What is a Doctor Loan?
A Doctor Loan is a specialized financial product designed for medical professionals such as MBBS, MD, BDS, MDS, and other qualified doctors. It provides funds for setting up clinics, purchasing medical equipment, expanding practice, working capital needs, or personal expenses. This is usually an unsecured loan, meaning no collateral is required for moderate loan amounts.
Benefits of a Doctor Loan
Exclusive for Medical Professionals – Tailored for doctors with minimal documentation.
High Loan Amount – Can range from ?5 lakh to ?50 lakh (sometimes more).
Collateral-Free – Most doctor loans are unsecured up to a certain limit.
Flexible Usage – For clinic setup, buying diagnostic equipment, expansion, or personal use.
Quick Processing & Disbursal – Minimal paperwork; funds often released within 24–48 hours.
Attractive Interest Rates – Lower than personal loans due to professional stability.
Flexible Tenure – Generally up to 7 years, making EMIs manageable.
Tax Benefits – Interest on loans for professional purposes can be claimed as business expense.
Eligibility Criteria
Eligibility differs slightly among lenders, but common norms are:
Qualification:
MBBS, MD, BDS, MDS, BHMS, BAMS, or equivalent recognized degree.
Experience:
Fresh doctors with MBBS may get smaller loans.
Specialists (MD/MS) or doctors with 2–3 years practice get higher limits.
Age:
Usually 24 to 65 years at loan maturity.
Practice Type:
Salaried doctors, self-employed practitioners, or doctors running clinics/hospitals.
Credit Score:
Preferably 650+ for best interest rates.
Documents Required
Most banks require basic KYC and professional proof:
1. Identity & Address Proof
PAN Card
Aadhaar Card / Passport / Voter ID
Utility bills for address verification
2. Professional Qualification Proof
Degree Certificate (MBBS, MD, BDS, etc.)
Registration Certificate with Medical Council
3. Financial Documents
For Salaried Doctors:
Salary slips (last 3 months)
Form 16 / ITR (last 2 years)
Bank statements (last 6 months)
For Self-Employed Doctors:
Income Tax Returns (last 2–3 years)
Bank statements (last 12 months)
Clinic ownership proof / Lease agreement
4. Other
Passport-size photographs
Completed application form
Cheque for processing fee.