Bank of Maharashtra Personal Loan for Doctors

The Bank of Maharashtra offers personal loans to doctors, recognising their unique financial needs. These loans are designed to support medical professionals in achieving personal and professional goals, with loan amounts varying significantly, ranging from ₹10 lakhs to ₹25 crores. This broad range ensures that whether a doctor is looking to consolidate debt, enhance their living standards, or expand their professional practice, there is a financial solution available.

These personal loans have repayment tenures of up to 12 years, giving doctors ample time to manage their finances without pressure. Additionally, the Bank of Maharashtra personal loan for doctors provides competitive interest rates, making these loans affordable for medical professionals looking to invest in their future.

Eligibility for these loans extends to doctors with qualifications like MBBS, BDS, BAMS, and BPT and others with at least two years of work experience after their qualifications. The bank also offers various collateral options to secure the loan, providing further flexibility in loan terms.

Overall, the Bank of Maharashtra’s personal loans for doctors are a reliable financial tool, helping doctors secure necessary funds for personal enhancement and professional development.

Bank of Maharashtra Personal Loan for Doctors – Highlights

Following are the highlights of the Bank of Maharashtra Personal Loan for Doctors in a tabular form:

Eligibility Criteria for Bank of Maharashtra Personal Loans for Doctors

The following are the eligibility criteria to be met before applying for a Bank of Maharashtra Personal Loan for Doctors:

• Age: 21-65 Years
• Minimum Annual Income: 3 Lakhs
• Past 2 years ITR/Form 16 from current employer.
• Medical professionals must hold BAHMS, BAMS, BPT, MBBS, or BDS degrees.
• Must have approvals from the regulatory authority and at least two years of work experience after qualifying.
• They should qualify as MSMEs under the MSMED Act 2006 and have a Udyam Registration Certificate.

Documents Required for Bank of Maharashtra Personal Loan for Doctors

Keep the following documents with yourself if you wish to instantly avail of a Bank of Maharashtra Personal Loan for Doctors:

Proof of Identity (choose one):

• Voter ID Card
• PAN Card
• Aadhaar Card
• Driving License
• Photo ID from current employer
• Passport

Proof of Residence (choose one):

• Electricity bill
• Voter ID Card
• Landline phone bill
• Aadhaar Card
• Driving License
• Photo ID from current employer
• Passport
• Bureau meter

Documents Required for Salaried Doctors:

• Original or certified copies of the last 3 years’ salary slips
• Copies of the last 2 years IT returns, approved by the IT Department, or Form 16
• Employer’s undertaking to remit monthly instalments, if possible
• Last 6 months’ bank statement (if from a different bank)

Additional Documents for Doctors in Business:

• Latest 3 years of IT returns (or 2 years for professionals), including income details, profit and loss account, balance sheet, audit report, etc.
• Shop Establishment Act certificate
• Tax registration copy
• Company registration license
• Bank statement for the past year

Bank of Maharashtra Personal Loan for Doctors – Fees & Charges

Let us look at the fees and charges of the Bank of Maharashtra Personal Loan for Doctors.

How to Apply for a Bank of Maharashtra Personal Loan for Doctors

Here is the simple procedure to apply for a Bank of Maharashtra Personal Loan for Doctors:

• Visit the official Urban Money website.
• Click on the “Loan” section, then choose “Personal Loan.”
• You will see a list of top lenders in India.
• Find the Bank of Maharashtra and click the “Apply Now” button on their logo.
• Fill in the quick online form with your name, mobile number, and city.
• After submitting, you’ll receive a 6-digit OTP on your mobile. Enter this OTP in the form.
• Submit the OTP and wait for a call from an Urban Money loan expert for further assistance.