How to get Personal Loan for Doctors?

Are you a doctor? Do you want to expand your professional prospects in the communities you work for? If both your answers are affirmative, you can now fly high with your aspirations, without allowing the ‘demon’ called ‘financial impediment’ to cross your way. Thank a certain modern-day financial boon named Personal loan for doctors for this!

You always wanted to have your own clinic, right? Leave all your worries behind now! Various reputed lenders in India have acknowledged this latent need of people like you and have devised attractive personal loan schemes for doctors. These schemes will finance you for the clinic or for other professional practices that will help you excel in your chosen career.

What is a Personal loan for doctors?

It’s simple! Apply for Personal loans online that are provided to the professional and practicing doctors are called personal loan for doctors or doctor loans. Such loans are meant to help the doctors in fulfilling their dreams such as setting up their own clinics or hospitals. Any doctor can avail such loans if-

  • He/ She do not have enough funds to cover for the expenses involved in setting up their clinics/medical establishments
  • He/ She wants to purchase some equipment for his existing clinic
  • He/ She wants to renovate/expand the existing clinic

Generally speaking, you will be granted a doctor loan if you need to set up a new X-Ray lab, purchase some costly equipment for the clinic, expand it or to start the renovation of the existing clinic, etc. But these loans are not granted for your personal use (wedding, vacation, purchase of land, etc).

Considering all this, doctor loans can be further classified into-

  1. Secured Doctor Loan
  2. Unsecured Doctor Loan
  3. Medical Equipment Loan

Secured Doctor Loan

This is a type of personal loan that can be availed by both self-employed and salaried doctors. But, in this case, they have to keep one or more of their commercial/residential properties as security before they can avail such loans.

Banks provide doctor loans for setting up a clinic or purchasing medical equipment for an already established clinic. Secured doctor loans are also provided for buying ambulances with RTA registration. As a mortgage/security, you need to register the vehicle in the name of the bank. Some important features of such loans are listed below-

  • You can avail such a loan against the mortgage of any residential or commercial property
  • Banks provide loan amounts ranging from Rs 50,000 to Rs 8 crore
  • Repayment period of a secured doctor loan is between 12 to 84 months
  • Interest rates for such loans start from as low as 8.80% per annum.

Unsecured Doctor Loan

Banks provide such loans without you needing to pledge any mortgage/security against the loan amount. You can avail these loans quickly but for a shorter tenure as compared to secured doctor loans. Banks provide such loans to purchase various medical instruments/equipment that are necessary to provide the best treatment and diagnosis to the patients of your clinic.

In India, many financial institutions or banks are providing such loans to doctors after considering their work experience, financial conditions, reputation, etc. Some of the important features of these loans are-

  • You can avail these loans without pledging any collateral or security
  • Loans are provided up to Rs1 crore (some lenders may even provide more depending on your profile)
  • Loans can be repaid within a period of 1 to 3 years
  • Interest rates start from 13.50% per annum

Medical Equipment Loan-

Banks provide loans to practicing doctors, exclusively for purchasing medical equipment. These loans can be availed for buying medical equipment including –

  • Sonography machines
  • CT Scanners
  • X-Ray machines
  • MRI Machines

Top personal loans for doctors offered by Banks/NBFCs in India

Given below are some of the most sought-after personal loans for doctors offered by various banks in India-

SBI Doctor Plus Loan

The State Bank of India launched this scheme to support and motivate the doctors who wanted to start their own clinics or hospitals. This loan can be used for purchasing various medical instruments, buying ambulances, computers, lab equipment, etc.

A doctor can also avail this loan if he wishes to set up X-Ray lab or drug stores etc. SBI also sanctions such loan schemes for making renovations /expansions to the clinics or hospitals already operational.

This scheme is meant for doctors as well as for registered companies and trustees. You can avail Sbi Personal loan amount between Rs10 lakhs to 5 crores under this scheme. Such loans are usually offered with interest rates ranging from 10.25% to 10.75% and a loan tenure between 3 to 7 years.

PNB Sanjeevani Loan for doctors

This loan is offered by the Punjab National Bank for qualified doctors with required qualifications (including those practicing Unani, Ayurvedic and Homeopathic medicines).

This loan amount ranges between Rs 1 lakh to 5 crores. The bank offers the loan with an interest rate of 11.50%. It has also reduced the processing fee for online application by about 20%. You get a time period of 7 years for repaying the loan to the bank.

Canara Bank Doctor’s Choice Scheme

Just like the PNB, Canara Bank also offers loans for all registered medical practitioners in Ayurvedic, Allopathy, Unani, Dental and Homeopathy. But, they need to have a minimum experience of 3 years in their professions.

The bank offers a maximum loan amount of 10 lakhs with interest rates varying from 10.05% to 11.85%. You can pay back the loan amount anytime within 7 years of availing the loan.

Allahabad Bank Loan Scheme for Doctors

The Allahabad Bank launched this scheme to grant loans to registered doctors and medical practitioners. For availing this scheme, the applicant should be below 65 years of age at loan application.

You can get a maximum loan amount of Rs 5 lakh under this scheme which needs to be repaid within the tenure of 5 years. The rate of interest starts at 14.70 %. The bank charges a nominal processing fee @ 1.20 % of the loan amount or Rs 600, whichever is higher. It also levies a prepayment charge of 2.20 % of the principal outstanding.

Doctor loan from Bank of Baroda

This is a personal loan devised exclusively to meet the financial needs of registered doctors only. This loan can be availed in the form of a term loan, overdraft, or working capital loan.


  • Registered doctors use this loan to purchase medical equipment and diagnostic tools, buying ambulances, goods carriers, ACs, computers, office equipment, furniture, etc.
  • It can be availed to set up clinics, operation theatres, X-Ray/pathological labs, clinic cum residences, nursing homes, etc.
  • Such loans are also approved for expansions/renovations of existing premises.

Eligibility criteria for different categories-

Banks and financial institutions set different eligibility criteria for different categories of doctors to avail a doctor loan. These are summarised as follows-

  • For salaried doctors– They need to have a regular income and a minimum working experience of 5 years.
  • For hospital and nursing home– Doctors looking to set up a new clinic/nursing home/hospital or to renovate existing hospital/clinic premises are eligible.
  • For self-employed doctors– Practising doctors who want to expand their clinics/hospitals are eligible for this loan.
  • Loans for pathological laboratories and diagnostic centers– Doctors looking to set up a new pathological lab or diagnostic center are eligible.
  • For specialized clinics – These loans are offered to doctors who wish to set up specialized clinics in the below-mentioned categories-
  • Dental clinics
  • Eye clinics
  • Skin clinics

With the help of the personal loan for doctors, you can boost your career without allowing financial impediment to obstruct you. All your dreams will turn to reality now, courtesy, doctor loans.

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