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Personal loan for doctors

Are you a medical practitioner or a doctor seeking funds? Whether you wish to meet your personal financial needs or grow your business, a personal loan can help. With a personal loan, you can establish your own clinic, invest in better medical equipment, expand your practice, or improve your clinic’s infrastructure, or simply meet your immediate financial needs. Read on for more

FIRSTmoney personal loan features for doctors

A personal loan for doctors comes with several features, such as:

High loan amount High loan amount

High loan amount

Get an instant loan up to ₹10 lakh and meet your needs without delays.

No collateral required No collateral required

No collateral required

No need to provide any security or collateral because doctor loans are unsecured in nature.

Quick sanctions Quick sanctions

Quick sanctions

The combination of powerful technology and a 100% digital process allows quick disbursal of funds to your account.

Access multiple loans Access multiple loans

Access multiple loans

Enjoy the flexibility to access multiple loans from your pre-qualified loan offer, without having to apply for a new loan from scratch.

Flexible tenure Flexible tenure

Flexible tenure

Choose a short or long-term tenure based on your repayment capacity.

Competitive rates Competitive rates

Competitive rates

With interest rates as low as 10.99% per annum, your personal loan journey stays affordable and stress-free.

FIRSTmoney personal loan benefits for doctors

A personal loan benefits you as a doctor in countless ways:

Versatile usage Versatile usage

Versatile usage

Use the borrowed funds for multiple purposes, from clinic expansion to upgrading diagnostic facilities.

Money on your terms Money on your terms

Money on your terms

Get the necessary funds to tackle both planned and emergency expenses smoothly. These would otherwise drain your hard-earned savings.

Predictable payments Predictable payments

Predictable payments

Fixed monthly instalments mean you know exactly how much to pay each month. This reduces the risk of budget mismanagement and supports a well-planned repayment strategy.

Zero foreclosure charges Zero foreclosure charges

Zero foreclosure charges

IDFC FIRST Bank’s FIRSTmoney smart personal loan allows you to clear your outstanding loan whenever you want without incurring any additional charges.

No hidden fees No hidden fees

No hidden fees

Borrow with confidence, knowing there are no undisclosed costs or surprise deductions.

How to apply

Online application

1. Scan the QR code available above to apply for a quick loan online.

2. Register with your mobile number and confirm basic details to check your loan eligibility.

3. Choose your loan preferences, including the tenure and repayment terms.

4. Link your bank account for the disbursement of funds.

5. Complete the video KYC process by displaying your PAN card.

Read More

Eligibility criteria

Age Age

Age: 21 to 60 years

Employment Employment

Employment: Salaried or self-employed with consistent income

CIBIL Score CIBIL Score

CIBIL score: 730 and above & a good credit history

Documents required for a doctors’ personal loan

Identity Proof Identity Proof

IDFC FIRST Bank’s FIRSTmoney smart personal loan offers a hassle-free borrowing experience with a 100% digital application process. To apply, you just have to show your physical PAN card during the video KYC process. You can apply for the loan without uploading any documents.

IDFC FIRST Bank’s FIRSTmoney smart personal loan offers a hassle-free borrowing experience with a 100% digital application process. To apply, you just have to show your physical PAN card during the video KYC process. You can apply for the loan without uploading any documents.

Fees and charges

When taking a personal loan for doctors, it’s important to check the associated charges to know the full borrowing cost.

Types of fees

Applicable charges

Interest rate

Starting at 9.99% per annum

Processing fee

2% of the loan amount, including GST

Stamping charges

As per actuals

Foreclosure charges

None


Note:
This schedule of charges is subject to periodic revisions, and updates will be published on the official bank website.

Tailored Personal Loan Options

Tailored Personal Loan Options

Wedding Loans

Make your wedding dreams a reality with our smart personal loan for weddings designed exclusively for those who deserve it the most. Rather than depleting your savings or resorting to high-interest credit cards, a FIRSTmoney smart personal loan allows you to maintain financial stability as you start a new chapter of your life. Here's how our loan can add value to your special day:

  • ► From venue rentals to catering costs and everything in between, FIRSTmoney offers up to a ₹10 lakh personal loan, allowing you to cover all aspects of your wedding expenses with ease
  • ► Completely paperless, quick and digital personal loan application process
  • ► Attractive fixed interest rate (on a monthly reducing basis) commencing at 9.99% p.a. only
  • ► No need for collateral or security
  • ► Enjoy flexible loan repayment terms extending up to 60 months

Travel Loans

Embark on your dream adventures with an online personal loan designed exclusively for elite travellers like you. Whether you're planning a luxurious getaway, an exotic expedition, or a cultural exploration, a FIRSTmoney loan offers the financial freedom to turn your travel aspirations into reality.

With competitive rates and flexible terms, a FIRSTmoney smart personal loan empowers you to book premium accommodations, indulge in once-in-a-lifetime experiences, and create unforgettable memories without compromise. Apply for a travel personal loan seamlessly on an end-to-end digital journey and make Instant bookings without dipping into your savings.

Advantages of a FIRSTmoney smart personal loan for travel expenses:

  • ► Get instant access to funds, anytime, anywhere, in your bank account; 24x7, in just a single step.
  • ► Attractive fixed interest rate (on a monthly reducing basis), starting at 9.99% p.a. 
  • ► No need for collateral or security deposit to set up a loan.
  • ► By responsibly managing your personal loan, you can enhance your credit profile, opening doors to even greater opportunities for future travel endeavours.    

Education Loans

In times of financial emergencies, FIRSTmoney smart personal loan stands as a beacon of stability and support. Instead of depleting your savings or tapping into your investment accounts, this smart personal loan enables you to preserve your financial reserves for long-term goals. Here's how our emergency loan can be a lifeline during uncertain exigencies:

  • ► Effortless online application process with complete digital verification - apply in 2 easy steps for an emergency personal loan online
  • ► Get the loan amount credited promptly to your bank account on the same day
  • ► No collateral requirement for emergency personal loans
  • ► Flexible loan repayment tenure of up to 60 months
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting from 9.99% p.a. only
  • ► Safeguard your financial stability with this personal loan in the face of emergencies

Home Renovation Loans

Renovating your home or any structural upgrades can put a significant financial strain on your savings and personal loan proves to be a reliable solution. Manage and plan your home improvement expenses depending on your needs with FIRSTmoney, our smart, instant personal loan. Apply for a personal loan online and get approved seamlessly.

  • ► Can act as a top-up to your home loan
  • ► Can serve to pay for renovation and expenses in parts
  • ► Access funds anytime anywhere
  • ► No need for collateral or security to apply for this personal loan
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting at just 9.99% p.a.

Frequently Asked Questions

What is a personal loan for doctors?

A personal loan for doctors a financial tool that is specifically designed to cater to the financial needs of medical practitioners. It does not need any collateral, unlike most business loans and home loans, and can be used to finance both personal and professional requirements. This unsecured borrowing option tends to come with affordable interest rates, flexible repayment schedules, and zero foreclosure charges.

How do loans for doctors work?

Loans for doctors operate similarly to other unsecured personal loans. Once you apply for a loan, the bank assesses your eligibility based on factors like your age, credit score, and income. Once verified, you may get the loan amount in your account within 24 hours. The repayment is made through EMIs over a chosen tenure.

Is CIBIL score important for availing loans for doctors?

A strong CIBIL score, generally 730 and above along with a good credit history are important for availing loans for doctors. If your credit score is poor, you could boost your personal loan eligibility by clearing outstanding dues, maintaining low credit utilisation, and making regular EMI payments. Also check your credit report from time to time to identify errors early and take corrective actions promptly.

How much loan can a doctor get?

Basis your eligibility and financial needs, you can avail IDFC FIRST Bank's FIRSTmoney smart personal loan of maximum ₹10 lakh. With a larger sum, it is simpler to modernize your clinic, purchase medical equipment, invest in specialized training, or cover critical expenses without depleting your savings.

What are the end uses of a personal loan for doctors?

Personal loans for doctors have many end uses. They could be used for investing in new medical equipment, renovating clinic facilities, or even covering operational expenses. On an individual level, they can be used towards education, vacationsweddings, or unforeseen financial requirements.

How do I apply for a personal loan for doctors?

You can apply for IDFC FIRST Bank’s FIRSTmoney smart personal loan both online and offline. For online applications, no document uploads are required. All you have to do is show your physical PAN card during the video KYC process. After verification, the loan amount is credited to your account within 30 minutes. 

Can I apply for a loan for doctors if I have an existing loan?

You can apply for a new personal loan even if you have an ongoing loan. Banks verify your debt-to-income ratio to check whether you will be able to handle more EMIs. If your monthly salary can easily handle existing and new loan repayment, you are more likely to be approved. But if your debt load is high, the approved loan amount might be reduced.

More FAQs