Personal loans for doctors act as a vital financial tool that helps medical professionals meet their unique financial needs. Loan for doctors provide flexibility and convenience to address various financial requirements, whether it's a loan for doctors to set up a clinics, hospitals, investing in advanced medical equipment, or even managing personal expenses.
With straightforward application processes and minimal documentation, loans for doctors are collateral free loans.
To know more about loans for doctors in SBI or any other banks or any other government scheme for doctors, keep reading!
Personal loan for doctors are tailored as crucial financial resources. These loan for doctors offer quick access to funds for various purposes.
Buddy loan offers interest rates for doctors starting at 11.99% p.a, while also providing convenience, speed, and minimal documentation. Now getting a professional loan for doctors is easier than ever!
The table below explores the general interest rates for doctor loan across different lenders-
|Interest Rates||9% p.a. onwards|
|Loan Amount||50000 to 50 Lakhs|
|Tenure||1 to 5 years|
|Approval||Working days of the bank|
Securing the right loan for doctors, be it a personal loan or loan for business, having favourable terms is now convenient more than ever. It is important to understand the specifics of interest rates and associated charges to create a good financial future.
Check out the factors that influence a personal loan for doctors. These rates shed light on how doctors can optimise their financial decisions.
|Interest rate||9% p.a. onwards|
|Processing fee||Up to 6%|
|Prepayment charges||Up to 2%|
|Pre-closure charges||2% - 5%|
|Late payment charges||1% - 3%|
|Stamp duty||4% and 6%|
|Cheque bounce charges||₹200 - ₹500|
Loan for doctors come with personalised eligibility criteria to meet several financial needs of medical professionals. Getting a personal loan for doctors includes checking these basic criterias, which would include minimum income requirements and age restrictions and so on. The table below gives a guide to a doctor loan eligibility criterias-
|Age of the borrower||21 - 60 years old|
|Credit score||600 above|
|Minimum monthly income||₹15,000|
When getting a professional loan for doctors, knowing the required documentation is necessary for a successful loan availing process.
This list below provides all details of essential documents needed for your Dr loan application Furthermore, we explain the significance of each document. It helps doctors understand why these documents are crucial in securing a personal loan for financial support they require.
1. Identity Proof: This helps to identify the borrower's identity and citizenship.
Document: Aadhaar card, passport, voter ID, or PAN card.
2. Address Proof: To confirm the borrower's residential address.
Document: Utility bills, passport, Aadhaar card, or rental agreement.
3. Income Proof: To assess the applicant's income stability and repayment capacity.
Document: Business income tax returns, profit and loss statements, balance sheets, or audited financials.
4. Bank Statements: To verify the applicant's financial transactions, income, and expenditures.
Document: Bank statements for the last 6 to 12 months.
5. Business Proof: To confirm the existence and legality of the applicant's business.
Document: Business registration documents, GST registration, business PAN card, or shop and establishment certificate.
6. Tax Returns: To assess the applicant's tax compliance and income history.
Document: IT returns for the last 2 to 3 years.
Understanding EMI calculations for a personal loan for doctors is essential. EMI offers a clear, unique explanation of how much money you would need to pay for your loan amount. The EMI tool will help you move your financial decisions in the right direction.
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
To calculate the EMI for loan for doctors manually you can use the formula -
EMI = P x R x [(1+R)^N] / [((1+R)^N) - 1]
EMI is the equated monthly instalment.
P is the principal amount.
R is the interest rate.
N is the loan tenure.
For a more personalised EMI calculation for personal loan for doctors, explore our EMI calculator tool linked. By providing simple details like the interest rate, tenure, and your loan amount, you can know your EMI -
Choosing the right lender while taking a personal loan for doctors, is an important factor. Whether you take an HDFC doctor loan, or a personal loan for doctors from SBI, comparing different interest rates puts you ahead and lets you broaden your loan options.
To ease your confusion about the interest rate for doctor loan, we present a tabular format that compares critical factors such as interest rates.
|Bank & NBFC||Interest Rate (p.a.)|
|State Bank of India (SBI)||11% onwards|
|ICICI Bank||10.5% onwards|
|HDFC Bank||10.50% onwards|
|Axis Bank||9% onwards|
|Kotak Mahindra Bank||9.25% onwards|
|IndusInd Bank||9.5% onwards|
|Yes Bank||9.75% onwards|
|RBL Bank||10% onwards|
|AU Small Finance Bank||10.5% onwards|
|Capital Float||16% onwards|
|Bandhan Bank||11% onwards|
|Mahindra Finance||18% onwards|
|Bajaj Finserv||16% onwards|
|Aditya Birla Capital||18% onwards|
|Tata Capital||16% onwards|
|AU Finance||17% onwards|
Read LessNote- The interest rates mentioned are subject to change. Do visit the website for more information.
For medical professionals, financial needs come in unexpected ways & time. Here’s a simplified guide, on loan types.
Personal loans: Personal loans are unsecured loans that can be used for any purpose. They are typically easier to qualify for than other types of loans, such as business loans, and they offer flexible repayment options.
Business loans: Business loans are specifically designed to help businesses finance their operations. They can be used for a variety of purposes, such as working capital, equipment purchase, and inventory financing. You can avail a Business loan by submitting a collateral, such as business assets or personal assets.
Healthcare equipment loans: Healthcare equipment loans are specifically designed to help doctors finance the purchase of medical equipment & or other inventories; such as X-ray machines, ultrasound scanners, and surgical tables.
Loans against property: Loans against property are secured loans that allow borrowers to borrow money against the value of their property. These loans can be used for a variety of purposes, such as consolidating debt, financing a major purchase, or meeting unexpected expenses.
Home loans: Home loans are secured loans that are used to purchase a home. They typically have lower interest rates than personal loans, but they also require a down payment.
Know the unique features and benefits of personal loan for doctors, designed exclusively for medical professionals.
Get Loans Up to Rs 50 lakhs
Get instatnt, hassle free loans
Enjoy transparent, no extra charges loan
Hassle-free application and 100% Transparency.
Personal loans starting at 10% p.a.
Flexible tenure ranging from 1-5 years
Experience a hassle-free journey to financial empowerment with Buddy Loan, where we simplify the application process for specialised doctor loan.
Step 2 - Fill out the application form including the loan amount, the tenure in months, and contact details.
Step 3 - Fill out the eligibility form and provide:
Step 4 - Cross verify the given information and submit the application.
Personal loan for doctors addresses the unique needs of healthcare professionals. They offer quick access to funds for various purposes, be it upgrading medical equipment, expanding practices, or managing personal expenses.
We've explored the advantages of these specialised Dr loans in promoting financial well-being of doctors.
If you're a doctor looking to seize opportunities or bridge financial gaps, it's time to take a loan for doctors. Apply for a personalised personal loan today and unlock the financial flexibility you need to thrive in both your professional and personal life.
Ready to take next step ?
Personal loan for doctors is a type of unsecured loan that is available to doctors.
A doctor can apply for a personal loan by filling out an online application or visiting a bank or non-banking financial company (NBFC).
The documents required to apply for a personal loan as a doctor vary from lender to lender, but a list of some common documents can be found above.
The maximum amount that a doctor can borrow as a personal loan depends on number of factors, including the doctor's income, credit score, and the lender's policies.
The tenure of a personal loan for doctors varies from lender to lender, but it typically ranges from 12 to 84 months.
The interest rates on personal loans for doctors vary from lender to lender, but they start from 11.99% p.a.
Personal loans for doctors can be used for any purpose.
No, you do not need to provide collateral to take a personal loan as a doctor.
You can get a personal loan for doctors within hours or a few days.
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