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Business Loan for Doctors

Highlights

  • Take a Business Loan for the Doctors.
  • What are the purposes of taking Doctor loan?
  • Definite the Tenure offered by different financial institutions on the business loan to Doctors.
  • Know about features and benefits, Eligibility Criteria and Fee and Charges 

Business Loan for Doctors is a secured / unsecured loan offered by banks and NBFCs in India for Salaried and Self-Employed. This loan is basically used to meet the daily business requirement. These are various financial institutions that offer business loans to doctors. To compare loan amount, tenure and interest rate for different financial institutions and apply accordingly.

Business Loan

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    Business Loan Interest Rates for Doctors

    ParticularsLoan AmountTenureInterest Rate
    Bajaj Finserv Business LoanUp to ₹37 Lacs12 Months - 96 Months14%-16% Per Annum
    HDB Business LoanUp to ₹30 Lacs12 Months - 60 MonthsUp to 36% per Annum
    Axis Bank Business LoanUp to ₹50 LacsUp to 60 Months14.25% Per Annum
    HDFC Business LoanUp to ₹75 Lacs12 Months - 60 Months12.50%- 15.65%
    Fullerton India Business LoanUp to ₹50 Lacs12 Months - 60 Months17%-21% Per Annum
    Indusind Bank Business Loan₹5 Lacs - ₹35 Lacs12 Months - 48 MonthsAs applicable by the Bank
    Hero FinCorp Business Loan₹5 Lacs - ₹35 LacsUp to 36 MonthsAs applicable by the Bank

    Financial Institutions that grant Business Loan

    Bajaj Finserv Business Loan for Doctors

    You can take a doctor loan from Bajaj Finserv without any collateral. This loan is basically designed for doing practice, purchasing the latest equipment, upgrade old machines. To apply for a loan today and get amount disbursed in 24 hours after applying for the loan.

    Features and Benefits

    • You can easily avail loan as per your convenience up to up to ₹ 37 Lacs.
    • Get funds in account within 24 hours of the approval.
    • The loan process is very quick.
    • It provides Flexi loan facility.
    • This loan is collateral-free and no guarantor required.
    • If you are existing Bajaj Finserv customers than get free approved offers.
    • There will be no charges on part prepayment.
    • It offers you flexible repayment tenure that is 12 months to 96 months.

    Eligibility Criteria

    Applicants must be between the ages of 25 and 55 years of age to apply for a business loan.

    ParticularsDetails
    Doctor (MS / MD / DM)No post qualification experience required
    Graduate Doctors (MBBS)Required minimum 2 year post qualification experience
    Dentists (BDS/MDS)Minimum experience required 5 year
    Ayurvedic and Homeopathic Doctors (BHMS/BAMS)Required minimum 6 year post qualification experience.

    The clinic or house must be owned
    Homeopathic Doctors (DHMS)Minimum experience required 15 years of post qualification.

    One of them will be owned either clinic or house
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    Fee and Charges

    ParticularsDetails
    Processing FeeUp to 2% of the loan amount
    Part Prepayment FeeNIL
    EMI Bounce ChargesPer Bounce ₹1000
    Penal Interest2% Per Month

    HDB Financial Services Business Loan for Doctors

    As everyone knows, doctor professional is a very prestigious profession. So HDB Finance designed doctor loan with exciting features and eligibility to upgrade your business. You can avail loan at low interest and quick disbursement. This loan is a collateral-free business loan.

    Features and Benefits

    • The repayment tenure is flexible ranging from 12 months to 60 months.
    • There will be no requirement of collateral and guarantor
    • The loan can be designed for individual doctors and medical practitioners.

    How Loan Can be Used for Various Purposes?

    These are the purposes various where you can use the loan amount.

    • Meeting expenses of professional requirements
    • Develop your existing clinic premises
    • Pathological laboratory
    • Buying new furniture, nursing home
    • Purchase of new equipment 
    • Renovation
    • Stock of medicine
    • Setting up new offices

    Eligibility Criteria

    • Maximum age is 65 years at the time of loan sanction.
    • Graduate Doctors (MBBS/BDS) 
    • Post Graduate Doctors (MD/DM/MS/MCH/MDS) 
    • Required minimum 4 years of post-qualification experience.
    • Income Tax Return (ITR) for 2 years.
    • The place where HDBFS operates your own home or clinic must be owned or your parent’s name.
    • Minimum annual income is ₹1 Lac per annum in metro locations 
    • For non metro locations minimum annual income is ₹75,000 per annum.

    Axis Bank Business Loan for Doctors

    Axis Bank offers you quick business loans for doctors with very few documents. The business loan interest rate is very attractive starting from 14.25% per year. Therefore apply business loan for a doctor at a cheaper rate. Even doorstep services can be availed and repayment is very easy.

    Features and Benefits

    • You have flexible repayment tenure option of 60 months.
    • There will be nil part-payment and foreclosure.
    • A loan can be availed up to ₹ 50 Lacs.
    • The loan is collateral-free.

    Eligibility Criteria

    • Completion of 2 years in the running profession is mandatory.
    • There will be a gross receipt of ₹ 5 and above.
    • Self-employed doctors – who runs own clinic, nursing homes, hospitals, diagnostic clinics.
    • Consulting doctors – The doctors who are doing training in the hospital.
    • 6 months bank statement is needed.

    Fee and Charges

    ParticularsDetails
    Processing Fee2% of the loan amount + Taxes
    Cheque Bounces Fee₹500 + Taxes
    Panel Interest2% per month on overdue installment amount
    No Objection Certificate/ No Dues Certificate₹150 + Taxes

    HDFC Bank Business Loan for Doctors

    Upgrade your current profession by taking a business loan for a doctor from the top most private sector bank. Get a loan from HDFC Bank and get an immediate amount in your account. The repayment of the loan is very flexible starts from 12 months to 60 months as per your choice. The interest rates ranging from 12.50% to 15.65% per annum. HDFC Bank also has a business loan for Chartered Accountants.

    Features and Benefits

    • The loan can be taken up to ₹75 Lacs as per your requirement and capacity.
    • Equated Monthly Installment (EMI) option is very simple as per your choice.
    • Pay off the loan from 12 months to 60 months.
    • Quick disbursal with fewer documents.
    • This offers you a balance transfer facility at a low-interest rate of 13.29%.
    • The processing fee for the balance transfer facility is very low at 0.99%.
    • Doctors can avail special offers on a professional loan.
    • For any query regarding the loan, it can be resolved through SMS, webchat, Click2Talk, phone banking or physical branches.
    • It provides insurance facility so that you can cover your family with the outstanding loan amount through an insurance policy.

    Eligibility Criteria

    • Minimum age is 25 years and the maximum age is 65 years at the time of loan maturity.
    • The borrower must be completed 4 years in the current profession.
    • A physiotherapist requires a minimum 5 years of work experience.
    • Current business must be profit-making from last 2 years.
    • Minimum annual income will be ₹ 1 Lacs per annum.

    Fee and Charges

    ParticularsDetails
    Loan Processing FeeUp to 2.50% of the loan amount

    Minimum Fee ₹2359

    Maximum Fee ₹88,500
    Pre Payment Charges07-24 months - 4% of principal outstanding amount

    25-36 months - 3% of principal outstanding amount

    > 36 months - 2% of principal outstanding amount
    Fee for late payment of EMI2% per month on EMI

    Minimum amount of ₹200
    Swapping Cheque Charges₹500
    Amortization Schedule Fee₹200
    Loan Cancellation ChargesNIL
    Cheque Bounces FeePer cheque bounce fee is ₹ 550

    Fullerton Indian Business Loan for Doctors

    Taking funds for your business indicates that your business is moving upwards. So you can opt for a doctor loan from Fullerton India at an affordable interest rate of 17% -21% per annum.

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    Features and Benefits

    • Get a loan of up to ₹ 50 lakh to meet your basic requirement.
    • This loan is a completely hassle-free loan.
    • You have to choose the repayment option from 12 months to 60 months as per your choice.
    • Get a business loan for a doctor without any guarantor and collateral.
    • Required Minimum Documents and Less Paperwork.
    • It provides you with door step services.
    • You can access your loan application online as per your convenience.

    Eligibility Criteria

    • To apply the loan minimum age is 22 years.
    • Maximum age at the time of loan maturity is 65 years.
    • Ensure that your CIBIL Score must be good therefore it must be above 700 and above.
    • Bank statement for the last 6 months.
    • Business must be profitable from last 2 years.

    Fee and Charges

    ParticularsDetails
    Collection of cheque and Cash FeePer collection ₹300
    ECS dishonoured/ Cheque Fee₹300
    Loan Cancellation Fee₹1000
    Processing FeeUp to 6.5% of the loan amount
    Swap Fee for replacement of ECS to ECS₹500

    Indusind Bank

    IndusInd Bank offers a collateral-free loan for doctors to meet the basic requirement of running a business like a set-up for a new clinic, expanding an existing business, a new technology, renovation and many more. The process of loan is very fast and convenient. Therefore apply for a loan without any thought.

    Features and Benefits

    • IndusInd Bank gives you a collateral-free loan.
    • Get funds from ₹5 lacs to ₹35 lakh as per your convenience.
    • Take a doctor business loan at an attractive interest rate.
    • Repay the loan from 12 months to 48 months according to your conventional loan.
    • It provides doorstep facility for your loan process.
    • The loan disbursement process is very fast and hassle-free.
    • You can club your family income.

    Eligibility

    • The applicant’s age to apply for a loan is 25 years.
    • The applicant should be 70 years old at the time of loan maturity.
    • Income tax return (ITR) is mandatory.
    • Your CIBIL score should be clean and tidy.
    • If you are living on rent, it must be 3 years old.
    • For owned house stability must be 3 years. 
    • The required experience for MBBS doctors is 7 years.
    • The minimum experience requirement for postgraduate doctors is 3 years.
    • It is mandatory to give bank statement of last 6 months.
    • In case if the doctor is salaried then required the latest 3 months salary slip.

    Purposes for Business Loan

    • For buying any assets like an ambulance.
    • Upgrading your existing premises, clinic, nursing home.
    • Increase the working capital
    • Buy office equipment such as computers, furniture, air conditioners, chairs.
    • Expand your running business.

    HeroFin Corp

    HeroFinCorp is the best non-financial institution to avail loans. It easily understands your time and requirement. They offer loans at minimum interest rates with less paperwork. So you can take a loan from HeroFinCorp without any thought. The repayment period is very flexible. Get the complete solution for your medical industry with Hero Fincorp Professional Loans.

    Features and Benefits

    • This loan is a collateral-free loan.
    • This gives you a flexible tenure option from 12 months to 36 months to pay the loan to the lender.
    • You have several repayment methods which are National Automated Clearing House (NACH), Post Dated Check (PDC) and more.
    • If you provide the documents in a single shot then the amount will be disbursed to your account within 1-2 working days.
    • Get unsecured loans for doctors starting from ₹5 Lacs to ₹35 lacs.
    • This loan is a completely hassle-free loan and fast disbursement process.
    • The best financing solution for medical practitioners.
    • It has pre-approved loans for doctors.
    • It provides the best services, building a strong relationship with the applicant.

    Eligibility

    • The maximum age at the time of loan maturity is 65 years.
    • Minimum 3 years experience in current profession
    • At least 5 years of experience in the same field.
    • Good CIBIL score and financial history.

    Documents Required

    • Coloured size passport photograph
    • Pan Card (Individuals/ company/ Firm)
    • Identity Proof (Any One) – Passport Copy/ Voter ID card/ Pan Card 
    • Address Proof (Any One) –  Adhar card/ Voter ID Card/ Telephone bill / Electricity bill / Rental agreement / Passport copy / Bank passbook or statement
    • In case of consulting doctors Form 16 A / 26 AS 
    • Degree certificate, passing certificate, Medical registration certification, Education qualification certificates.
    • Ownership proof must be mandatory for office/residence
    • Required last 2 years ITR
    • Balance sheet and Profit & loss account
    • Memorandum & Articles of Association 
    • Proof of Continuity (ITR / Business License / Establishment Certificate / Sales Tax Certificate)

    Note:- Financial should be certified or audited by a Chartered Accountant (CA)

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    Personal Loan Interest Rates July 2020
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.99% - 18.49%
    IndusInd Bank11.25%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 24.00%
    Standard Chartered Bank11.50% - 18.00%
    Tata Capital10.99% - 18.00%
    Home Loan Interest Rates July 2020
    Axis Bank7.75% - 8.55%
    Bank of Baroda6.85% - 7.85%
    Citibank8.20%
    HDFC6.95% - 8.00%
    ICICI Bank7.45% - 8.55%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank7.40% - 9.70%
    LIC Housing7.40% - 8.85%
    Piramal Capital & Housing Finance9.00% - 9.10%
    PNB Housing Finance8.60% - 9.45%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI6.95% - 7.60%
    Tata Capital9.20% - 9.35%