Get best Doctor Loan | Professional loan

Get best Doctor Loan | Professional loan | Business Loan in India

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Doctor Loan

Front line workers i.e. Doctors in India have been working 24*7 so that all of us can stay healthy and live a long life. These doctors run their clinics and try helping people in remote locations as well. Most of the time, they cannot financial requirements to build, expand, or run a clinic as such. In such cases, they can take the help of Doctor Loans.

Doctor loan Features and benefits:

Here are the features and benefits of a Doctor Loan:

This special loan is only given to Individual Doctors & Medical Practitioners.
In a Doctor Loan, no Guarantors or collaterals are required.
Doctor loans provide a flexible repayment tenure that ranges from 12 months to a maximum of 60 months.
Doctor loans have a fast turnaround as loan approval can be given in as quick as a few hours*.
When compared with other self-employed professionals, Doctors are offered lower interest rates on this special loan.
There will be an option provided to choose from fixed & floating interest rates.
Minimum documentation like KYC, CIBIL score, Income proofs, etc.

Doctor Loan Eligibility criteria:

Here are the eligibility criteria for a Doctor Loan:

Minimum & Maximum age: 21 to 65 years on the date of loan sanction.
Eligible people - Salaried doctors, Self-employed doctors (sole proprietors), partnership firms, private limited companies, public limited companies.
Graduate Doctors (MBBS/BDS) / Post Graduate Doctors (MD/DM/MS/MCH/MDS) who have a minimum of 4 years of post-qualification experience.
A credit score in upwards of 750 is appreciated and can get better deals too.

Doctor Loan Required Documents:

Here are list of required documents for a Doctor Loan:

Signed Loan Application Form
2 Passport-sized photographs
Income Documents (ITR) for the last 2 years
Education qualification certificate
Identity proof & Permanent Address proof (PAN Card)
Property ownership proof (Official/Residential).
Medical Registration Certificate
Latest 6 months salary slip (salaried class)
Last 6 months bank statements
Copy of Memorandum of Association (MOA) for Private Limited Companies.
Copy of Partnership Deed for Partnership Firms
Insurance Policy duly endorsed in favor of the bank for assets given as security to the bank.

Degrees required to apply for Doctor Loan:

Super Specialist Doctors i.e. MD/DM/MS.
Graduate doctors i.e. MBBS
Dentist Doctors i.e. BDS/MDS
Ayurvedic Doctors i.e. BHMS/BAMS
Homeopathic Doctors i.e. DHMS

What is the purpose of a Doctor loan?

Funds from a Doctor loan give the necessary money so that Doctors can set up a clinic, X-Ray lab, purchase new types of equipment, or even for expansion/renovation of the existing clinic. There are specific purposes for which a doctor loan is granted.

Purposes for which loan is granted:

For Clinic/ hospital/Nursing home/Pathological lab construction
Also for Clinic/hospital/Nursing home/Pathological lab renovation
Medical/Diagnostic equipment purchases
Setting up operation theatres
Purchase of office equipment that can include computers, fax, air-conditioners, and furniture too
Purchase of a car, ambulance, etc that is necessary for the clinic/hospital

FAQ's

A credit score is very important for availing a doctor loan. A high credit score indicates that you have a good repayment track record and hence Banks can offer you a higher loan amount at lowest rate of interest. A bad credit score however will mean that you either get loan amount at higher interest rate or might face rejection in your loan application.

There are several ways to apply for a doctor loan. You can visit our website and compare the best interest rates online. Then you can Click Here to apply for this special loan.

You can repay your doctor loan amount through fixed EMIs. You can repay this loan amount via ECS or a standing instruction to debit your bank account on a specific date.

Doctor Loan will have an interest rate that must be paid and along with that there are possibilities of having 2 more charges i.e. processing fees and prepayment penalties. This amount will vary from Bank to Bank.