Doctor Loan Interest Rates and Repayment Terms

"Discover insights on doctor loan interest rates in our latest blog. Benefit from My Mudra's professional loan for doctors starting at just 10.50% interest."

5 mins read

Published: 15 September 2023

Updated: 2 May 2024

While applying loan for a doctor one should research about the doctor loan interest rate. A professional Loan for Doctors is a personal loan that is offered to doctors based on their degree. A doctor can either get a personal loan for doctor if he or she is on a salary. Apart from this one can also get a business loan for doctors if he or she owns a hospital/ clinic. Doctor Loan is a financial product designed especially to quench the financial thirst of doctors. This article is an attempt to make all the doctors understand how they can avail of the loan for doctors. Furthermore, it shall make them understand doctor loan eligibility and doctor loan interest rates.

Loans for Medical Doctors can be applied from the My Mudra website. While doctors are taking care of people, it is the government's and lenders' sole responsibility to help them financially. The doctor loan interest rate starts from 10.50% P.A* and the documents required for a doctor loan involve KYC Documents, Income Proof, and a duly submitted application form. Let's start your journey with dr. loan.

Benefits of Taking Professional Loan for Doctors

Repayment terms for doctor loans can vary depending on the lender and the specific loan product. However, here are some common features and options you might encounter when it comes to repayment terms for a doctor loan:

1. Loan Tenure: The loan tenure refers to the period over which you will repay the loan. It can vary from lender to lender but typically ranges from 1 year to 5 years for unsecured personal or professional loans. For loans that are secured with collateral, such as property or investments, the tenure can be longer, often up to 15 years or more.

2. Equated Monthly Installments (EMIs): Most doctor loans require borrowers to make regular monthly payments, known as EMIs, which include both principal and interest components. The EMI amount is calculated based on the loan amount, interest rate, and loan tenure. Doctors can choose EMI amounts that suit their financial capacity.

3. Flexible Repayment Options: Some lenders offer flexible repayment options to doctors, allowing them to tailor the repayment schedule to their income patterns. For example, you may be able to choose seasonal or step-up EMIs where payments increase gradually over time.

4. Moratorium Period: Some doctor loans offer a moratorium period, also known as a grace period, during which you are not required to make loan repayments. This can be beneficial for doctors who want to establish their practice before starting loan repayments. Interest may accrue during this period, and the loan tenure may be extended accordingly.

5. Part Prepayment and Foreclosure: Many doctor loans allow borrowers to make part prepayments (paying off a portion of the loan before the tenure ends) or foreclose the loan (repaying the entire outstanding loan amount before the tenure ends). Some lenders may charge prepayment penalties, while others offer these options with no penalties or reduced charges.

6. Interest Rate Type: The type of interest rate can impact repayment terms. Fixed-rate loans have consistent EMIs throughout the tenure, while floating-rate loans may have EMIs that fluctuate with changes in market interest rates.

7. Collateral Requirement: If you opt for a secured doctor loan, the collateral you provide can influence the repayment terms. In case of default, the lender may seize the collateral to recover the outstanding loan amount.

8. Default Consequences: It's crucial to understand the consequences of defaulting on loan repayments. Late payment fees and penalties may apply, and defaulting can negatively impact your credit score and financial reputation.

9. Loan Prepayment Charges: Some lenders may impose prepayment charges if you decide to repay the loan before the agreed-upon tenure. These charges can vary, so it's important to check the terms and conditions.

Professional Loan for Doctors Interest Rate

Loan for Doctors in India start at an interest rate of 10.50% P.A. Here are the top banks offering Doctor loans. Have a look at the professional loan for the doctor's interest rate.


  Interest rate for Doctor Loan

  Axis Bank

  10.49% onwards

  ICICI Bank

  10.50% onwards

  Kotak Mahindra Bank

  10.99% onwards

  Tata Capital

  10.99% onwards

  HDFC Bank

  10.50% onwards


Doctor Loan Eligibility

The specific documents required for a doctor loan may vary from one lender to another and can depend on the type of loan (personal loan, professional loan, business loan, etc.) you are applying for. However, here is a list of common documents that are typically requested when applying for a doctor's loan:

1. Application Form: You will need to fill out a loan application form provided by the lender. This form captures your personal and financial details.

2. Identity Proof: Typically, a government-issued photo ID proof is required. This can include your Aadhar card, passport, driver's license, or voter ID card.

3. Address Proof: You will need to provide a document that verifies your residential address. This can be a utility bill (electricity, water, gas), rental agreement, or any other government-issued address proof.

4. Income Proof: To assess your repayment capacity, lenders will require income-related documents, such as:

  • Income Tax Returns (ITR): The last 2-3 years' ITR forms.

  • Bank Statements: Typically, 6-12 months of bank statements.

  • Salary Slips: If you are employed by a hospital or medical institution, your salary slips for the last few months may be required.

  • Profit and Loss Statement: If you have a medical practice, you may need to provide a profit and loss statement for your clinic or hospital.

5. Professional Qualification Documents: Proof of your medical qualifications, such as your medical degree certificate and registration with the medical council.

6. Business Proof: If you have a medical practice, you may need to provide documents related to your clinic or hospital, including registration certificates, establishment proof, and any licenses required for your practice.

8. Credit Score: Some lenders may request your credit score and credit report as part of the application process.

9. Photographs: Passport-sized photographs may be required.


It's important for doctors to carefully evaluate their financial needs, compare loan offers from different financial institutions, and ensure that they can comfortably manage the loan repayments before taking out a professional loan. Additionally, seeking advice from financial professionals or consultants can be helpful in making informed borrowing decisions. When considering a doctor's loan, it's essential to review the loan agreement carefully and discuss the repayment terms with the lender. Make sure you have a clear understanding of the doctor loan interest rate, EMI amount, tenure, and any associated fees or penalties. Additionally, assess your financial situation to ensure that you can comfortably manage the loan repayments throughout the chosen tenure. My Mudra is one such platform that is helping doctors in getting professional loans. Apply for the doctor's loan and get it approved in no time.

Also read: What is Doctor Loan?

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