Bank of India Loans for Doctors

Features of bank of India Loan for Doctors - Personal

The features of BOI loans for doctors who wish to avail personal loan are listed in the table below:

Eligible criteria

Registered medical practitioner with at least 3 years of experience. The doctor should have practised in MCI recognised branch

Type of borrowing

1. Individual
2. Joint
3. Proprietorship

Type of loan/advance facility:

1. Demand/ term loan

1. Overdraft (reducible)

1. Overdraft (non-reducible). If a doctor defaults twice, the account will be converted to reducible overdraft

Age: Minimum:25 years and Maximum: 75 years

Loan Amount Salaried doctors Others Take Home Pay (THP)

1. Maximum: Rs.20 lakh (for purchase of two vehicles)

1. 2x of gross annual income as per IT returns

1. 24 times the (gross) monthly income

The table below shows the details

Security: 

Margin: None

Up to Rs.5 lakh - None

Above Rs.5 lakh and below Rs.1 lakh: Requires guarantee by a third party (one person per account)

Above Rs.10 lakh and below Rs.20 lakh: Requires collateral security

Repayment: 84 months

Interest Rate - Bank of India (BOI) Loans for Doctors

The Bank of India offers a base rate of 9.7%. The effective rate of interest is base rate+3%

Features of BOI Loans for Doctors - Vehicle

The features of BOI loans for doctors who wish to avail vehicle loans are listed in the table below:

Eligible criteria

Type of borrowing

1. Individual
2. Joint
3. Proprietorship

Type of loan/advance facility: Demand/ term loan

Age: Minimum:25 years and Maximum: 75 years

Loan Amount Salaried doctors Others Take Home Pay (THP)

1. Maximum: Rs.1 crore (for purchase of two vehicles)

1. 36 times the (gross) monthly income

1. 3x of gross annual income as per IT returns

The table below shows the details

Security: Hypothecation of assets required

Margin Up to Rs.25 lakh and Above Rs.25 lakh:

1. Doctor has to bear charges related to registration, road tax and insurance
2. BOI can include insurance premium in the loan amount if the doctor opts for insurance from NICL
3. No margin on showroom price

1. 10% margin on showroom price

1. Doctor has to bear charges related to registration, road tax and insurance
2. BOI can include insurance premium in the loan amount if the doctor opts for insurance from NICL

Repayment: 84 months

Loan Interest rate

The Bank of India currently has a base rate of 9.7%. The effective rate of interest is base rate+0.4%

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