required for a Personal Loan for Doctors
Here's a brief on the essential documents you'd need when applying for a doctor's personal loan.
- KYC Documents: Validates both your identity and residency. Examples include an Aadhaar card, PAN card, passport, voter ID card, and driver's licence.
- Medical Registration Certificate: Confirms your professional status. This ensures registration with the Medical Council of India or a state medical council.
- Income Proof: Assess your earning and repayment capability.
- Salaried Doctors: Recent salary slips (last 2-3 months) and corresponding bank statements.
- Independent Practitioners: Income tax returns spanning the last 2-3 years and bank statements for the same tenure.
Which is the Best Personal Loan Scheme for Doctors?
Now, with all the above-mentioned banks, which one would you consider taking a loan from? With Pluto Money's expert researchers handpicking the best loans for you, here is a suggestion you can consider.
In India, personal loan for doctors is gaining momentum, with Poonawalla Fincorp emerging as a prominent choice. Crafted exclusively to cater to the distinct financial requisites of medical professionals, this loan stands out for myriad reasons.
- For starters, the doctor's personal loan interest rate is enticingly competitive, commencing at just 9.99%* p.a.
- But what makes it an attractive instant personal loan for doctors? The answer lies in its high borrowing ceiling of up to Rs. 30 lakhs, devoid of any collateral constraints, coupled with the flexibility in its repayment span that can stretch to 8 years, making the doctors personal loan EMI manageable.
- The hassle-free application process.
- Doctor's personal loan eligibility requires just the basics: identity, address, income proofs, bank statements, and pertinent medical credentials.
Lastly, tools on platforms like Pluto Money, including the EMI and eligibility calculators, can aid in crafting a well-informed decision, ensuring doctor's loan instant approval aligns with individual needs and fiscal prudence.
Apply for a Personal Loan for Doctors Online
Wouldn't it be great if you were to go on about your business and your loan requirements simply were to be taken care of by somebody reliable? This is where Pluto Money can assist you. If you wish to take a personal loan for doctors online in India, you can simply let Pluto Money take care of it. Here is how you can get an instant personal loan for doctors.
- From the Pluto Money Website, locate the personal loan section under the loans tab.
- Click on Apply Now.
- Provide basic information like name and contact.
- Wait for a representative to contact you.
- Tell them what you're looking for and get your instant personal loan for doctors approved.