Doctor Loan

Personal Loan Eligibility Criteria for Doctor

All resident citizens of India, between the ages of 21 years and 65 years and earning a minimum income can avail a personal loan from SMFG India Credit. Personal loan for doctors is available to both salaried professionals working with an established and doctors with independent practice. If you are salaried, your minimum income should be Rs. 25,000 (for residents of Mumbai and Delhi), or Rs. 20,000 (for residents of other locations in India). For self-employed professionals, a minimum annual profit after tax is applicable instead. To know more, visit the personal loan eligibility page.

Doctor Loan Interest Rate

SMFG India Credit offers personal loans starting at interest rates as low as 13%* per annum. The interest rate offered to you would vary based on your credit score, existing relationship with us, the total loan amount and tenure, and whether you have an independent practice of work with an establishment. Processing fee of Up to 5% of the total loan amount + GST is also applicable.

*Please click to see more on personal loan interest rates, fees and charges

Documents Required to Avail Doctor Loan

Documents required for personal loans include:

• KYC documents such as driving license, Aadhaar card, and voter ID card
• Last 2 months’ salary slips (for salaried) or income proof (in you have an independent practice)
• Last 3 months’ bank account statements of your salary account (for salaried) or current account (in you have an independent practice)

For more details, check our documentation for the personal loans page.

How to Apply for a Doctor Loan?

The general perception is that doctors with their income potential do not have to depend on doctor loans. However, it takes years to establish their practice and build a reputation that enables them to generate income to a high level. In the meantime, circumstances may crop up where they need to avail instant cash to cater to short term financial requirements. A doctor loan is ideal for such situations.

To apply for a doctor loan, you need to:

1. Check with your preferred lending partner that you need the minimum eligibility parameters to apply for a doctor loan.
2. Fill out the necessary application form with all the relevant personal, professional, and financial information.
3. Submit the application and upload the soft copies of the required documentation.

Personal Loan Application Process

Doctors can easily avail of a personal loan at SMFG India Credit through the following steps:

1. Provide Basic Information

Input details such as your mobile number, PAN, pincode, and employment status (salaried or self-employed).

2. Verify Your Mobile Number

Authenticate your mobile number with the 6-digit OTP sent to your phone.

3. Submit Personal Details

Provide additional information like your email address, date of birth, gender, and annual household income. Verifying your email ID is also necessary.

4. Provide Employment Information

If salaried, provide your employment details.

5. Submit Bank Statement

Provide your bank statement via Net Banking, an Account Aggregator, or upload it directly. The submitted banking details will be used to generate a loan offer (only for salaried individuals).

6. Complete Identity Verification

Complete the verification process by taking a selfie and submitting address details through CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.

7. Submit Bank Account Details

Provide your bank account information for verification.

8. Enter Additional Information

After account verification, complete the ‘Additional Details’ section with the loan purpose, marital status, and parental details.

9. Choose Re-payment Mode and Finalise E-NACH

Select your re-payment method and set up E-NACH using a debit card or internet banking.

10. Digitally Sign and Confirm Loan Agreement

Carefully review the loan agreement, digitally sign it, and validate the process with an OTP.

SMFG India Credit makes securing personal loans for doctors easy with these straightforward application steps.

Why Opt for Personal Loan for Doctors?

Here is a list of reasons why a doctor should opt for a personal loan:-

1. Meeting Personal Milestones: Doctors have personal goals like anyone else. Personal loans can help address these needs, especially when earning later in their careers.
2. Debt Consolidation Simplified: One personal loan for multiple debts can simplify repayments and reduce interest. Doctors can benefit from this practical way of managing finances.
3. Handling Unexpected Expenses: Flexible personal loans allow doctors to withdraw funds within a defined limit, prepay without extra charges, and conveniently manage unexpected costs.

Opting for a personal loan tailored for doctors ensures quick processing, minimal documentation, and a flexible repayment structure, making it a wise financial choice to meet diverse needs.

Things to Keep in Mind While Applying for a Personal Loan for Doctors

As a doctor, it is easy to get a personal loan, but you should keep a few things in mind before doing so. These are:-

1. Determine the Right Loan Amount: You should assess your needs and borrow only what is necessary for your professional requirements, whether setting up a clinic or acquiring new equipment. This ensures you can manage other financial commitments while comfortably repaying the loan.
2. Choose a Smart Repayment Tenure: You should opt for a tenure that aligns with your monthly obligations. Using an EMI calculator helps find a suitable loan amount and tenure combination, making EMIs more manageable.