Now Doctor Can Get a Personal Loan Without any Collateral - Loan Trivia


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Friday 25 January 2019

Now Doctor Can Get a Personal Loan Without any Collateral

Medical practitioners seeking any financial aid have the option of getting a personal loan for doctors, which are provided by different banks and NBFCs at a very reasonable interest rate.

Any medical practitioner holding a certified license can proceed for the initial step of applying for the personal loan for doctors. There are various loan schemes in the market, which are devised exclusively for doctors.

They can even apply for personal loans for doctors without collateral, depending on their professional qualifications.

For availing a personal loan for doctors without collateral, the medical practitioner needs to fulfil certain criteria, such as:

  • You must have a certified MBBS/MD or MS degree.
  • You must have gained a minimum of 3 years of experience after completing your degree.
  • If you hold a BDS and MDS degree, you must have gained at least 5 years of experience after the completion of your degree.
  • If you hold BHMS and BAMS, you must have gained at least 8 years of work experience for applying for a collateral free personal doctor loan.
  • You can also avail the collateral free personal loan if you are planning to start your own business. But you must have any of the aforementioned degrees, along with minimum work experience post-degree. 

What are the documents needed for applying for a personal loan for doctors? 

  • Know Your Customer (KYC)
  • IMA registration certificate
  • Bank account statement of the past six months, along with the details of medical practice. Moreover, the active equated monthly instalments must be shown on the given bank statements. 
  • Income tax return, as well as a statement of income of the last two years, along with current tax audit report.
  • The balance sheet showing the record of past two years’ profit and loss. 

With all these minimal documentation, banks and NBFCs can offer you loan approvals up to INR 30 lakh within 24 hours, provided all the information is correct and there is no financial default at your end.

To know more about the personal loan for doctors, click here: How Can a Doctor Get a Personal Loan Without any Collateral?

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