Bank of India Personal Loan for Doctors

Bank of India provides personal loans to qualified doctors and helps them meet their needs with the same. You’re eligible for this type of loan if you have a minimum of three years of medical practitioner experience in any branch of medicine recognized by the Medical Council of India (MCI), Dental Council of India (DCI) or any other statutory and regulatory authorities in India. Salaried doctors can borrow up to 24X the monthly income from Bank of India. Whereas self-practicing doctors can borrow 2X their gross annual income as per the Income Tax Return Depreciation. Read this page to know more about this type of Bank of India Personal Loan.

How Much You Can Borrow Using the Bank of India Personal Loan?

You can borrow up to INR 20 Lakh from the bank. The amount is offered to you either as a demand or term loan overdraft which is reduced after the EMI payments. Overdraft has a non-reducible limit of INR 10 Lakhs, provided your account is in credit for at least once a year. In the case of two occasions, your account is converted to OD reducible.

For a loan limit up to INR 5 Lakh, Bank of India does not need collateral security. But if the loan goes over INR 5 Lakh or up to INR 10 Lakh, a Third Party Guarantee of Adequate Value will be required. 

Note  – One person can guarantee only one loan account.

Bank of India Personal Loan Interest Rate for Doctors

Bank of India charges an interest rate on all new loans and switchover among Base Rate, the marginal cost of funds-based lending rate (MCLR) and  Revised Repo Based Lending Rate (RBLR). Currently, the MCLR is 7.35% and RBLR is 6.85%.

What is the Repayment Period for Bank of India Personal Loan for Doctors?

Bank of India Personal Loan Repayment shall commence from a month after the first disbursement. In the case of an overdraft, repayment for reducing balance is fixed on reaching 68 years of age for closure of loan before 75 years of age.

The repayment period is a maximum of 84 months which is the longest compared to any other offers in the market. A longer repayment period provides the flexibility of easy repayments to the borrower. Using this, one can afford lower EMIs, but this won’t go so well with your interest payouts. 

To manage the repayment of your Bank of India Personal Loan, do use the online EMI calculator before proceeding with the loan application. The tool shows you the EMI amount based on the loan amount, interest rate and chosen tenure. In case you won’t get the expected result from the calculator, you can change the values and see other alternatives.

Check out the below example to see what difference the Bank of India Personal Loan EMI calculator makes.

Karim is an Oncologist who is looking to buy new equipment for his clinic. But there is a problem with the funding, so he considered getting a Bank of India Personal Loan. But before making a constructive decision, he enters the below details inside the EMI calculator to see the outcome –

  • Loan Amount – INR 4 Lakh
  • Interest Rate – 7.20% per annum
  • Tenure – 3 years

The EMI will be INR 12,387.

On the other hand, Sanaya also needs a loan for her clinic renovation. She came to know about the Bank of India Personal Loan for Doctors and considered it as an option to cover the cost of renovation. She borrowed INR 5 Lakh from Bank of India at an lowest personal loan interest rate of 7.30% per annum for 36 months. And now she has been paying an EMI of INR 15,507.

As you can see if Sanaya uses the EMI calculator, she could also get a lower EMI on her repayment. 

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