Bank of India Personal Loan for Doctors

Are you a doctor looking for some extra money to manage your needs or expand your clinic? The Bank of India, one of our country's oldest and most trusted banks, offers a special loan just for doctors like you. This loan can help you cover various expenses without any hassle.

The Bank of India Personal Loan for Doctors is designed to be simple and quick. It means you can get the money you need fast, and with terms that make sense for your professional and personal life. Whether you need to buy new medical equipment, renovate your clinic, or even handle personal emergencies, this loan is here to help you.

So, if you are a doctor in need of funds, consider the Bank of India Personal Loans for Doctors. It’s tailored just for you, ensuring you can continue to offer the best care to your patients while managing your financial needs efficiently.

Bank of India Lakh Personal Loan for Doctors – Highlights

Here’s a table outlining the highlights of the Bank of India’s Star Personal Loan – Doctor Plus, specifically designed for doctors:

Eligibility Criteria for Bank of India Doctors’ Personal Loan

Borrowing customers must adhere to the following Bank of India Doctor’s Personal Loan eligibility criteria. 

• Professional Qualification: Must be a qualified registered medical practitioner. A minimum of 3 years’ experience in any branch of medical science.
• Age Limit: Maximum age is 75 at the time of final loan repayment.
• Maximum Loan Amount: Depends on your eligibility assessment under the bank’s “Know Your Eligibility” criteria.

Documentation Required for Loan Application

For Individuals:

• Proof of Identity (any one of the following):
  • PAN Card
  • Passport
  • Driver’s License
  • Voter ID
• Proof of Address (any one of the following):
  • Passport
  • Driver’s License
  • Aadhar Card
  • Latest Electricity Bill
  • Latest Telephone Bill
  • Latest Piped Gas Bill
• Proof of Income:
  • For Salaried Doctors:
    • Latest 6 months’ salary/pay slip
    • One year’s Income Tax Return (ITR) or Form 16
  • For Self-Employed Doctors:
    • Last 3 years’ ITR with Computation of Income certified by a Chartered Accountant
    • Profit and Loss Account
    • Balance Sheet
    • Capital Account Statement
• Professional Credentials:
  • Copy of registration with the State or Indian Medical Council.

Bank of India Personal Loan for Doctors – Fees and Charges 

1. Interest Rate:
   • Starting from 10.85% per annum.
   • The Rate of Interest (ROI) is calculated on a daily reducing balance, which means the interest decreases as you pay down the principal amount of the loan.
2. Processing Fee Charges (PPC):
   • One time charge at 1.00% of the loan amount.
   • The fee ranges from a minimum of Rs. 1000 to a maximum of Rs. 10,000.
   • This fee is 50% less than the charges applicable to other individuals, making it more affordable for doctors.
3. Concessions:
   • Attractive concessions are available for approved schemes, offering additional financial benefits to doctors under specific conditions or plans.

How to Apply for a Doctors Personal Loan ?

For a more streamlined application process, consider using the Urban Money service. Simply visit their platform, search for the “Doctor Plus” personal loan scheme, and provide your details. Urban Money will then assist you throughout the application process, from initial inquiry to final approval, and you’ll receive a call back for further assistance.