6 Best Personal Loan for Doctors

Personal loans for doctors have come up as a significant aid for medical practitioners with entrepreneurial ambitions. Thanks to these loans, doctors can afford to keep financial impediment at bay and can continue to enhance their professional prospects. 
Are you one of them? Are you thinking of availing a doctor loan sooner than later to establish or expand your clinic? Then go through this blog. Here we will tell you about some of the most popular personal loan schemes earmarked for ambitious medical practitioners like you. These schemes are devised to help you excel in your chosen career path. 
Before that, let’s get back to some basics!

What is a Personal loan for doctors?

Put, personal loans for registered medical practitioners are termed as personal loans for doctors or more commonly, doctor loans. Any doctor can avail these loans if-

  • He/she does not have adequate funds for setting up a clinic/medical establishment
  • He/she wants to buy specific medical equipment for his/her existing clinic/medical establishment
  • He/she is looking to expand/renovate the current clinic/medical establishment
  • He/she is a salaried doctor
  • He/she is a self-employed doctor functioning as a sole proprietorship firm, partnership firm, and public/private limited company

For availing such loans, he should be having any of the below-mentioned qualifications-

  • MD/MS/DM – for Super Specialist Doctors
  • MBBS- for Graduate Doctors
  • BDS/MDS -for Dentists
  • BHMS/BAMS/DHMS -for Ayurvedic and Homeopathic Doctors

Top personal loans for doctors offered by Banks/NBFCs in India

Personal loan for doctors
Personal loan for doctors – Readytofind

Given below are 6 of the most famous doctor loans provided by various banks in India-

SBI Doctor Plus Loan-

The State Bank of India launched this scheme to provide a hassle-free credit solution to qualified doctors in any discipline. It is very much suited for fresh medical practitioners with entrepreneurial ambitions. 

  • A medical loan is suitable for acquiring medical equipment, buying ambulances, computers, lab equipment, etc.
  • A doctor can also use the funds to set up his clinic, X-Ray lab, drug stores, pathological labs, nursing home, etc.
  • Such loan schemes help in making expansions/renovations to the existing clinics/hospitals as well.
  • Registered medical companies and trustees can also benefit from this scheme.
  • You can also use the funds for activities such as business trips and marketing exercises related to the medical profession.
  • You can avail a loan amount between Rs 10 lakhs to Rs 5 crores.
  • The interest rate ranges from 10.25% to 10.75% per annum.
  • SBI Doctor plus has a flexible repayment tenure between 3 to 7 years.

Bank of India Personal Loan for doctors-

This loan is offered for qualified medical practitioners with MCI registration. Some of the salient features of this personal loan for doctor are mentioned below-

  • Registered doctor having a minimum of 3 years of experience can make use of this loan.
  • The loan can be availed as an individual/joint/proprietorship. However, at least 50% of the partners/promoters/directors should be qualified & registered medical practitioners. The trustees should have the power to borrow, and the trust needs to be a registered one. At least one of the trustees should be a qualified & registered medical practitioner.
  • The applicant should be between 25 to 75 years of age
  • Has a flexible repayment tenure up to 7 years
  • The maximum loan amount is Rs 20 lakh or 24 times the gross monthly income
  • This loan can be used for acquiring medical equipment, buying ambulances, computers, lab equipment, etc. 
  • A doctor can also use the funds to set up his clinic, X-Ray lab, pathological labs, etc.
  • Such loan schemes are also sanctioned for making expansions/modernizations/renovations to the existing premises as well

Doctor loan from Bank of Baroda

This is a personal loan devised exclusively to meet the financial needs of registered doctors only. This loan can be availed in the form of a term loan, overdraft, or working capital loan.


  • Registered doctors use this loan to purchase medical equipment and diagnostic tools, buying ambulances, goods carriers, ACs, computers, office equipment, furniture, etc.
  • It can be availed to set up clinics, operation theatres, X-Ray/pathological labs, clinic cum residences, nursing homes, etc.
  • Such loans are also approved for expansions/renovations of existing premises 

Canara Bank Doctor’s Choice Scheme-

Canara Bank offers personal loans to registered doctors practicing Ayurvedic, Allopathy, Unani, Dental, and Homeopathy medicines. Other features include- 

  • The doctors need to have a minimum experience of 3 years in their professions. 
  • The bank offers a maximum loan amount of 10 lakhs 
  • The interest rates range from 10.05% to 11.85%. 
  • The loan can be repaid anytime within seven years. 
  • This loan can be used for purchasing medical equipment, to set up clinics, X-Ray/pathological labs, nursing homes, etc.

Allahabad Bank Loan Scheme for Doctors-

The Allahabad Bank launched this scheme to grant loans to registered doctors and medical practitioners. Other features include- 

  • The applicant should be below 65 years of age at loan sanction. 
  • You can get a maximum loan amount of Rs 5 lakh under this scheme
  • You need to repay this personal loan for doctors within the tenure of 5 years
  • The rate of interest starts at 14.70%.
  • The bank charges a nominal processing fee @ 1.20% of the loan amount or Rs 600, whichever is higher.
  • It levies a prepayment charge of 2.20% of the principal outstanding.

PNB Sanjeevani personal loan for doctors

The Punjab National Bank offers personal loans to qualified doctors practicing Allopathy, Unani, Ayurvedic, and Homeopathy medicines. Other features include- 

  • Under this loan scheme, finances are available from Rs 1 lakh to any amount as per need.
  • The interest rate starts from as low as 11.85%.
  • The loan can be repaid anytime within seven years. 
  • The Bank waives up to 20% of the processing fees for online applications.

With many attractive personal loan schemes available exclusively for qualified doctors, you need not worry at all about finance.  Just avail a doctor loan and continue your flight towards excellence.

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