Personal Loan for Doctors in India 2022

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Personal Loan for Doctors in India 2022 Highlights

You can apply for loan if you are a certified medical practitioner. As doctor maintaining a successful practice is an important from a commercial perspective


Are you a doctor with entrepreneurial ambitions? Have you been thinking for a long time to expand your clinic?

Then, your wait is over now! You can convert your clinic into a ‘big name’ with all the facilities for the patients. Fulfill all your ambitions, without the impediment called ‘financial crunch’ holding you back! Various reputed lenders in India have acknowledged this latent need of a medical doctor like you and have devised attractive personal loan schemes for doctors. Thanks to these medical loans, doctors can afford to keep financial crunches at bay and can plan freely to enhance their professional prospects.

In this blog, we will tell you what a personal loan for a doctor is all about. We will also tell you about some of the most popular personal loan schemes designed mainly for an ambitious medical doctor.

What is a Personal loan for doctors?

In simple terms, personal loans that are offered to registered medical practitioners are termed as personal loans for doctors or more commonly, doctor loans. Such a medical loan is meant to help the doctors in fulfilling their dreams, such as setting up their clinics or hospitals.

Avail a personal loan, if you need to set up a new X-Ray lab, purchase some costly equipment for the clinic or for starting the renovation of the existing clinic, etc.

Eligibility criteria for a personal loan for doctors

The standard eligibility criteria specified by the lenders for a medical loan for doctor are mentioned below-


Any medical doctor can avail these loans if-

  • He does not have adequate funds for starting a clinic/medical establishment of his own
  • He wants to buy some costly medical equipment for his existing clinic/medical establishment
  • He is looking to expand/renovate  his existing clinic/medical establishment

Educational qualifications required

For availing such loans, a medical doctor should be having any of the below-mentioned qualifications-

  • MBBS- for Graduate Doctors
  • MD/MS/DM - for Super Specialist Doctors
  • BHMS/BAMS/DHMS -for Ayurvedic and Homeopathic Doctors
  • BDS/MDS -for Dentists

Work experience

  • Any salaried  doctor can avail such a medical loan
  • For a self-employed doctor, he should be functioning either as a sole proprietorship firm, partnership firm, or a public/private limited company

7 most famous Doctor loans offered by various Banks and NBFCs in India -

SBI Doctor Plus

  • This SBI doctor loan provides a hassle-free credit solution to qualified doctors in any discipline.
  • SBI Doctor Plus is very much suited for fresh medical practitioners with entrepreneurial ambitions.
  • Registered medical companies and trustees can also benefit from this SBI doctor loan scheme.
  • A doctor can use the funds to set up his clinic, pathological lab, X-Ray lab, drug stores, nursing home, etc.
  • This SBI doctor loan can also be used for buying ambulances, acquiring medical equipment, computers, lab equipment, etc.
  • An SBI Doctor Plus personal loan is sanctioned for making expansions/renovations to the existing clinics/hospitals as well
  • You can also use the funds for activities such as business trips and marketing exercises related to the medical profession
  • The interest rate ranges from 10.25% to 10.75% per annum
  • You can avail a loan amount between Rs 10 lakhs to Rs 5 crores
  • SBI Doctor plus has a flexible repayment tenure between 3 to 7 years.

Bajaj Finserv Doctor Loan

  • You can avail a Bajaj Finserv Doctor Loan for non-medical purposes too (such as holidays, wedding, child education, and so on)
  • You can avail a loan up to Rs 32 lakhs
  • Hassle-free online application
  • A Bajaj Finserv Doctor Loan is known for minimal documentation and quick approval. The loan will be credited to your account in just 24 hours
  • A Bajaj Finserv Doctor Loan has a flexible repayment tenure between 1 to 8 years.
  • You do not need to pledge any collateral to avail this personal loan
  • No charge is levied for any prepayment made. But the prepaid amount should not be less than the total of 3 EMIs. Also, no maximum limit is imposed on the prepaid amount.
  • You can avail the Flexi loan facility, where you can prepay and use funds up to a fixed limit. Also, interest is charged only on the amount uttilized.

Canara Bank Doctor’s Choice

  • Offered to registered doctors practising Ayurvedic, Allopathy, Unani, Dental, and Homeopathy medicines
  • The bank offers a maximum loan amount of upto Rs 10 lakhs
  • The doctors need to have a minimum experience of 3 years in their professions.
  • The interest rates range from 10.05% to 11.85%.
  • This medical loan can be used for purchasing medical equipment, to set up clinics, X-Ray/pathological labs, nursing homes, etc.
  • The loan can be repaid anytime within 7 years.

Bank of India Personal Loan for Doctors

  • This loan is offered to any qualified medical doctor with a Medical Council of India (MCI) registration.
  • The applicant should be between 25 to 75 years of age
  • This medical loan can be used by any registered doctor having a minimum of 3 years of experience
  • This medical loan can be availed as an individual/joint/proprietorship. However, at least 50 % of the partners/promoters/directors should be qualified & registered medical practitioners. In case of a trust, this needs to be registered. The trustees should have the power to borrow. At least one of the trustees should be a qualified & registered medical practitioner.
  • Has a flexible repayment tenure up to 7 years
  • Such loan schemes are also sanctioned for making expansions/modernizations/renovations to the existing premises as well
  • This loan can be used for acquiring medical equipment, buying ambulances, computers, lab equipment, etc.
  • The maximum loan amount is Rs 20 lakh or 24 times the gross monthly income

Bank of Baroda Doctor Loan

  • This loan can be availed by any registered medical doctor in the form of a term loan, overdraft, or working capital loan.
  • It can be availed to set up clinics, operation theatres, X-Ray/pathological labs, clinic cum residences, nursing homes, etc.
  • This loan can also be used for purchasing medical equipment and diagnostic tools, buying ambulances, goods carriers, ACs, computers, office equipment, furniture, etc.
  • Such loans are also approved for expansions/renovations of existing premises

PNB Sanjeevani Personal Loan for doctors

  • These loans are offered to doctors practising Allopathy, Unani, Ayurvedic, and Homeopathy medicines.
  • Under this loan scheme, finances are available from Rs 1 lakh onwards
  • The loan can be repaid anytime within 7 years.
  • The interest rate starts from as low as 11.85%
  • The bank waives up to 20% of the processing fees for online applications.

Allahabad Bank Personal Loan for doctors

  • The rate of interest starts at 14.70%.
  • You can get a maximum loan amount of Rs 5 lakh under this scheme
  • The applicant should be below 65 years of age at loan sanction.
  • The bank charges a nominal processing fee @ 1.20 % of the loan amount or Rs 600, whichever is higher.
  • You need to repay this personal loan for doctors within the tenure of 5 years
  • It levies a prepayment charge of 2.20 % of the principal outstanding

Personal loans for doctors have evolved as a big aid for medical practitioners with entrepreneurial ambitions. These are much better options when compared to medical insurance schemes. A lot of formalities are attached while realizing medical insurance claims, which delays the release of funds considerably. On the contrary, doctor loans are variants of personal loans only, and hence; funds can be availed in a quick and hassle-free manner.