Professional Loans to Doctors
- Specially designed to fulfil financial needs of Doctor’s to meet professional and personal goals
Overview
Professional Loans to Doctors are collateral-free and help doctors to facilitate the needs such as expansion of business, upgrade equipment, set-up/upgrade clinic and much more. This facility comes with the advantages of a speedy disbursal process, flexible repayment schedules and competitive interest rates. This exclusive doctor loan is designed for medical professionals who require instant access to finance.
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 assets like ambulance, etc.
- Expansion/ renovation/ modernization of existing premises/ Clinic/ Nursing Home.
- Working Capital requirement including stock of medicines.
Doctor Loan Features & Benefits
| Type | Collateral-free term Loan |
| Funding Range | Minimum above: 5 lacs Maximum upto: 35 lacs |
| Features | Doorstep service, Minimum documentation, Quick processing & collateral-free |
| Repayment Period | 12 months to 48 months |
| Pricing | Attractive rate of interest |
Doctor Loan Fees & Charges
| DESCRIPTION | CHARGES |
|---|---|
| Rate of Interest | Fixed |
| Non-Refundable loan Processing Charge | Upto 2% of Loan amount |
| Prepayment Fees (Pre-closure or Part Payment) | 4% plus applicable taxes, |
| Delay EMI Payment Charges | 2% + GST on total overdue (P+I) or 100 + GST whichever is higher (Cash basis - non Ageing / on non-payment within 3 days of Due date) |
| No Due Certificate/ No Objection Certificate (NOC) | NIL |
| Duplicate No Due Certificate/ No Objection Certificate (NOC) | Rs.200/- plus applicable taxes |
| Charges for dishonor of PDC / ECS /SI | Rs. 500/- plus applicable taxes |
| PDC Swapping/Repayment mode change Charges | Rs. 500/- plus applicable taxes, per event |
| Duplicate Statement Charges | Rs. 500/- plus applicable taxes, per event |
| Loan Cancellation Charges | Rs. 5000/- plus applicable taxes plus interest for period of loan utilized |
| Duties, Taxes | As per state/Applicable laws |
| Legal Charges | As per actuals wherever applicable |
Fees & Charges
5 Lacs - 35 Lacs
Loan Amount*
- *Loan Amount will be range 500000 to 35 Lacs
2% onwards
Processing Fee**
- **Processing Fee – 2% onwards*
13% onwards
Rate of interest***
- ***Rate of interest will be 13 % onwards
Doctor Loan Interest Rates
| Interest Rate – Q1 2021-22 | ||
|---|---|---|
| Minimum | Maximum | Mean |
| 11.50% | 11.50% | 11.50% |
| Annual Percentage Rate – Q1 2021-22 | |
|---|---|
| Minimum | Maximum |
| 11.50% | 11.50% |
Doctor Loan Eligibility
Eligibility
- ITR – Requirement based
- Min. experience of 3 years for PG & 7 Years for MBBS doctors
- Clean CIBIL
- Residence Stability- Owned or 3years(if rented)
- Age of applicant doctor - 25 to 70(at end of term)
- Clubbing of family income possible- provided all are doctors
-
Application :Application form with a recent photograph
-
Proof of Identity:(Passport Copy/ Voter ID card/ PAN Card etc.)
-
Address Proof:(Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement)
-
Office Ownership Proof (if applicable) (Any One) :
- Property Tax Bill
- Municipal charges Bill
- Electricity Bill
- Sale Agreement
- Share Certificate from the society
-
Age proof :(PAN Card, Passport, any other certificate from a statutory authority)
-
Proof of income :
- 2 years latest Form 26 AS / ITR / Form – 16
- past 3 month’s Salary Slip in case of salaried doctor
-
Bank StatementsBank statement / Bank Passbook for last 6 months
- Copy of Last Degree Certificate & Medical registration certificate
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Terms and Conditions apply. All Loans at the sole discretion of IndusInd Bank Ltd.