Personal Loan for Doctors

If you are a doctor and wanted to have your own clinic, then you need not worry for the funds. You would not have to take any stress for the finance required for setting up your own clinic.  For availing such loans, you just need to visit the bank and enquire about the necessary details. You will come across various schemes that will finance you for the clinic or other such professional practices. 

Loans that are provided to the professional doctors are doctor loans. Such loans can help them achieve their dreams like setting up their own clinic or hospitals. Any doctors can avail such loan if-

He/ She do not available funds to carry out the expenses involved in setting up their clinic

He/ She wanted to purchase some equipment for the clinic

He/ She wanted to make any new changes in the clinic

The bank has specified some definite purposes on the basis of which they are providing a doctor loan. You will be granted Doctor loan if you have to set up a new X-Ray lab, or purchasing some materials for the clinic, or expansion, or making suitable renovation of the current clinic etc. 

On the basis of that, doctor loans are further classified as-

Secured Doctor Loan

Unsecured Doctor Loan

Medical equipment Loan

This is a type of mortgage loan that can be obtained by both self-employed or salaried doctors. But, in lieu of loan, they have to keep their property as mortgage. You can avail such loans by any banks or financial institutions against your commercial or residential property. Banks will provide loan for setting up a clinic, or purchasing of medical equipment for the clinic. However, you can apply for a different loan for buying any medical equipment in favour of Medical Equipment loan. Secured doctor loans are also provided for buying of ambulances with RTA registration and as a mortgage you need to register the vehicle in the name of the bank. Some important features of such loans are discussed below-

You can avail such loan against mortgage of any residential or commercial property 

Banks provide loan amount ranging between Rs50,000 to 8 crore

Repayment period of loan is between 12 to 84 months

Rate of interest for such loans starts from 8.80%.

Banks provide such loans without charging you with any mortgage against the loan amount. You can avail these loan quickly but for a less tenure. In order to provide the best treatment and diagnosis to the patients, you can approach the bank for such loan facility. Banks provide such loans for various medical instruments or equipment that are necessary for your clinic. In India, many financial companies or banks are providing such loans to the doctors on the basis of their work experience, financial statements etc. Some of the important features of such loans are-

You can avail such loan without any collateral security

Loans are provided with an amount of Rs1 crore or above

Loans can be repaid within a period of 1 to 3 years

Loans are provided with interest rates that starts from 13.50%

For purchasing any medical equipment, banks are providing separate loans. These loans can be availed for buying various medical equipment that includes the following –

Sonography machines

CT Scanners

X-Ray machines

MRI Machines

Given below are some of the doctors loans that are being offered by different banks in India-

State Bank of India launched this scheme to support and motivate the doctors who wanted to start their own clinic or hospitals. This loan ca be used for purchasing various medical instruments, buying of ambulances, computers, lab equipment etc. A doctor can also avail this loan if he wishes to set up his own clinic or X-Ray lab or drug stores etc. SBI also sanction such loan scheme for making new changes or expansion in the present clinic or hospitals. 

This scheme is meant for all doctors as well as registered companies, trustees etc. You can avail a loan amount between Rs10 lakhs to 5 crores under this scheme. Such loans are offered with interest rates that ranges between 10.25% to 10.75% and a tenure period between 3 to 7 years.

This loan is offered by the Punjab National Bank for all the doctors including those from Unani, Ayurvedic, Homeopathic or Allopathic doctors with required qualifications. This loan is provided with an amount that ranges between Rs1 lakhs to 5 crores. The bank offers the loan with interest rate of 11.50% and reducing the processing fee for online application to about 20%. You get a period of 7 years for repaying the loan amount to the bank.

Just like the PNB, Canara Bank also offers loan for all qualified doctors working in Ayurvedic, Allopathy, Unani, Dental and Homeopathy. The bank offers the loan for a maximum amount of 5 crores with interest rates that varies between 10.05% to 11.85%. You can pay back the loan amount within a period of 7 years to the bank. 

The Allahabad Bank launched this scheme to grant loans to the registered doctors in medicine, or Ayurvedic, veterinary, homeopathy or other such medical related streams. However, the bank provides loans to individuals who have a valid CIBIL score and a minimum score of 618 is essential for availing a loan under this scheme. 

A maximum loan amount of Rs20 lakhs is sanctioned under this scheme with interest rates for the loan ranging between 9.45% to 11.45%. A processing fee of 1.06% is also charged for availing this loan. You can get a maximum period of 84 months for repaying the loan.

Banks and financial institutions are granting loans for doctors under the following categories-

For salaried doctors- These Loans are offered to doctors who have a regular income and a minimum experience of 5 years.

For hospital and nursing home- These loans are offered for setting up of a new clinic or hospitals or even for making necessary changes in the existing clinics. 

For self-employed doctors- these loans are meant for those doctors who are practising and wishes to expand their clinic.

For specialised clinics or laboratories- These loans are provided to doctors who wishes to set up some pathological laboratories or specialised clinics.