Loan Against Property for Doctors for Higher Education

Medicine is an extremely complex profession that needs education to the highest level. From time to time, there is a need for various certifications as well. Manage your higher education with loan against property from us and avail of up to Rs. 10.50 crore*. This loan can be used for paying your college fees and any other cost that comes with higher education.

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Visa and Flights

VISA AND FLIGHTS

The cost associated with obtaining one is considered an essential expenditure. You may also need to spend a significant amount of money on airline tickets and insurance. These expenses are just the tip of the iceberg.

Course Fee

COURSE FEE

If you decide to take extra electives, vocational courses, medical workshops, etc., the cost of your degree will increase. Although education loans pay for your total tuition fee, you will be responsible for the added costs. Therefore, loan against property is your best bet.

Living Expenses

LIVING EXPENSES

The cost of living is something that cannot be ignored when considering a move to a new country. Whether it is rent, food, transportation, computer, or basic furniture, everything is just an added cost.

Course Material

COURSE MATERIAL

In the course of your studies, you may need access to a computer, software, medical journals, and costly textbooks. Expenses like these might appear out of nowhere and are rarely planned for in advance.

Emergency Fund

EMERGENCY FUND

An unexpected crisis can happen at any time. A lack of emergency funds can provide serious difficulties. In times like these, you turn to a loan against property.

Features and benefits of our loan against property

All you need to know about our Loan Against Property 00:42 ‌

All you need to know about our Loan Against Property

Watch this video to know everything about our loan against property: Features and benefits, fees and charges, eligibility criteria, and more.

  • Loan of up to Rs. 10.50 crore*

    Loan of up to Rs. 10.50 crore*

    Manage your financial urgencies with a substantial loan amount of up to Rs. 10.50 crore* sanctioned based on your mortgaged property.

  • Low interest rates

    Low interest rates

    Doctors can get a loan against property at an affordable interest rate starting from 8% to 14% (Floating rate of Interest) p.a.

  • Disbursal in 72 hours*

    Disbursal in 72 hours*

    Your loan amount will be credited to your bank account within 72 hours* of approval or even earlier in some cases.

  • Tenure of up to 15 years

    Tenure of up to 15 years

    Our repayment tenure of up to 15 years makes it convenient for you to manage the loan.

  • Multiple end-use options

    Multiple end-use options

    Use the loan amount to manage significant life events like weddings, higher education, or even pay for a medical emergency.

  • No foreclosure charges*

    No foreclosure charges*

    If all borrowers and co-borrowers are individuals, loan availed on floating interest rates, and loan taken for purposes other than business use, then there will be no foreclosure/ part-prepayment charges.

  • Externally benchmarked interest rates

    Externally benchmarked interest rates

    Link your loan to an external benchmark, such as the Repo Rate and benefit during favourable market trends.

  • *Terms and conditions apply

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EMI Calculator

Loan against property EMI calculator

Enter a few details and check your loan against property EMIs.

Eligibility criteria and documents required

A self-employed doctor can apply for our loan against property after meeting the criteria mentioned below.

Eligibility criteria

  • Nationality: You must be an Indian citizen residing in India with property in a city we operate in.
  • Age: Minimum age: 25 years* (18 years for non-financial property owners)
    Maximum age: 85 years* (including non-financial property owners)
    *Age of the individual applicant/ co-applicant at the time of loan maturity.
    *Higher age of co-applicant may be considered up to 95 years basis 2nd generation (legal heir) meeting age norms and to be taken as co-applicant on loan structure.
  • CIBIL Score: A CIBIL Score of 700 or higher is ideal to get an approved loan against property.
  • Employment status: As a self-employed doctor, you must hold an MBBS or subsequent higher degree. You should also have a business continuity of over 5 years in your current practice.

Documents required

  • Proof of identity/ residence - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
  • Proof of income (P&L statement and ITR)
  • Proof of medical practice existence, and
  • Account statements for the last 6 months

Note: This is an indicative list that may change based on your actual loan application.

Eligibility Calculator

Check your loan against property eligibility

Find out how much loan amount you can get.

How to apply for a loan against property

Video Image 00:46
   

Step-by-step guide to apply for a loan against property

  1. Click on the 'APPLY' button on this page.
  2. Enter your full name, mobile number, and pin code, and choose ‘Self-employed Doctor’ as the employment type.
  3. Now select the type of loan that you wish to apply for.
  4. Generate and submit your OTP to verify your phone number.
  5. Upon OTP verification, enter additional details like your monthly income, required loan amount, and if you have identified the property.
  6. In the next steps, enter your PAN number and any other details as requested depending on your selected occupation type.
  7. Click on the ‘SUBMIT’ button.

That is it! Your loan request is submitted. Our representative will connect with you and guide you through the next steps.

Applicable fees and charges

We advise you to read about our fees and charges thoroughly before applying.

Type of fee

Applicable charges

Rate of interest (floating rate of interest)

8% to 14% per annum

Processing fee

Up to 3.54% of the loan amount (inclusive of applicable taxes)

Documentation charges

Up to Rs. 2,360/- (inclusive of applicable taxes)

Flexi fee

Term Loan - Not applicable
Flexi Variant - Not applicable

Prepayment charges

Full prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment

  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

Part-prepayment

  • Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment.
  • Not applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi

Note: If all borrowers and co-borrowers are individuals, loan availed on floating interest rates, and loan taken for purposes other than business use, then there will be no foreclosure/ part-prepayment charges.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Not applicable

Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during Initial loan tenure. Not applicable for subsequent loan tenure.

Bounce charges

In case of default of repayment instrument, Rs. 1,500/- per bounce will be levied

Penal charge

Penal Charge is applicable in the following scenarios:

a. Penal Charge:
Any payment default shall attract penal charge of Rs. 190/- per day for period of such delay from the respective due date and continue to apply until the date of receipt of amounts under the said default.

b. Covenant Perfection Charge:
i) Rs. 800/- per day for non-submission of critical documents after 90 days of disbursement. Levy from the date when due on non-compliance of any one or all heads in the category.
ii) Rs. 500/- per day for non-submission of non-critical documents after 120 days of disbursement. Levy from the date when due.

Stamp duty (as per respective state)

Payable as per state laws

Mandate rejection charges

Rs. 450/- per month from the first month of due date for mandate rejected by customer's bank until the new mandate is registered

Broken period interest/ pre-EMI interest

Broken period interest/ pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:

Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, broken period interest is recovered by the following methods:

  • For Term Loan: Deducted from the loan disbursement
  • For QDP process and disbursement mode is cheque: Added to the first instalment
  • For Flexi Term Loan: Added to the first instalment
  • For Flexi Hybrid Loan: Added to the first instalment

Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged:

  • In this scenario, interest is charged only for the actual number of days since the loan was disbursed.

Mortgage origination fees

Up to Rs. 6,000/- per property (inclusive of applicable taxes)

Property insight (if availed)

Rs. 6,999/- (inclusive of applicable taxes)

CERSAI charges

Up to Rs. 118/- (inclusive of applicable taxes)

Conversion fee (floating to fixed)

For Term Loan: Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any)

For Flexi Term Loan and Hybrid Flexi Loan: Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any)

Note:

a) The company would charge additional interest rate risk premium of 200 bps over the applicable rate of interest on the borrower's loan account as on that date.

b) Three conversions are permissible throughout the entire tenure

Conversion fee (fixed to floating)

For Term Loan: Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any)

For Flexi Term Loan and Hybrid Flexi Loan: Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any)

Note: Three conversions are permissible throughout the entire tenure.

Switch fee for ROI change

Up to 2.36% (inclusive of applicable taxes) of principal outstanding
Commitment fee

Maximum up to total PF amount.

Still haven’t found what you are looking for? Click on any of the links at the top of this page.

Frequently asked questions

Who can get a loan against property?

A salaried or self-employed doctor can apply for a loan against property as long as you meet our eligibility criteria. Your age, employment status, and city of residence are some of the key criteria.

Am I eligible for a loan against property?

A self-employed doctor residing in India between 25 years to 85 years is eligible for the loan against property. Other criteria like your income profile, CIBIL Score, and more are also considered during the approval process.

*Terms and conditions apply

How much loan will I get against my property?

A loan against property is a secured loan for which you mortgage your property to a lender in exchange for a substantial loan. Several factors influence the final loan amount, including the individual's profile and repayment capacity, the property's valuation, and the lender's loan-to-value ratio.

What is the maximum repayment tenure for a loan against property?

You can repay the borrowed sum over a convenient repayment tenure of up to 15 years.

What should be my CIBIL Score if I want to apply for a loan against property?

The CIBIL Score is an important indicator of your creditworthiness. To get a loan against property, it is preferable to maintain a CIBIL Score of 700 or higher.

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