Compare best Doctor
Loan Rates in TamilNadu

You can do rates comparison, check your eligibility, calculate EMI, apply online and get the best Doctor Loan rates.

BankVallet helps you throughout the loan process from the day you apply to the time you get disbursement.

Unsecured Doctor Loan

How to Get a Doctor Loan in TAMILNADU?

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Know your loan eligibility

Wondering how much you can borrow? We can help you with that. Your loan amount is determined by your Educational Qualifications or Working Experience or Credit History implemented by banks and Financial Institutions. Reach out to us, so you can find out your loan eligibility quickly.

Get your In-Principle Approval (IPA)

Gone are the days when you’d have to visit banks for your In-Principle Approval. We’ve streamlined the process to make it easier and faster for you to get one. Simply gather the required documents, submit everything to us and wait for approval.

Apply for doctor loan

Once you get your IPA, you’re all set for the next step – getting the best doctor loan in TAMILNADU. With the help of our knowledgeable Doctor Loan Specialists, you can be confident that you’ll be getting the highest loan amount at the lowest interest rates.

Doctor Loan - Overview

Are you a salaried doctor?
Want to start your new clinic or Want to upgrade your skills through higher studies?
Are you a self-employed doctor?
Running a small clinic?
Are you wanted to buy new clinical equipments for your clinic?
Do you require long term working capital to expand your existing clinic into hospital?
Are you a Consultant doctor?
Are you looking to start a new clinic/hospital?
Do you require long term working capital to your new clinic/hospital?
Want to send your children for higher education or get them married?
Manage medical expenses?

If your answer is a ‘Yes’, then BankVallet offer the perfect solution for you. BankVallet understands your dreams and provides best-in-class collateral free loan solutions for all doctors (medical practitioners). Financing your child’s education, managing your wedding expenses, expanding your business, or even handling unforeseen medical expenses, a Doctor Loan from Banks/NBFCs enables you to do it all. Banks/NBFCs offer customized Doctor Loan to salaried, consulting and self-employed doctors.

Understanding the importance of financial inclusion, BankVallet compares major Banks/NBFCs Doctor Loan products at low rate of interest, features and maximum tenure basis.

Loan amount starting from Rs.3 Lakhs and maximum of Rs.75 Lakhs.

Key Benefits and Features

No Guarantors or collaterals required
Loan Amount:
  • up to a maximum of Rs.75 lakhs (in some locations)
  • Banks/NBFCs offer competitive rates for doctors. Rate starts from 10.75% per annum
  • Choose from flexible repayment tenure – ranging from 12 months to 72 months.
Quick Processing time:

The loans are disbursed within 2 working days of application.

Flexi-limit options:

Most of the Banks/NBFCs offer a flexi-loan option. In this case, a certain amount is given to the doctor as a loan. The amount is transferred to a special account and the doctor can use the loan as and when required. In this case, the doctor only has to pay interest on the amount used and not on the whole loan amount.

Easy Part-Payment & Foreclosure:

Many Banks/NBFCs allow part-pay and foreclose the loan without any hassle and without any charges.

Pre-approved Loans:

Many Banks/NBFCs also offer pre-approved loans that are disbursed immediately.

Balance Transfer:

Reduce the EMIs of your existing doctor loan by transferring the balance to other Banks/NBFCs.

The loan is available for following purposes
  • Any personal purpose including purposes for meeting expenses of professional requirement.
  • Development of Clinic / Clinic-cum-residence, Nursing Home, Pathological Laboratory.
  • Purchase of medical / diagnostic equipment, setting up of operation theatre etc.
  • Purchase of office equipment viz. computers, fax, air-conditioners and furniture etc.
  • Purchase of car, ambulance, etc.
  • Expansion/ renovation/ modernization of existing premises/ Clinic/ Nursing Home.
  • Working Capital requirement including stock of medicines.

Types of Doctor Loan

  • Interest only Doctor Loan (Flexi Loan)
  • Healthcare Equipment Financing
Interest only Doctor Loan (Flexi Loan)

Major Banks/NBFCs presents you Interest only doctor loan that is called Flexi Loan or Hybrid Flexi Loan - the new way to fund your dreams. Enjoy principal holiday tenure, flexible part-payments and unlimited withdrawals!

Find out more about Flexi or Hybrid Flexi Doctor Loan and how you can benefit from it, right here.

Interest-only EMI

Pay only the interest amount as the EMI when you take the Flexi or Hybrid Flexi Doctor Loan

Flexi-Repayment

With Flexi or Hybrid Flexi Doctor Loans, there's no restriction when it comes to repaying the principal loan amount.

Unlimited Withdrawals

A Flexi or Hybrid Flexi Doctor Loan allows you to withdraw as many times as you want from your loan limit.

No Additional Charges

A Flexi or Hybrid Flexi Doctor Loan allows you to withdraw as many times as you want from your loan limit. There is no additional charges.

No Recurring Form Filling

You don’t need to apply again when in need of fresh amount of funds. Simply withdraw money from your existing sanctioned loan limit from anywhere 24x7!

Healthcare Equipment Financing

Banks/NBFCs provide you comprehensive financial solutions to take care of your funding requirements for Healthcare Equipments. Lenders provide flexible, convenient loans for Doctors, Hospitals, Diagnostic Centres, Nursing Homes, Trusts, Societies and limited Companies. With loan amount upto 15 crores and tenure upto 84 months, Lenders provide you complete solutions to take care of your financial needs while you provide world quality healthcare services.

Term Loan Plans

Term Loan for purchasing of New and Refurbished/Used

Import LC facility

Import LC for Import of high end healthcare equipments.

Collateral Free Loans

Collateral Free Loan* where the Asset Funded is the primary collateral

Higher LTV Value

Loan to value of up to 85% of the Asset cost.

High Loan Tenure

Higher loan tenure of up to 84 months.

Quick Turn Around Time

Special product program for Loan

Medical Equipment that can be financed
Some of the medical equipment for which loans can be availed include
  • CT Scanners
  • Sonography Machines
  • MRI Machines
  • X-Ray Machines

Doctor Loan Eligibility Check

You may be eligible for medical loan in India from one or more banks if you meet the following eligibility conditions:
Eligibility Criteria
Eligible Entities
  • Salaried doctors
  • Self employed doctors who are sole proprietors, partnership firms, private limited companies, public limited companies
Minimum and Maximum Age Individuals with minimum age of 21 years and maximum age of up to 68 years
Loan Tenure

Banks give loan up to a period of 5 years depending upon your age

Note: However, some banks also restrict the maximum tenure to 3 years
Minimum Qualification
  • MBBS/BDS/BAMS/BHMS/BUMS/BSMS/BYNS/MD/MS/DNB/DM/MCH degree to qualify a loan
  • Must have 3 years and more experience to get a professional loan
  • Note: Applicants should have an IMA (Indian Medical Association) membership number or any other registration allowed by Indian Government
Business Existence for Self-employed doctors Minimum business vintage of 2 year
CIBIL Score Requirement

Bank consider 750 and above credit score eligible for doctor loan

Note: In case of low CIBIL score, you can be eligible from few banks or NBFCs with some additional conditions like higher interest
Specialization & Work Experience required to apply for Doctor Loan
  • Super Specialist Doctors (MD/DM/MS) for Super Specialist Doctors – No minimum experience required
  • Graduate doctors (MBBS) for Graduate Doctors - At least two years of work experience after qualification is required
  • (BDS/MDS) for Dentist Doctors - At least three years of work experience after qualification is required
  • (BHMS/BAMS) for Ayurvedic and Homeopathic Doctors - At least six years of work experience after qualification is required. Additionally, such doctors must have a clinic or house of their own.
  • (DHMS) for Homeopathic Doctors - At least 15 years of work experience after qualification is required. In addition, these doctors must have their own clinic or house.
  • (BUMS) for Unani Doctors and (BYNS) for Naturopathy and Yogic Sciences Doctors - At least 15 years of work experience after qualification is required. In addition, these doctors must have their own clinic or house.
Entities eligible to apply for Doctor Loan

The following sets of entities are eligible to apply for these loans which include the following:

  • Salaried Doctors
  • Self Employed Doctors operating as sole proprietorship firm, partnership firm, public limited or private limited company
Types of Entities eligible for Doctor Loans

Banks and finance companies offer this loan to multiple categories of doctors which includes the following:

Loan for Salaried Doctors:

The loans are taken by those medical practitioners who have a regular source of income along with a minimum qualification of 3 years.

Loan for Self Employed Doctors:

These loans are taken by those doctors who have their own practice and they intend to expand their medical clinic or hospital.

Loans for hospital and nursing homes:

These loans are given to those who want to set up a new medical clinic/hospital/ nursing homes or want to renovate their existing hospital premise.

Loans for Diagnostic centre and Pathological laboratories:

These loans are sanctioned to those doctors who wants to set up their diagnostic centre and pathological laboratories

Loans for Specialized clinics:

These loans are taken by the practicing doctors to set up specialized clinics which includes the following,

  • Skin Clinics
  • Dental Clinics
  • Eye Centre

Doctor Loan Documents and Charges

Some Banks/NBFCs are offered doctor loan without income document like IT Returns and Salary Slips. They need only your MRC Certificate copy, Bank statement and KYCs.
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For Self Employed Doctors:
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Employer ID Card/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs
Qualification Proof:
  • Certificate of Qualification
  • Medical Registration Certificate
Income Proof:
  • Copy of Form 16 or Latest two Financial Year’s (FY) Income Tax Return copies with full set (with auditor seal & sign)
  • Bank account statements for all the bank accounts (SB/Current/OD/CC) owned by the applicant for the last one year
Own House Proof (for any one director):
  • Own House EB bill or Latest House Tax Receipt
For Salaried Doctors:
Identity Proof (any one):
  • PAN (mandatory)
  • Driving License/ Voter ID/Valid Passport/Smart Ration Card
Current Residence Address Proof (any one):
  • Copy of Driving License/Electricity Bill/Water Tax/Property Tax/Aadhaar Card/Telephone Bill/Valid Passport/Notary Public Affidavit
Passport Size Photograph:
  • Two passport size recent photographs
Qualification Proof:
  • Certificate of Qualification
  • Medical Registration Certificate
Income Proof:
  • Latest 3 months salary slips or Salary certificate
  • Copy of Form 16 or Latest two Financial Year’s (FY) Income Tax Return copies with full set (with auditor seal & sign)
  • Bank account statements for all the bank accounts (SB/Current/OD/CC) owned by the applicant for the last one year
Own House Proof (for any one director):
  • Own House EB bill or Latest House Tax Receipt

*Requirement of doctor loan documents might vary according to the scheme chosen. Banks/NBFCs may require additional doctor loan documents which will be intimated to you while processing your application.

Doctors Loan Interest Rates

Compare the lowest doctors loan interest rates starting from 12.50% p.a. and apply for the best doctors loan. Get the complete list of current doctors loan rate of interest in India from all leading banks and financial institutions.

Doctors Loan
Bank/NBFCs Interest Rate (%) Processing Fees (%) Tenure (yrs.)
min max min max min max
Bajaj Finserv 14 16 0.99 2 1 5
HDFC Bank 12.5 15.65 0.99 1.5 1 5
Axis Bank 14.25 16 0.99 1.5 1 5
IDFC First Bank 12.75 16.5 0.99 1.5 1 5
ICICI Bank 11.25 15 0.99 1.5 1 6
Yes Bank 12 14.5 0.99 1.5 1 5
IIFL 12.5 15 1.5 2 1 5
Fullerton India 12.99 36 2 3 1 5
Aditya Birla 13.99 14.5 0.99 2 1 5
Capital Float 14.99 16 1 2 1 5

Doctor loan Fees and Charges

Depending on the type of loan you are applying for, the following charges may be levied:
Processing fees :

This is a one-time non-refundable fee that is to be paid to the doctor loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.

Prepayment charges:

Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your doctor loan before the completion of the loan tenure.

Foreclosure Charges:

Foreclosure penalty is the fee you will have to pay the lender if you plan on foreclosing your doctor loan before the completion of the loan tenure.

Cheque dishonor charges:

The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account.

Insurance:

This is a one-time non-refundable fee that is to be paid to the doctor loan provider after the loan application has been approved. Some Banks/NBFCs add this charge with the approved loan amount and deducted with EMIs.

Fees on account of external opinion:

In some cases, you might want to consult an external expert such as a lawyer or a valuator for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.

Default charges:

Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Installments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.

Incidental charges:

This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly installments on time.

Charges On Account Of Delayed Payments:

Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum.

Annual/Additional Maintenance Charges

This charge is applicable for Dropline Overdraft Doctor Loan. Banks/NBFCs are charged up to 2% of Annual/Additional Maintenance Charges on your sanctioned loan amount.

Calculators

FAQs on Doctor Loans

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Do I need to go to a Banks/NBFC branches to get a doctor loan?
  • No, there is no need to visit Banks/NBFC branches to apply for a doctor loan. We have made the process simple; you can apply for a doctor loan through BankVallet.com.
  • You can submit required details through our bankvallet.com website and we will call you back and let you know about eligibility and application status. BankVallet will have the necessary documents picked up from your residence or office.
  • If you have any questions regarding the doctor loan application process, please feel free to contact our customer care at +91-90470 45470 or write to us at wecare@bankvallet.com.
How secure is my information when I provide it during the BankVallet loan comparison process?

All your sensitive information like personal/financial information is encrypted and safeguarded with our best in class security systems. We don't share your information with any marketing agencies or any 3rd party without your consent.

Why should I avail of a Doctor Loan online?

Taking a Doctor Loan online on BankVallet.com is fast, secure, hassle-free and transparent. It will save you a lot of time and effort.

How long does it take to get a doctor loan?

At BankVallet, we have simplified the process of obtaining a doctor loan. You can visit BankVallet.com and apply for the loan by submitting your details. We will call you back and notify you if you are eligible. Thereafter, you can submit your documents to our representative who will visit either your home or office as per your convenience. We strive to process the complete application within 24 hours of complete document submission. If you have any questions regarding the doctor loan application process, please feel free to contact our customer care at 90470 45470 or write to us at wecare@bankvallet.com.

How will Banks/NBFCs determine my doctor loan eligibility?

There are a number of factors that are taken into consideration before we approve your application for a doctor loan. These include:

  • Your age:

    You should be at least 21 years at the time of loan application and maximum 68 years of age at the time of loan maturity.

  • Your work experience:

    Banks/NBFCs require salaried employees to have 1 years of work experience while self-employed individuals should have been in business for at least 2 years.

  • Good credit rating:

    Banks/NBFCs examine your CIBIL record; they extend credit to individuals and entities with a good credit rating.

Is there a specific purpose that I should mention to avail such a loan?

Customers can opt for the Doctor loan for business purposes, personal reasons or debt consolidation.

Is the doctor loan from Banks/NBFCs fixed or floating?

Many Banks/NBFCs offer a fixed as well floating doctor loan to our customers. If you opt for floating, you can take advantage of the prevailing interest rates.

What is the maximum loan amount I can get?

You can get a doctor loan from a minimum of Rs. 5 lakh to a maximum of Rs. 75 Lakhs.

Do lenders offer Doctor Loan schemes for Non-resident Indians?

No. At present Banks/NBFCs currently serve only Indian residents.

How will I know if my Doctor Loan application is approved?

Using your application reference number, you can check the status of your loan application on the website of the lender. If the loan is approved, you will receive a message on your registered mobile number that your loan has been approved and that the money will be credited to your account shortly.

Is there a minimum limit on part payment?

There is no minimum limit on part payment in case of Dropline Overdraft (Flexi) Doctor Loan but there is a minimum limit of one EMI for part payment in case of Term Loan.

When can I make the part-payment?

Some Banks/NBFCs are allowing part-payments at any time after paying the first EMI of a Term Loan.

How will a part-payment change your EMI and/or tenure?

Part payment paid will be adjusted to the principal amount which results in a reduced monthly interest in case of Flexi or Hybrid Flexi loan. For Term Loan, you can keep the EMI same and reduce the tenor or you can keep the tenor same and increase the EMI.

What kind of Benefits of Prepayment the loan?
  • Reduces the outstanding principal.
  • Lowers either the EMIs or the loan tenure.
  • Frees you from debts quickly.
Are there any charges on my part-payment and foreclosure?

Some Lenders offer nil part-payment and foreclosure charges.

Why do Dropline Overdraft (Flexi) Loans have a higher interest rate than Term Loans?

You can actually save on interest payments even though the base rate is marginally higher than a Term Loan. The innovative customer friendly features that come with Flexi allows you flexibility and control on your loan repayment which can help you minimize the interest you pay. In case of any fund requirements, you can always withdraw from the part payments with funds instantly credited to your bank account.

How many times can I make a part-payment?

There is no limit to the number of part payments in Flexi and in Term Loan. However, a maximum of 6 - part payments can be made in a year.

When can I foreclose my loan?

Some Banks/NBFCs are allowed foreclose your loan after paying your first EMI.

How can I change my tenure?

You can change your tenure by making part payments.

Are there any annual maintenance charges for Flexi loan?

Some Banks/NBFCs are charged 0.25% - 0.50% on your loan amount.

What happens if my EMI payment bounces?

It is advised that you maintain sufficient funds in your account for clearing loan EMIs regularly. However, in case of an EMI bounce lenders would be charging bounce charges between Rs.500 to Rs. 1,000 per bounce. You could also attract penal charges on further delay in paying the EMI which can impact your credit score.

What is ECS-mandate?

ECS is an electronic mode of funds transfer from one bank account to another. You need to inform your bank and provide a mandate that authorizes the institution, who can then debit or credit the payments through the bank. The mandate contains details of your bank branch and account particulars.

Is the interest rate for the Doctor Loan standard between lenders?

No, the interest rates offered by lenders vary.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

How To Apply for a Doctor Loan

1

Compare the best Doctor Loan packages

At BankVallet, we give you an overview of the latest Doctor Loan packages available in the market. With just a few clicks, you’ll be able to compare the best interest rates from our Banks and Financial Partners.

2

Get in touch with our Doctor Loan Specialist

From knowing your loan eligibility to getting your IPA, we’ll fill you in with all the pertinent details regarding Doctor Loan. Our Doctor Loan Specialists will help you throughout the process and give you unbiased advice.

3

Apply for your Doctor Loan

Once you have your IPA, we can get started with your Doctor Loan application. We understand that this is a major life decision and we’re here to guide you. With our help, the Doctor Loan application process can be completed within 1 working day. Although, some banks and financial institutions may take up to 2 working days to complete.

Why Get Your Doctor Loan
Through Us?

Simple, Fast, Convenient

Leave your Doctor Loan research to us and we will break it down for you in simple terms. Our Doctor Loan Specialist will contact you directly so you can save time for other important things in life.

We compare so you get better deals

Feeling so spoilt for choice you cannot decide? Settling for the first option is like being forced to marry the first person you come across on a matrimony app. Don’t feel pressured. We compare across all banks in TamilNadu to ensure that you get the best deals.

Most importantly it's free!

Our service to you is free. But, of course we are not doing this for charity! All banks pay us a standard referral fee for our services and our awesome job done. We don’t take sides or give biased advice.

We have helped thousands Tamilnadu doctors choose and apply for their Doctor Loans

Thank you bankvallet team for your timely help to complete my personal loan need. I got my loan within 3 working days from Axis Bank without any hassle and commission. Their loan services are fully free and worthy. I strongly recommend bankvallet to all!

Vgasureshdurai Durai
Employed full time

I thank bankvallet team for their timely help. I got my business loan for my business expansion within 4 days from Bajaj Finance. They are very helpful and transparent. I strongly recommend.

Suresh Kannan
Employed full time

Thank you BankVallet team for your valuable support & services for getting my loan faster and cheaper. Timely help! I got my medical equipment loan within 5 days from Yes Bank. I am impressed BankVallet services!

Inbadeepa T
Employed full time

We Work with All Major Doctor Loan Providers