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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.

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

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

Documentation

  • 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 Statements (Bank statement / Bank Passbook for last 6 months)
  • Copy of Last Degree Certificate & Medical registration certificate

Fees & Charges

DESCRIPTION CHARGES
Rate of Interest Fixed
Non-Refundable loan Processing Charge Upto 2% of Loan amount
Prepayment Fees (Preclosure) 4% plus applicable taxes,
Delay EMI Payment Charges 2% PM- plus applicable taxes
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

Interest Rates

Bank ROI- Q4(FY19-20) APR
Min Max Average Min Max
12.50% 15.52% 14.28% 12.50% 15.52%
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  • SAVINGS RATES

  • Daily balance Upto Rs. 1 Lakh 4 %
  • Daily balance above Rs. 1 Lakh & upto (& including) Rs. 10 Lakhs 5 %
  • Daily balance above Rs.10 Lakhs 6 %
  • DEPOSIT RATES

  • 1 year to 1 year 2 days 7 %
  • Indus Tax Saver Scheme - 5 years (upto Rs 1.5 lacs) 6.75 %
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