What is Personal Loan for Doctors
Several banks and financial institutions offer personal loans specifically designed for doctors. These loans are tailored to meet the unique financial requirements of medical professionals. It can be used for a wide range of purposes like expanding or opening up your clinic, purchasing medical equipment, studying for specialization or even funding a wedding or vacation. The best part about doctor loans is that the documentation is rather simplified, with just basic requirements like identity proof, address proof, income proof, and educational qualifications. Moreover, since the profession is considered rather stable, the interest rates can be lower than other personal loans.
IIFL Finance supports these noble professionals by providing personal loans for doctors at attractive interest rates and a hassle-free application process.
Personal Loan For Doctors EMI Calculator
Features & Benefits of Personal Loan For Doctors
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Loan Amount can be anywhere in the range of Rs.5000 and Rs 500000. Factors such as your income, credit history and repayment capacity will be taken into consideration.
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Affordable interest rates that start as low as 12.75% as the profession of a doctor is counted among stable income generators.
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The loan tenure can vary from 3 months to 42 months
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Simplified and 100% digital application process with minimal documentation
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Zero collateral or guarantor required to avail doctor loans
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No hidden charges are involved as everything is mentioned upfront at the time of your application.
Eligibility criteria for Personal Loan for Doctors
If you are a salaried doctor, working for a government or private hospital or health organization:
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You should be minimum 23 years of age
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Maximum age of 60 years (or retirement) whichever is early at the time of loan maturity
If you are self-employed running your own practice or clinic:
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Your professional setup must be in existence for a minimum of 3 years
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Your minimum age should be 25 and maximum age 65 at the time of loan maturity
Documents Required For Doctor Loans
Doctors usually enjoy a simplified documentation process when applying for personal loans. These include:
How to Apply for a Personal Loan for Doctors
Applying for an unsecured personal loan for doctors is fairly simple. All you have to do is follow these steps:
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Click on the 'Apply Online' button
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Enter the necessary information in the online application form, then verify the OTP sent to the registered mobile number.
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Verify your KYC information to check for income eligibility
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Select the amount you wish to borrow.
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Click 'Submit' to finish your application
Find the Right Personal Loan for You
When looking for a personal loan, it's important to find one that suits your specific needs and financial situation. Here are other personal loans offered by IIFL Finance.
Personal Loan For Docotos FAQs
All pre-approved customers of IIFL Finance can enter their name and active mobile numberto check their offer. If you're new to IIFL Finance, you can apply by filling out the online application form, providing your KYC information, and providing the other required documents.
If you are a doctor and applying for a personal loan, you can avail a loan amount of anywhere between Rs. 5000 and Rs. 500000
You will have to visit the lender’s website and check if you fulfill the eligibility criteria and have all the necessary KYC documents. Then click on the ‘Apply Online’ button. An OTP will be sent to your registered number and you will have to verify it. On submitting the application form and all the documents, your loan will be sent for approval. On approval, the loan amount will be transferred to your account.
Yes, a CIBIL score of 685 and above is considered a good score to avail Personal loans for doctors.
The process is similar to that of a regular personal loan. Firstly you’ll need to visit the website and click on Apply Online’ button.Your registered number will receive an OTP, which you must authenticate. Your loan will be sent for approval after the application and all supporting documentation have been submitted. The loan amount will be deposited into your account after approval.
There are 2 scenarios, you are either salaried doctor employed with a hospital or health organisation or you are self-employed with your own clinic/practice.
If salaried, you need to be between 23 to 60 years (or retirement age) whichever is early at the time of maturity.
If you are self-employed, your age should be between 25 and 65 and your clinic should be in existence for at least 3 years.
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