Must-Know Things about HDFC Doctor Loan before applying | 2021
If you are a doctor and striving to commence your clinic or hospital or willing to broaden your existing medical business but falling short on funds, then look nowhere further as HDFC Doctor Loan is aimed at helping in the same context. The bank has helped thousands of medical practitioners under the special loan scheme and as a consequence, it has become one of the most popular funding alternatives to meeting the dream of owning a medical business. Let’s find out the vital factors of this special HDFC Business Loan product.
Highlights of HDFC Doctor Loan 2021
Following are the important factors under the highlights section that you can enjoy on availing the HDFC Doctor Loan 2021:
- Loan Amount – You can apply for a loan amount ranging from Rs. 50,000 to Rs. 75 lakhs.
- Repayment Tenure – You can avail of the loan for any time frame ranging from 1 year to 5 years.
- Interest Rate – HDFC Bank provides Doctor Loan at an attractive interest rate which can fall between 12.50% p.a. and 15.65% p.a.
Advantages of HDFC Doctor Loan
Following are the core advantages that you can enjoy on availing of the HDFC Doctor Loan:
- You can avail of the loan amount of up to Rs. 50 lakhs under the doctor loan scheme.
- You can get a balance transfer facility to pay your existing loan with lower EMIs.
- HDFC Bank offers a golden edge facility for a high amount and doctors having a high income.
- Zero collateral required.
Who can apply for HDFC Doctor Loan 2021?
If you want to avail of the Doctor Loan from HDFC Bank, you must be a salaried individual, self-employed individual, or a BAMS/BHMS doctor. Following are fundamental eligibility requirements by the bank to extend you the funds under its doctor loan scheme:
Eligibility Criteria for HDFC Doctor Loan
Following are the fundamental eligibility criteria of HDFC Bank Doctor Loan that one will have to meet so as to avail the loan under this scheme:
- Age – Your age should be at least 25 years old and should not surpass the age of 65 years.
- Job Constancy – You should be working at the present organisation for at least 1 year consecutively.
- Credit Score – You should hold a credit score of at least 650.
Documents Requirement for HDFC Bank Doctor Loan 2021
Following are significant documents that are required for applying for Doctor Loan from HDFC Bank:
Salaried individual
- Duly filled-in loan application
- Identity Proof (PAN Card, Passport, Driving license, Banker’s sign verification)
- Qualification Proof (Graduate or Post Graduate qualification certificate, Indian Medical Association membership number, or the other registrations permitted by the Government)
- Address Proof (Driving license, Election ID card, Passport, Phone bill, Electricity bill, Rental agreement)
- Salary slips for the last 3 months
- Passport size photos
- Last 6 months’ bank statement
- Post Dated Cheques/ECS Mandate
Self-employed individual or professional
- Duly filled-in loan application
- Identity Proof (PAN Card, Passport, Driving license, Banker’s sign verification)
- Qualification Proof (Graduate or Post Graduate qualification certificate, Indian Medical Association membership number, or the other registrations permitted by the Government)
- Income Tax Returns for past 2 years
- Professional/Self- employed existence proof for last 3 years
- Passport size colour photos
- Bank statements of last 3 months
- Post Dated Cheques/ECS Mandate
Fees and Charges in HDFC Bank Doctor Loan 2021
Following are the fundamental fees and charges that are levied under the HDFC Doctor Loan 2021 in addition to the rate of interest:
- Prepayment Charges - These charges are to be paid if you want to pay off your loan either partially or completely during the chosen term. The bank enables prepayment of the loan at zero charges.
- Processing Fee – The bank takes a processing fee of 0.99% – 2.50% + applicable taxes.
HDFC Bank Doctor Loan Calculator
HDFC Bank Doctor Loan Eligibility is the amount of loan that you can avail on the basis of an evaluation of your creditworthiness alongside your income. It is substantial to compute eligibility for loan from the bank. You can compute your loan eligibility using the Afinoz Doctor Loan Calculator to get a fairly precise estimate of your potential eligibility provided that the information you input in the calculator.
You can also take the help of HDFC Bank Doctor Loan Calculator Online to compute your loan EMIs. EMI is a fixed amount that you need to pay every month towards the repayment of your loan till the loan tenure ends.
The Special Business Loan EMI Calculator facilitates in computing the monthly EMI at varying Business Loan Interest Rates for doctors and also to check and compare lowest EMI. HDFC Bank Doctor Loan EMI relies upon several elements like loan amount, interest rate and loan tenure:
Loan Amount
The higher the loan amount, higher the EMI will be. Loan amount relies upon the rate of interest offered by the HDFC Bank.
Rate of Interest
Another element that impacts your EMI is rate of interest. The longer the loan term, the lower EMI will be. Doctor loan interest rates in HDFC Bank usually ranges from 12.50% p.a. to 15.65% p.a. relying upon your loan eligibility and loan quantum.
Loan tenor
The loan tenor signifies the period in which you can pay off your loan in HDFC Bank. The longer loan tenure leads to lower loan EMI. Typically, HDFC Bank offers doctor loan for a maximum tenure of 5 years.
Benefits of Calculating HDFC Bank Doctor Loan EMI
Following are the benefits that you will attain if you consider calculating the EMI prior to applying for HDFC Bank Doctor Loan:
- HDFC Doctor Loan EMI Calculator facilitates you in computing your monthly EMI at different interest rate.
- HDFC Bank Doctor Loan EMI Calculator assists you in finding out your creditworthiness of the loan post sustaining your standard of living.
- Getting an estimate on EMI will facilities you determine the monthly EMI you can afford to pay comfortably, consequently, allowing you to opt for the ideal blend of loan amount and loan term.
- Interest rate is an essential element that impacts your EMI on loan availed. If the interest rate is high, EMI will be higher, if the interest rate is low, EMI will be lower.
The bottom stroke
HDFC Doctor Loan comes with the best personal loan interest rate in the market with numerous other attractive features and benefits. You can definitely turn around this loan product if you wish to avail of the funds to facilitate your own clinic or hospital dream. Nevertheless, you must undergo considerable research on the same prior to applying for it.
