What is a Doctor's Loan?

A Doctor’s Loan is a specialized loan designed for medical professionals, including doctors, dentists, and healthcare practitioners. It provides financial assistance for various needs such as setting up a clinic, purchasing medical equipment, expanding practice, or meeting personal expenses.

Features of a Doctor’s Loan

  1. High Loan Amount – Doctors can avail loans up to ₹5 crores, depending on the lender and loan type.

  2. Unsecured Loan Option – Many lenders offer collateral-free loans, reducing financial burden.

  3. Flexible Repayment Tenure – Loan repayment tenure ranges from 12 months to 15 years, depending on the loan type.

  4. Quick Disbursal – Fast loan approval and disbursal within 24 to 72 hours for eligible applicants.

  5. Attractive Interest Rates – Competitive interest rates starting from 7% to 15% per annum, depending on creditworthiness.

  6. Multiple Usage Options – Can be used for clinic setup, home purchase, business expansion, medical equipment, or personal needs.

  7. Pre-approved Offers – Some banks/NBFCs offer pre-approved loans for existing customers.

  8. Minimal Documentation – Less paperwork compared to standard business or personal loans.

Eligibility Criteria for Doctor’s Loan

The eligibility criteria vary by lender, but general requirements include:

  1. Qualification – Must be a qualified MBBS, BDS, MD, MS, or equivalent medical professional.

  2. Age Limit – Generally between 25 to 65 years.

  3. Experience – Minimum 1-3 years of practice (varies by lender).

  4. Income Stability – Must have a stable income source or practice.

  5. Credit Score – A CIBIL score of 700 or above is preferred.

  6. Employment Type – Both self-employed and salaried doctors are eligible.

Documents Required for Doctor’s Loan

Applicants need to submit the following documents:

1. Identity and Address Proof

✔ Aadhaar Card / PAN Card / Passport / Voter ID
✔ Utility Bills (Electricity/Water) or Rent Agreement

2. Educational and Professional Documents

✔ MBBS/BDS/MD/MS or equivalent degree certificate
✔ Registration certificate with the Medical Council of India (MCI)

3. Income Proof

✔ Bank Statements (Last 6-12 months)
✔ Income Tax Returns (ITR) (Last 2-3 years)
✔ Salary Slips (for salaried doctors)

4. Business Proof (for self-employed doctors)

✔ Clinic/Business Registration Certificate
✔ GST Registration (if applicable)
✔ Profit & Loss Statement and Balance Sheet (Last 2 years)

5. Loan-Specific Documents

✔ Loan application form
✔ Passport-size photographs