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Guide: How Doctors in India Can Apply for Personal Loans

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Created on
May 9, 2023


What’s Inside

As a doctor, your monthly paycheck might not always support your finances. You may need additional funds to finance your child’s education or a medical emergency. These cash crunch situations can be challenging. A personal loan will be an ideal way out.

The loan application process is simple. You have to fulfil the eligibility criteria, select a lender and understand the doctors loan interest rate. This post will discuss the essential details of doctor’s loans for better clarity.

Selecting a Loan Provider

Most providers of personal loan for doctors will have attractive offers, but choose wisely.

Select the lender who provides the best doctors loan interest rate, appropriate loan amount, and simple application process. Also, focus on the EMI, tenure, balance transfer, processing and approval process.

Some loan providers focus on debt consolidation or improving your credit score. So, try selecting a provider who matches your financial objectives.

Eligibility Criteria

The doctor loan eligibility rules can differ from lender to lender. However, any doctor in India can get these loans, provided they are Indian citizens. Here are some basic criteria you need to fulfil –

  • Proven experience in consulting or practising as a doctor
  • The age limit is approximately 22 to 72 years
  • Proof of medical registration
  • Minimum professional annual income INR 1 lakh
  • Proven record of financial profits (if you have a business)

Talk to the lender to get more details about the eligibility.

Documents Required

To consider a personal loan or begin its application, collect the required documents. In general, these are the documents every loan provider may need from you –

  • Identity proof - Aadhar card, PAN card, Voters ID card or Passport
  • Medical registration certificate
  • Address proof - Aadhar card, PAN card, or electricity bill
  • Latest income tax documents
  • Bank statement for the last 4-6 months
  • For business trade licenses, partnership deeds and ​​​​​​​sole proprietary declarations are necessary

It is very important to submit these documents and ensure all the information is correct. This will increase your chances of getting the loan faster.

Application Process

After understanding the loan provider details, eligibility criteria and documents required, it's time to begin the application. The two common methods of loan application include offline and online modes.

For offline mode, visit the provider’s branch, submit documents, fill up forms and complete the application. However, the online loan application process is the most convenient and saves time. For this, visit the loan company’s official website and follow these steps –

  • Enter personal details in the application form
  • Upload relevant documents
  • Verify details through mobile number and OTP
  • Select the loan amount and repayment tenure
  • Complete the KYC process
  • Submit the application

After the company verifies all your details and documents, they will send the loan amount to your bank account within a few days.


Personal loan for doctors usually don't have the problem of collateral submission. They also have multiple repayment options, with no hassles of a guarantor. So, understand all the terms and conditions before finalising the loan provider.

If you're looking for a user-friendly personal loan option, Fi Money offers instant loans. These are pre-approved, completely paperless, and have automatic payment options.

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Frequently Asked Questions

1. What Is The Minimum Income Requirement To Avail Doctors’ Personal Loan?

The minimum income requirement for a doctor's loan is approximately 1 lakh per annum.

2. How Does Your Credit Score Affect Your Eligibility To Avail Personal Loan For Doctors?

Yes, a low credit score can hamper loan eligibility. That's why you must have a credit score of 700 and above to get the loan.


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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Guide: How Doctors in India Can Apply for Personal Loans


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