According to research, around 10.41 million allopathic doctors have registered with the Medical Council of India a few years ago. With the continuous growth of the medical sector, there is also a need to elevate the professional services of a doctor. Not to mention their own personal funding requirements. Continue reading about the loans for doctors in India.
In addition, there may be times when they need to take out loans to expand their healthcare practice or meet emergency personal funding needs. However, before applying for a loan, medical professionals must thoroughly understand their doctor loan eligibility as well as other factors such as loan types, the application process, and so on. So, here’s everything you need to know about these breakthroughs.
Loans available to doctors
Business loans: These are unsecured loans through which a medical professional can obtain funding to invest in their practise for purposes such as clinic expansion, the purchase of advanced medical equipment, and so on. As a business loan for doctors, you can borrow up to Rs. 25 lakhs from the best lenders. However, before applying for business loans for doctors, make sure to identify the reasons for doing so.
Personal loan: When they need to fulfill personal funding needs, they can take out a personal loan with unrestricted end-use. It also allows them to obtain funds without requiring any collateral and has flexible repayment terms similar to business loans.
Home loans: These are secured advances designed to meet the housing needs of medical professionals. When obtained from reputable lenders, these advances have a long repayment period and low-interest rates.
Loan against property: This is another type of secured loan for doctors that can be taken out against the mortgage of a residential or commercial property. This advance allows you to obtain a maximum loan approval of Rs. 2 crores.
Eligibility requirements for a doctor loan
Doctor financing is available from reputable financial institutions to medical professionals who meet certain loan requirements. These renowned lenders comprehend the needs of doctors on both a professional and personal level. As a result, they provide a comprehensive suite of loans with various doctor loan eligibility criteria, such as:
- For business and personal loans: Medical professionals seeking these loans must meet certain criteria, such as:
- They must have an MBBS degree and be registered with the Medical Council of India, as well as other degrees such as post-graduate and specialized ones.
- The registration of a BDS degree is also part of the doctor loan eligibility criteria.
- Furthermore, they must have completed MBBS within two years of registration and have two years of experience.
- For home loans and property loans: The following are the primary doctor loan eligibility requirements under these loans:
- All super-specialists and graduate physicians must have at least three years of post-graduate experience.
- To qualify for a loan, all dentists must have five years of post-graduate experience.
- All Ayurvedic and homeopathic doctors must have six years of post-graduate experience.
The application process for a doctor’s loan
When deciding to obtain doctor financing, one should gain a thorough understanding of the doctor loan application process. It can aid in the smooth processing and approval of applications.
The loan application procedure is outlined below:
- Choosing a suitable lender: Doctors must choose a suitable lender who ensures smooth loan processing as well as simple doctor loan eligibility. For example, financial institutions such as Bajaj Finserv offer doctors a one-stop shop for all loan-related needs.
Furthermore, they provide pre-approved offers to their customers in order to ensure a smooth and hassle-free loan processing. These deals are available on a variety of financial products, including personal and business loans. By providing the necessary credentials, you can check their pre-approved offer in a matter of seconds.
- Verify your loan eligibility: In addition to choosing an appropriate lending institution, knowing your loan eligibility is critical. Doctors can typically obtain loans based on their education and years of work experience in the medical field. Failure to meet the qualification requirements may result in application rejection.
- Submit loan application online or offline: Once an individual understands how to be eligible for a doctor loan, he or she should submit the loan application. They can apply for a loan either online or offline, depending on their loan provider.
Before applying for any type of doctor financing, all medical practitioners must consider the points listed above. It reduces the likelihood of application rejection and other hassles associated with loan processing.