Bank of India BOI Star Doctor Plus

A personal loan for doctors and medical practitioners.

All the information you will ever need on Bank of India’s BOI Star Doctor Plus Loan.

Bank of India BOI Star Doctor Plus Loan Scheme

This loan helps doctors and medical practitioners get funds for personal needs including wedding expenses, medical expenses, education expenses, travel expenses, purchase of consumer durables, etc. They can also avail this scheme to pay off their high-interest credit card debts and loans, hence consolidating their debts. This loan cannot be availed for speculative reasons.

Features of BOI Star Doctor Plus Loan

Why this Loan?

  • The Bank of India BOI Star Doctor Plus Loan is meant for doctors and medical practitioners who need financial assistance to meet their personal needs. It can also be availed as a consolidation loan to pay off credit card debt and other high-interest loans by the borrower
  • The bank offers this loan as a demand loan, term loan or overdraft
  • BOI offers collateral-free loans up to Rs. 5 lakh under this scheme

Loan Amount

  • The maximum loan amount sanctioned by the bank under this loan is Rs. 20 lakh. However, the actual loan amount sanctioned depends on the income of the borrower. It is capped at 24 times of gross monthly salary for salaried people and 2 times of Gross Annual Income as per Income Tax Return Depreciation in the audited financial statements


  • The applicable interest rate on this loan is defined as the sum of two factors namely, Repo Based Lending Rate (RBLR) of Bank of India and Strategic Premium (SP)
  • As of October 2020, the RBLR of Bank of India is 6.85% and the SP for this loan is 2.00% for a fully secured loan and 3.00% for an unsecured loan. This brings the effective interest rate at 8.85% for fully secured loans and 9.85% for unsecured loans


  • This loan must be repaid within 7 years


  • Registered medical practitioners with a minimum of 3 years of experience in any branch of medical science recognised by MCI, DCI and other statutory/regulatory authorities in India
  • Proprietorships and partnerships where more than 51% of the entity is held by a registered medical practitioner are also eligible for this loan
  • The borrower should be in the age group of 25 to 75 years

Security Needed

  • Loans up to Rs. 5 lakh: This is a collateral-free loan
  • Loans Above Rs. 5 lakh: The bank asks for a third-party guarantee for this loan. In some cases, the borrower may be asked for collateral security as well

Margin Money (Borrowers Contribution to Total Cost)

  • The bank does not charge a margin on this loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a margin of 20% means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges 1% of the loan amount for this loan, with a minimum of Rs. 500 and a maximum of Rs. 5,000

Documents Needed

  • Loan Application Form duly filled and signed by the applicant
  • Two Passport Size Photographs of applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof: Computation of income of last 2 years, Balance sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Reference Facts

  • Bank of India Website: and
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906