IDBI Bank Personal Loan for Doctors

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In a nod to medical professionals' specific financial demands, IDBI Bank unveils a specialised Personal Loan for doctors. This loan caters to their diverse needs and helps them manage their personal finances. This dedicated solution underscores IDBI's commitment to targeted financial support, empowering medical professionals to thrive without financial limitations.

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Table of Content

1. IDBI Bank Personal Loan for Doctors Highlights

2. Compare Doctor Loan from other banks

3. IDBI Bank Lakh Personal Loan for Doctors Fees

4. IDBI Bank Lakh Personal Loan for Doctors Documents Required

5. IDBI Bank Lakh Personal Loan for Doctors Eligibility Criteria

Written By

Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IDBI Bank Personal Loan for Doctors – Highlights

Feature	Description
Who Are Eligible?	Salaried or Self-employed professionals with stable income, ages 21-60, and good credit scores.
Maximum Loan Amount	Up to a specified amount based on income, creditworthiness, and loan purpose.
Loan Tenure	12 to 60 months, offering flexibility in repayment duration.
Margin	A required margin percentage of the total loan amount is applicable in certain cases.
Upfront Fee	A one-time processing fee covers administrative costs, specified as a percentage or fixed amount.
Collateral/Security	Required for certain loan amounts/types, including property, fixed deposits, or other tangible assets.

Compare Doctor Loan from other banks

Banks/NBFCs	Interest Rates(p.a.)
PNB Doctor’s Delight	10.40% – 11.40%
BOI Star Personal Loan – Doctor Plus	10.75%
IDFC First Bank (Professional loan for Doctors, CAs, CS, Architects, etc.)	10.75% onwards
SMFG India Credit (Formerly known as Fullerton India) Personal Loan for Doctors	11.99% onwards
IndusInd Bank Medical Loan	10.49% onwards
Bajaj Finance Personal Loan for Doctors	11.00% onwards

IDBI Bank Lakh Personal Loan for Doctors – Fees

Fee Type	Details
Processing Fee	1% of the loan amount, with a minimum of Rs. 2,500.
Foreclosure Charges	– Within 12 months of disbursement: 3% of the outstanding amount. – Between 12 to 24 months: 1% of the outstanding amount. – After 24 months: No charge.
Part Payment Charges	– Within six months of disbursement: 3% of the outstanding amount. – After six months: No charge. – Maximum part payment allowed is 10% of the outstanding amount, subject to a minimum of Rs. 10,000. – Up to 3 part payments allowed per year, with a minimum interval of 90 days.
Penal Interest Charges	4% per annum on the overdue amount for the delay period, applicable to all variants of the personal loan.

IDBI Bank Lakh Personal Loan for Doctors – Documents Required

Here are the documentation details of IDBI Bank Lakh Personal Loan for self-employed and salaried doctors:

Proof of Identity: Aadhaar Card, PAN Card, Passport, or government-issued ID.
Proof of Residence: Utility bills, Aadhaar, or Passport to verify the current living address.
Income Evidence: Recent income tax returns (typically for the last 2-3 years) reflect a stable income. If salaried, salary slips of at least six months.
Bank Statements: The bank statements from the past six months assess financial behaviour and income consistency.
Business Proof: Relevant documents proving business existence and operation for at least 3 years.
Additional documents: Certification and licence of practising medicine.

IDBI Bank Lakh Personal Loan for Doctors – Eligibility Criteria

Applicants must demonstrate strong financial health.
A good credit score is essential.
A consistent and reliable income must come from the salaried and self-employed individual’s business or professional activities.
The business should have been operational for a minimum of three years. For a job, at least one year in the same company and two years of experience are required.
Comprehensive documentation is required, including tax returns for the last two to three years and bank statements.
A pre-existing asset/liability relationship with IDBI Bank can be advantageous, though not necessarily a mandatory criterion for all loan products.