Different Loan Options for Doctors in India

As a medical professional, your expenses are not just limited to your lifestyle and fixed payments. You may think of expanding your services to serve your patients better. In such cases, encountering additional expenses is  natural, despite being fully prepared for the payments. 

In case you find yourself in a financial crunch during service expansion, or you just want to cover your personal expenses, you can opt for different types of loans for doctors. Many banks, lending institutions, and Non-Banking Financial Companies (NBFCs) are offering Professional and Personal Loans for Doctors. 

As a doctor, it is important to understand the difference between the various credit options available for medical professionals. This will not only help you pick the loan that suits you the best but will also help you regulate your expenditure accordingly so that you don’t find yourself in a financial crisis. 

Personal Loans for Doctors 

Personal Loans are unsecured credit instruments that are offered to individuals for covering their personal expenses. These loans come with no end-use restrictions, which means you can use them for a variety of purposes. Personal Loans can be used for: 

  • Home Renovation 
  • High-ticket purchases 
  • Funding international trips 
  • Wedding expenses 
  • Debt consolidation 
  • Medical emergency

You can apply for a Personal Loan for Doctors online or offline. Applying online is easier as the application is available on lenders’ official websites. You just have to visit the official website, fill out the application form, upload soft copies of the required documents, and await approval and disbursal. 

Below are the eligibility criteria and documents required for a Personal Loan for Doctors. 






Age  The applicant should be a minimum of 24 years old at the time of application and a maximum of 58 years old at the time of maturity. 
Citizenship  Indian citizenship is required. 
Employment  Employees of state and central government, PSU, MNC, Listed, Unlisted Public Ltd., Private Limited Companies, LLP, schools, and colleges, and companies that are listed internally are eligible 
Work experience The applicants are required to have a minimum work experience of 24 months or should be employed with the current employer for at least 6 months. 
Monthly income  The applicant’s monthly take-home salary should be a minimum ₹40,000. 


Documents required 


KYC documents  Aadhaar card/ PAN card
Residential address proof (Current)  Utility bills/Passport/Rent agreement 
Income documents  Latest salary slips
Financial documents  Salary credit bank statement for the past 3 months
Employment proof Official email ID confirmation/ Emp ID card in case the email ID is not available


Professional Loans for Doctors 

As the name suggests, Professional Loans for Doctors are offered to medical professionals for covering service expansion-related expenses. These loans are also collateral-free and can be availed at attractive interest rates. A Professional Loan for Doctors can be used for: 

  • Expanding services 
  • Hiring staff 
  • Upgrading medical equipment 
  • Introducing new services 
  • Debt consolidation 

The eligibility criteria for Professional Loans for Doctors are slightly different from Personal Loans for Doctors. However, you can apply for these loans online as well. Below are the eligibility criteria and documents required for Professional Loans for Doctors. 

  • Age: Minimum of 24 years at the time of application and a maximum of 65 years 
  • Work experience: The applicant should be a practicing professional for a minimum of 1-year post-qualification
  • Income: Minimum annual professional receipt of ₹3 Lakh

Documents Required 

KYC documents  PAN card/ Aadhaar card
Residential proof Utility bills/ rent agreement/ Passport
Financial documents  Bank account statements for the last 6 months
Professional documents  Certificate of qualification, degree certificate, and a copy of your prescription letter 

In conclusion 

Now that you know about these special loans for doctors, you can choose to apply for either of the two. Before applying for the loan, research and choose a lender that is offering the lowest interest rates. You can also use an online EMI calculator to calculate your monthly payments. 

Online EMI calculators are easy to access and can be found on your chosen lender’s official website. The tool will give out an approximation of your monthly payments. This will help you create a monthly budget with your EMIs so that you don’t miss out on any payments and use funds accordingly.