Canara Bank Personal Loan for Doctors

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Written By
Utsah Sharma
Utsah Sharma
Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Doctors can now choose the Canara Bank Doctors personal loan to apply for a loan specially designed to meet their needs. This personal loan scheme has been specially designed for doctors to help them meet their professional and personal financial needs. The Canara Bank Personal Loan for Doctors offers loan amounts ranging up to 5 Cr at an attractive interest rate with a flexible repayment tenure of up to 7 years. The loan can be used to cover various expenses such as purchasing medical equipment, renovating a clinic, and financing the construction of a new clinic. Doctors who meet the eligibility criteria can avail of the loan by submitting their proof of income, educational qualification, and other documents. The loan scheme also offers a quick and hassle-free application process.

Canara Bank Personal Loan for Doctors – Highlights

Here are the highlights of the Canara Bank Doctors Personal loan.

Feature Description
Interest Rate Starting from 10.80%
Loan Amount Maximum up to 5 Cr
Tenure 12-84 months
Any Hidden Charges No hidden charges

Comparing Canara Bank Doctor’s Loan with other Banks

Canara Bank is known to offer the most competitive interest rates in the market. Here is a comparison between Canara Bank Doctor’s Personal loan interest and other leading banks in India.

Feature Canara Bank SBI PNB Axis Bank HDFC Bank
Interest Rate Minimum  10.80% 11.15%  10.40%  10.49% 10.75%
Interest Rate Maximum 11.55% 15.30% 11.40% 11.40% 12.50%

Canara Bank Personal Loan for Doctors – Fees and Charges 

The Canara Bank Doctors instant loan is one of the most lucrative choices for fulfilling new endeavours, such as setting up a new medical centre or buying medical equipment. Here are Canara Bank Doctors personal loan details about fees and charges.

Type of Fee Applicable Charges
Upfront Fee
  • Upto Rs.5 lakhs: Nil
  • Above Rs.5 lakhs: 75% of normal charges
Processing Charges
  • Upto Rs.5 lakhs: Nil
  • Above Rs.5 lakhs: As per extant guidelines
Foreclosure Charges No charges for loans with floating interest rate.

Canara Bank Personal Loan for Doctors – Documents Required 

It is very easy to apply for a Canara Bank Doctors personal loan online. Here is a list of Canara Bank Doctors Personal Loan Documents you need to apply for the loan.

  • Address Proof of unit.
  • License/permissions of applicant/site of the new clinic.
  • Financial papers for the last 3 years with ITR and projections.
  • Details of loan Guarantor with proof of assets (if applicable).
  • Copies of Degree certificate/ Medical Practitioner Registration issued by the competent authority.
  • Copies of tax assessment orders for individuals, partnerships, companies, directors, and key persons in trusts.
  • A copy of the license issued by a legitimate authority for setting up clinics, nursing homes, hospitals, etc.

Canara Bank Personal Loan for Doctors – Eligibility Criteria

Canara Bank has specific eligibility criteria for the Doctors Personal Loan. Here are the Canara Bank Doctors Personal loan eligibility criteria that applicants must meet to get the loan.

  • Applicants should not have a history of loan defaults.
  • Applicant should have an acceptable Credit Risk Rating or a co-guarantor with a good Credit Risk Rating.
  • All qualified registered medical practitioners with practical experience in any branch of medical sciences like allopathy, dental, Ayurvedic, Unani, and homoeopathy are eligible for the loan.
  • Individuals/Proprietors/Partnerships/Companies/Trusts can apply for the loan.

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