Kotak Bank Personal Loan for Doctors

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Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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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.

Lenders often favour doctors due to their robust job prospects and their high level of confidence in their market stability. At Kotak Mahindra Bank, eligible applicants can secure a loan amount of up to ₹15 lakh without pledging any of their assets as collateral. The digital application process further enables borrowers to apply online, eliminating the need to visit bank branches and submit physical documents. The bank also ensures that applicants can expect fund disbursement in as little as 48 hours, making it a quick and simple credit option for doctors seeking financial assistance for both personal and professional expenses. Continue scrolling down for further information about Kotak Mahindra Bank doctors’ personal loans.

Kotak Mahindra Bank Personal Loan for Doctors – Highlights

Let’s take a look at the key parameters of Kotak Mahindra Bank’s instant loan for doctors:

Interest Rates	10.99% p.a. onwards
Loan Amount	Up to Rs 15 lakhs
Loan Tenure	6 years
Eligibility	MBBS, BAMS, BHMS, and other higher professional degree holders.

Compare Kotak Mahindra Bank Doctors Loan From Other Banks

Let’s compare the Kotak Mahindra Bank personal loan for Doctors with other banks and NBFCs in India:

Bank/NBFC	Interest Rate	Processing Fee	Loan Amount	Tenure
Kotak Mahindra Bank	10.99% p.a. onwards	Up to 2.5% of the loan amount	Up to Rs. 15 lakhs	1 – 6 years
HDFC Bank	10.75% p.a. onwards	Rs 7999 + Taxes	Up to Rs 75 lakhs	1 – 6 years
Punjab National Bank	11.40% p.a. onwards	0.90% of the loan amount	Up to Rs. 20 lakhs	1 – 7 years
Bank of India	10.25% p.a. onwards	NA	Up to Rs. 25 lakhs	1 – 7 years
IDFC First Bank	10.50% p.a. onwards	Up to 3.5% of the loan amount	Up to Rs. 1 cr	1 – 7 years
SMFG India Credit	11.99% p.a. onwards	Up to 6% of the loan amount	Up to Rs. 30 lakhs	1 – 5 years
IndusInd Bank	10.49% p.a. onwards	Up to 2% of the loan amount	Up to Rs. 10 cr	1 – 7 years
Bajaj Finance	10% p.a. onwards	Up to 2.95% of the loan amount	Up to Rs. 55 lakhs	1 – 8 years

Kotak Mahindra Bank Personal Loan for Doctors – Fees and Charges

Let’s examine the fees and charges associated with the Kotak Mahindra Bank Doctors’ Personal Loan:

Fee/Charge	Amount
Processing fee	Up to 2.5% of the loan amount
Foreclosure charges	Up to 6% of the principal outstanding.
Delayed installment payment charge	24% p.a. on overdue installments.
Cheque swapping charges	Rs 500
Amortisation schedule charges	Rs 200
Cheque bounce charges	Rs 550
Legal/incidental charges	At actual
Stamp duty & other statutory charges	As per applicable laws of the state

Kotak Mahindra Bank Personal Loan for Doctors – Documents Required

The following are the required documents for an HDFC Doctors Personal Loan:

Proof of Identity: Aadhaar Card, PAN Card, Passport, or Driver’s Licence.
Proof of Address: Passport, Driver’s Licence, Voter ID, or Aadhaar Card.
Proof of Education: Certificate for the highest professional degree
Proof of Income: Latest 6 months Bank Statement
Proof of Profession/Business: Latest Income Tax Return (ITR), Balance Sheet, and Profit & Loss Account for the last 2 years, certified or audited by a Chartered Accountant (CA).
Other Mandatory Documents: Sole Proprietorship Declaration, Certified Copy of the Partnership Agreement, a Director-certified true copy of the Memorandum and Articles of Association, and a Board Resolution.

Kotak Mahindra Bank Personal Loan for Doctors – Eligibility Criteria

Kotak Mahindra Bank doctors’ personal loan eligibility criteria are as follows:

You must be aged between 25 and 65 years old.
You must have at least 4 years of post-degree work experience.
You must have a minimum income (ITR) of Rs. 1 lakh per annum.
Your business must have been profitable for the two preceding years.
You must have a good credit score and repayment history.