Which Personal Loan is the Best for a Doctor?

If you are a doctor looking for a personal loan, then you have come to the right place. Today, in this post, we will tell you about at least two lenders who are offering instant personal loans for doctors. Those lenders are the State bank of India( SBI)  and HDFC. 

Their personal loan is known as SBI doctor loan and HDFC personal loan. We will tell you about their details, such as the loan details, the eligibility criteria, required documents, and other details. Let’s begin with the SBI doctor's personal loan.  

SBI Doctor loan

This personal loan is also known as the SBI doctor plus scheme. SBI offers the loan to qualified doctors who are seeking an instant loan. The loan could be opt to open a new clinic, need to expand their clinic, or   to buy the latest medical equipment. 

• The loan amount is offered up to Rs 5 crore. 
• There is a card facility
• The amount increases further for individuals/partnerships/Corporates.
• The loan tenure is from 3 years to 7 years.
• The rate of interest starts at 9% P.A. 
• The processing is up to 3% of the loan amount. 

The eligibility criteria for an SBI Doctor loan

Since the SBI doctor loan is a customized personal loan, the eligibility criteria will vary from borrower to borrower. However, here is the general eligibility criteria. 

• Your minimum age should be at least 25 years. 
• You must be a registered practitioner. 
• The ownership of the land and the property should be a minimum 1 year.

Required documents for SBI Doctor loan

1. Application form filled and signed
2. Passport size photographs
3. Proof of identity ( Passport, Driving license, Voter ID card, Aadhar Card) 
4. Proof of address( rent agreement, utility bill, Postpaid bill) 
5. Proof of Income ( Professional certificate/Proof of registration, ITRs for the last 2 years, Bank statement for the past 3 months, and Deed of Partnership/Memorandum of Association)
6. Proof of ownership of establishment( Individual, trust, partnership, corporate) 

How to apply for an SBI doctor loan via Afinoz? 

1. First, download the Afinoz app from the Google play store or visit the Afinoz official website. 
2. Check the SBI doctor loan eligibility with the personal loan eligibility calculator.
3. Fill out the loan application, upload the required documents, and submit the loan application.
4. Wait for verification. 
5. Once the verification is completed, the loan amount is disbursed. 

As we can see, SBI Doctor offers a massive loan amount with a lower interest rate. Now, let’s check out the HDFC doctor loan.

HDFC doctor loan

HDFC doctor loan is focused on helping the doctor to grow their medical business. The loan is offered to the dentist, physicians, podiatrists, and optometrists. It could help establish a new clinic, purchase new medical equipment, or set up a new X-Ray lab.  

• The loan amount is offered from Rs 50,000 to Rs 75lakhs. 
• The rate of interest begins at 11.25% P.A
• The processing fee is up to 2.5% of the loan amount. 
• The loan tenure is from 1 year to 4 years. 
• The pre-closure charge is 2% of the outstanding loan amount. 
• The EMI bounce charge is Rs 550. 
• The penal interest is 24%. 

HDFC doctor loan eligibility criteria

• A doctor should have minimum 5 years of experience. 
• An Individual doctor should be working in a reputed private or government hospital.
• A self-employed should have a clinic, a nursing home, or a hospital.
• The age of the doctor should be between 25 years and 65 years. 
• The business should be making a profit of minimum of Rs 1 lakh annually.

Required documents for HDFC doctor loan

1. Proof of identity( Aadhar card, PAN Card, Passport) 
2. Bank statement for the last 6 months
3. ITRs, Profit and loss documents
4. Address proof ( Electricity bill, utility bill) 

How to apply for an HDFC doctor loan?

You could visit the HDFC doctor loan website or visit the nearest branch to apply for the loan.

Conclusion

Both lenders offer outstanding personal loan for the doctor. Before you sign the loan agreement papers, do read it carefully. Compare both instant personal loans and make your decision.