|Interest Rate||10.50% onwards|
|Processing Fee||Nil to Upto 3.00%|
|Loan Tenure||60 months|
|Lowest EMI Per Lakh||₹ 877 for 60 Months|
|Prepayment Charges||Nil to upto 5%|
As a trusted loan provider, we at Premier Capital understand the financial challenges that many doctors face throughout their careers. From the high costs of medical school to the demands of running a successful practice, it can be difficult for doctors to manage their finances and maintain a healthy credit score.
That’s why we offer a special loan program specifically designed for doctors. Our doctor’s loan is tailored to the unique needs of medical professionals, offering competitive rates and flexible repayment options.
Whether you’re a resident just starting out in your career or an established physician looking to expand your practice, our doctor’s loan can help you achieve your financial goals. With competitive interest rates and flexible repayment terms, our loan program is designed to fit your individual needs.
One of the key benefits of our doctor’s loan is the ability to tailor your repayment plan to your specific financial situation. This means you can choose a repayment schedule that works best for you, whether that means making smaller payments during your residency or larger payments once you’re established in your practice.
Another advantage of our doctor’s loan is the ability to borrow larger amounts of money. While traditional loans may have strict borrowing limits, our doctor’s loan allows you to borrow up to (Amount), giving you the financial flexibility you need to cover the costs of medical school or expand your practice.
We also offer competitive interest rates on our doctor’s loan, ensuring that you’re getting a fair and affordable loan that won’t break the bank. Plus, our loan program is backed by a team of experienced professionals who are dedicated to helping you succeed.
So if you’re a doctor looking for a loan that’s tailored to your unique financial needs, look no further than our doctor’s loan program. With competitive rates and flexible repayment options, we can help you achieve your financial goals and secure the future of your medical practice.
|Bank||Interest Rates||Processing Fee|
|Bank of Baroda||10.85%||2.00%|
|Bank of India||8.85%||Nil|
|Central Bank of India||9.85%||0.50%|
|Union Bank of India||10.40%||0.50%|
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The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.
There are several features and benefits that may be available to doctors when they apply for a loan. These may include:
1. No requirement to pledge a collateral
2. Minimum documentation required
3. Faster approvals
4. Low Interest Rates
5. Maximum tenure of up to 60 years
6. Flexible repayment options available
|Purposes for which loan is granted||Purposes for which loan is not granted|
|Construction of Hospital and Clinic||Personal Use|
|Renovation of Hospital and Clinic||Purchase of Land|
|Medical equipment purchase||Wedding/Vacation|
Documents required for a Doctor Loan:
The documents required to avail a doctor loan in India typically include:
1. Identity proof: This can be a passport, PAN card, voter’s ID, or driving license.
2. Address proof: This can be a passport, utility bill, or rental agreement.
3. Educational qualifications: Proof of education and medical degree, such as a degree certificate or marksheet.
4. Experience certificate: If you are applying for a loan as a practicing doctor, you will need to provide an experience certificate or proof of work.
5. Income proof: This can be a salary certificate or a copy of your income tax returns.
6. Bank statement: A copy of your bank statement for the past six months.
7. Medical council registration: A copy of your medical council registration certificate is typically required.
8. Two passport size photographs along with a filled application form
To be eligible for a doctor loan, the following criteria must be met:
Eligible Entities: Salaried and Self Employed Doctors who own a hospital, nursing home or a clinic and should be a licensed medical professional, including doctors, dentists, and veterinarians.
Age: Individuals of minimum 21 year old to maximum 65 years
Loan Tenure: Banks can offer up to 60 years of tenure depending on the age of the borrower
Work Experience: If the borrower is a salaried person then the minimum work experience required is of 3 years, whereas for a self-employed person, business existence of minimum 5 years along with an ITR of 3 years is required.
Minimum Qualification: BHMS/BUMS degree to qualify a loan. You must have a valid proof of employment or a contract for future employment in a hospital, clinic, or medical practice and minimum 1 year of experience. Applicants should have an IMS membership number allotted by the INDIAN Government.
Cibil Score: Most of the banks consider 750 and above credit score eligible to avail a Doctor Loan
Below are the set of documents required to apply for a Doctor Loan:
MD (Doctor of Medicine)/ MS (Master of Surgery)/ DM (Doctor of Medicine) for Super Specialist Doctors
MBBS (Bachelor of Medicine, Bachelor of Surgery) for Graduate Doctors
BDS (Bachelor of Dental Surgery) or MDS (Master of Dental Surgery) for Dentist
BHMS (Bachelor of Homeopathic Medicine and Surgery) / BAMS (Bachelor of Ayurvedic Medicine and Surgery ) for Homeopathic and Ayurvedic Doctors
DHMS (Diploma in Homeopathic Medicine and Surgery) for Homeopathic Doctors
1. Sonography Machines
2. CT Scanners
3. X-Ray Machines
4. MRI Machines
Here are some tips to consider before taking a doctor loan:
1. Shop around for the best rates and terms: It’s important to compare offers from multiple lenders to find the best loan for your needs.
2. Consider the fees: Be sure to factor in any fees associated with the loan, such as origination fees, application fees, and closing costs.
3. Evaluate your debt-to-income ratio: Your debt-to-income ratio is a measure of how much debt you have compared to your income. Lenders will typically look at this ratio to determine your ability to repay a loan. Make sure you have a healthy debt-to-income ratio before taking on more debt.
4. Consider the repayment terms: Pay attention to the repayment terms of the loan, including the length of the repayment period, the interest rate, and any penalties for late or missed payments.
5. Avoid Multiple Loan Application: Applying multiple applications increases the chances of the loan being rejected as each query gets registered in your credit report.