What is Doctor Loan?

A special loan offered to medical practitioners and professionals owning a clinic or working in a private or government hospital is known as a doctor loan or a physician loan. It works as a boon for doctors to fulfil their professional dream of renovating an existing clinic or of opening a new one.

Personal Loan for Doctors

Doctors can even take loans for personal use. They are considered creditworthy and safe as loan borrowers, which is why banks keep on devising new lost-cost schemes. Currently, the lowest doctors loan interest rate is available with ICICI Bank, which is 10.50%.

Doctor Loan – Benefits and Features

Doctors are the priorities for NBFCs and top banks, and hence, the loan approval process is quick

  • It does not require a guarantor or collateral
  • Flexible repayment tenure alternatives are available to repay the EMIs
  • It takes 48 to 72 hrs for the loan approval.
  • Moreover, salaried professionals (doctors) get loans with a lower interest rate in comparison to self-employed doctors or practitioners because of stable income.
  • KYC, quick background checks, income proof and CIBIL score are all you need.
  • You can avail of the loan for 60 months.
  • Doctors can build the clinic, purchase medical equipment or renovate the area as per need.

Doctor’s loan – Basic purposes

  • Hospital loans are available with special schemes. That is made possible especially to provide funding for medical professionals who are looking to expand or build a new hospital, clinic or nursing home.
  • Practising doctors who want to build a specialised clinic concerning skin, eye or dental matters.

Who is eligible for a doctor loan?

Finance companies and banks offer doctor loans to several practising doctors including:

  • Salaried Doctors: Medical practitioners who work within a clinic or a hospital have a monthly source of income. They are required to have received their degrees at least one year before applying for a loan to be eligible.
  • Self Employed Doctors: Doctors who practice in their clinic, hospital, or nursing home and plan to expand their professional career. The funding is also available to buy medical equipment and to develop other medical facilities.

Doctor Loan – Eligibility Criteria

The eligibility criteria depend mostly on the monthly professional salaries or fees, which decide your capability to repay the loan. Below mentioned are the criteria meeting which make you an eligible candidate for a doctor loan.

  • Both Salaried Doctors and Self Employed (own a nursing home, clinic, hospital, pathological laboratory, dental clinic, skin clinic, or eye centres) can apply for the loan.
  • Your age must be 21 years but not more than  65 years
  • You must have the below-mentioned degrees and certificates as a doctor.
  • MD/DM/MS for Super Specialist Doctors (Registered Degree with medical council)
  • BDS/MDS for Dentist Doctors (Minimum 5 years of post-qualification experience)
  • MBBS for Graduate Doctors (Registered Degree with medical council)
  • DHMS for Homoeopathic Doctors (Minimum 2 years of post-qualification experience)
  • BHMS/BAMS for Ayurvedic and Homoeopathic Doctors (Minimum 2 years of post-qualification experience)
  • IMA membership number or other registration from the Government of India.
  • A minimum Income Tax Return of twenty-four months

Doctor Loan – Documents Required

Also, do keep the following handy with you

  • Two passport size colour photographs
  • KYC documents
  • Medical registration certification
  • Also, Identity Proofs such as Aadhar Card, PAN cards and Driving Licence are mandatory.
  • Address Proof such as voter ID, Aadhar card, utility bills like gas, water or electricity bills
  • Moreover, you also need to provide qualification proof such as passing certificates, degree certificates and mark sheets.
  • Pay-slips (last three months).
  • Income tax returns, profit and loss account statements, balance sheet for the previous two years
  • Six months Bank Statements
  • Original papers of self-owned hospitals or clinics.

Apply Online for a doctor loan

Here is a precise guide on applying online for a doctor loan.

  1. Choose a bank/NBFC and visit its official website.
  2. To open the application form, click on “Apply online”
  3. Register your phone number with the sent OTP
  4. Share your professional and personal details
  5. Now select the offer which seems the best for you
  6. Submit your application

Sales Executives from the respective bank or financial institution will get back to you to help with the needful.

Interest Rates and Charges of a doctor loan

The particulars do vary from one bank to the other, but on an average, it remains the same

  • The interest rate in general starts from 10.50%
  • While you are liable to pay a prepayment charge of up to 5% and the processing fee is 3.00%
  • Next, Rs. 877 for 60 Months is the EMI amount payable.

Banks/NBFCs offering doctor loans

Now that you know everything about doctor loans, let’s check out some of the financial institutions offering the same.

Bank of Baroda

Bank of Baroda is a renowned financial institution that provides doctor loans for medical professionals exclusively. They use this loan to set up nursing homes, and pathological labs, or to expand hospitals. One can also avail of this loan to purchase diagnostic tools and medical equipment. The bank can also advance the loan in the form of overdraft, term loan, or working capital.


SBI offers a Doctor Plus Scheme loan scheme to people who are qualified medical professionals. This loan is ideal for fresher doctors who possess an entrepreneurial mindset and skills. However, every certified medical practitioner can use this loan. Borrowers can avail of an SBI doctor loan of up to five crores. With such an amount, concerned people can set up a drug store, nursing home, pathological lab, etc. Doctors’ loans can further help you renovate, expand, and modernise hospitals.  Moreover, SBI is known for the fastest loan disbursal. So, if you need the fund on an urgent basis, you can take one from SBI. Note that to avail of the Doctor Plus Scheme, a borrower must have a minimum qualification of MBBS/BAMS/BDS.

Bank of India Doctors’ Loan

Bank of India is also a leading financial body offering doctors’ loans. One can avail of this loan to build clinics, X-ray labs, nursing homes, etc. The bank also provides this loan to medical practitioners who want to purchase ambulances, office equipment, etc. Trusts, partnerships, as well as companies that belong to this industry, can get a doctor’s loan from the Bank of India. Also, the applicant must be qualified from a reputable institute.


PNB offers doctor loans under the scheme Sanjeevani Loan for Doctors. All qualified doctors can avail of this loan. This includes Allopathic, Homeopathic, Ayurvedic, and Unani. Here, you get interest rates of less than 11.85%. Also, borrowers can take doctor’s loans starting from 1 Lakh.

Allahabad Bank

Allahabad Bank provides doctor loans to medical practitioners who are less than 65 years of age. The applicant can avail of a loan for doctors at Rs. 5 Lakh (maximum). The interest rate for doctors’ loans at Allahabad Bank is 14.70%.

Canara Bank

All registered medical professionals can avail of doctors’ loans at Canara Bank. However, they must have a minimum experience of 3 years. The maximum loan amount that you can get from Canara Bank is Rs. 10 Lakh. And the interest rate ranges from 10.40% to 11.65%.

A doctor loan encourages a doctor to employ the best facilities for the treatment of individual patients. Also, these types of loans are quite handy for debt consolidation, certification courses, personal and business expenses, and more. The uses of a doctor loan remain uncountable. Moreover, banks considering doctors as safe candidates makes the loan application process effortless and convenient.

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