Attractive Interest Rate
The interest rate on a doctor's Personal Loan is based on their medical profile and income, ensuring the loan remains manageable and not burdensome.
Doctor Loan
Loan Up to Rs 5 Lakh
Minimum Income Required Rs 15K
Instant Approval in 10 Minutes
Calculate Personal Loan EMI
Get Personal Loan For Doctors Up to 5 Lakh
Instant Personal Loans for doctors are exclusively designed to provide timely finance to healthcare professionals. You might need quick funds to upgrade your clinic, buy new equipment, or cover a personal expense. Apply for a loan for doctors at Hero FinCorp to cover the cost upfront and repay later through EMIs over a tenure of 12 to 36 months.
The loan amount ranges from Rs 50,000 to Rs 5 Lakh, and the interest rate starts at 19% per annum. Borrow a Personal Loan for doctor without visiting the branch or dealing with any paperwork. The application process is 100% online, and the amount is disbursed directly into your bank account within a short period.
Features and Benefits of Personal Loan For Doctors
Personal Loans for doctors come with a range of benefits to make borrowing easier and more convenient. Here are some key features that make these loans a great choice for medical professionals:
Stress-Free from Collaterals
A Personal Loan is unsecured, requiring no collateral, which speeds up the approval process. This applies to Personal Loans for doctors as well.
Personalized Loan Management
Instant loan apps allow doctors to quickly manage loan applications, documentation, and check loan status without disrupting their busy schedule.
Ease of Documentation
Personal Loans for doctors no longer require photocopies of documents. The applicants just need to provide their KYC details and proof of income.
Automated EMI Deduction
Once a doctor's Personal Loan is approved, EMIs will be automatically debited, ensuring timely payments without the need to remember the due date.
Eligibility Criteria for Personal Loan for Doctors
To cater to the diverse financial needs of medical professionals, leading lenders in India, including Hero FinCorp, have introduced online personal loan apps. Just like any other loan, a quick eligibility check is essential before applying. At Hero FinCorp, Personal Loan eligibility for doctors depends primarily on your income and repayment capacity within the chosen tenure.
| Eligibility Criteria | Details |
|---|---|
| Age | You must be between the ages of 21 and 58 years. |
| Citizenship | You must be a resident Indian citizen. |
| Work Experience | Self-employed must be working in their field for at least 2 years while salaried professionals must have a work experience of at least 6 months. |
| Monthly Income | You must have a minimum monthly income of at least Rs 15,000 to qualify. |
Required Documents for Personal Loan for Doctors
At Hero FinCorp, we keep the documentation process simple for applying for Personal Loans for doctors. The key documents required include proof of identity, address, and income. Skip the hassle of visiting a branch in person – simply provide your documents online through our website or app.
Required Documents for Salaried
Proof of Photo Identity
Driving Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Six Months’ Salary Slips and Bank Account Statement, Form 16
Job Continuity Proof
Appointment Letter from the Current Employer
Proof of Residence
Driving Licence, Passport, Aadhaar Card, Utility Bill
Required Documents for Self-Employed
Proof of photo identity
Driving Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Last Six Months’ Bank Statement, ITR for the Last Two Consecutive Years
Proof of Residence
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Proof of Business Existence
Copy of Tax Registration, Shop Establishment Proof, Company’s Registration Certificate
Interest Rate and Charges for Personal Loan for Doctors
While applying for a personal loan for doctors, it’s obvious to be concerned about interest rates and additional charges. After all, they can significantly affect the total loan cost by the term's end. Knowing them beforehand helps you plan the finances properly and borrow accordingly.
| Fees & Charges | Amount Chargeable |
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Minimum 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges 2. Interest amount paid is non-refundable 3. Processing charges are also non-refundable |
How to Apply for a Personal Loan for Doctor?
Here are the simple steps to apply Personal Loan for doctors, you can opt for an way of applying for a instant personal loan online:
- 01
Visit the Hero FinCorp website or install the instant personal loan app
- 02
Go to the Personal Loan page and click ‘Apply Now’
- 03
Enter your mobile number and verify with the OTP received
- 04
Choose the loan amount you need
- 05
Verify your KYC details to check income eligibility
- 06
Click ‘Submit’ to complete your application
Frequently Asked Questions
You can get a Personal Loan for doctors easily through Hero FinCorp’s instant loan app or website. Simply check your eligibility, verify your KYC details, and apply online without visiting a branch.
At Hero FinCorp, doctors can avail a Personal Loan of up to Rs 5 Lakh, subject to meeting the required eligibility criteria.
The interest rate for a Personal Loan for doctors depends on factors like credit score and DTI ratio. At Hero FinCorp, rates start from 1.58% per month.
Yes, doctors can get loans for both personal and professional reasons. A loan for doctors can be taken to improve the quality of medical treatments, expand the clinic, or to meet personal financial goals of further studies, travel, renovation, etc.
The required documents may vary based on whether the doctor is salaried or self-employed. Generally, KYC details and income proof are necessary.
You can apply online through the Hero FinCorp website or loan app and get approval within minutes. Once approved, the loan amount is quickly disbursed to your account.
Personal Loan eligibility for doctors depends on income, credit score, repayment capacity, and employment type—salaried or self-employed.
An MBBS doctor can avail a Personal Loan of up to Rs 5 Lakh, depending on their income, credit score, and repayment capacity.
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Disclaimer
*Approval & Agreement: Loan approval is at Hero FinCorp's discretion. By applying, you agree to our Terms & Conditions, Privacy Policy, and Loan Agreement.
*Data Use: You consent to electronic processes and data use for loan assessment, as per our Privacy Policy.
*Security: Keep your account and device secure. Report our customer care for unauthorized activity immediately.
*Grievances: For concerns, refer to our Grievance Redressal Policy.
*EMI Payment: Refer to our T&Cs here*
*RBI Mandate: RBI requires transparent disclosures. Learn more from RBI.