Becoming a doctor is one of the most prestigious achievements in India. No wonder that lakhs and lakhs of students enroll for medical studies every year. India, as of 2019, had 11.57 lakh allopathic doctors and 7.88 lakh Ayurveda, Unani, and Homeopathy doctors registered with the state medical councils and the Medical Council of India. But being a doctor comes with its own set of challenges.
The main challenge for doctors is often finding the funding to open their own practice or to sustain and grow their existing one. To this end, financial institutions offer special loans for doctors, which have become quite popular in the past few years. These are commonly known as doctor loans.
What is a doctor loan?
A professional loan for doctors, also known as a doctor loan, can help doctors start or expand their own practice. These loans are tailored to the needs and requirements a doctor would face while nurturing their own practice. Which is why loans for doctors in India are essential.
Benefits of a doctor loan
- These loans are very flexible. You can pay them back at your own pace, without putting heavy burden on your finances.
- These are unsecured loans that require no pledging of collateral.
- A lot of loans have gone almost completely online, right from application to disbursal and withdrawal and other account services. The ease of accessibility helps you apply from anywhere, any time.
Professional loan for doctors
A doctor is likely to face a range of financial requirements for a number of reasons. A doctor can utilize a professional loan for a variety of purposes. These could include:
- Opening up your new clinic
- Buying medical equipment like X-Ray machines, sonography machines, etc
- Buying surgical equipment like scalpels, forceps, etc.
- Hiring and training new staff
- moving to a new clinic
- renovating your current clinic
If you are a self-employed doctor, a great option that you must check out is Bajaj Finserv Professional Loan for Doctors, available on Finserv MARKETS.
Eligibility for professional loan for doctors
The eligibility criteria for a professional doctor loan as per Finserv MARKETS is very inclusive. To check where you meet the requisite eligibility criteria, you can run a quick check with the help of the eligibility calculator on the Finserv MARKETS website as well. Below is the eligibility criteria to obtain a doctor loan on Finserv MARKETS:
- You must be a citizen of India.
- You must be a self-employed doctor.
- You must be in the age group of 25 to 65 years.
- The criteria for experience as per qualification are as follows.
|Super Specialist (MD/MS/DM)
|No minimum amount of experience needed
|At least 2 years of experience post-qualification
|At least 5 years of experience post-qualification
|Homeopathic or Ayurvedic Doctor (BAMS/BHMS)
|At least 6 years of experience post-qualification, and must have own house or clinic
|Homeopathic Doctor (DHMS)
|At least 15 years of experience post-qualification, and must have own clinic or house
Documents needed to apply for a doctor loan
As mentioned before, the documentation required for loans for doctors in India is minimal. It usually includes the following, subject to additions/subtractions as per the loan provider.
- Aadhar Card/Passport/Driving License.
- PAN Card.
- Qualification Degree
Now that you know how exactly loans for doctors work, it is time to go loan shopping. We recommend that you begin with the Bajaj Finserv Professional Loan for Doctors, available on Finserv MARKETS. The Bajaj Finserv Professional Loan for Doctors offers borrowers loan amonts of up to Rs.30 lakhs that they can avail for major business expenditures, as they see fit.
- It has nominal annual charges, which are all disclosed in your loan document.
- It can give you approval in quick as 3 minutes and disbursal as quick as 24 hours.
- The repayment structure is very flexible. Tenure options have a wide range of 12 to 60 months.
- It comes with the credibility of Finserv MARKETS, which has served 100 million+ satisfied customers across the country.
- There is minimal documentation required, and an easy application process.
- What’s more, there are also Value Added Services on offer like a Financial Fitness Report and protection against liability with customized insurance plans.