Here’s All You Need To Know About Doctor Loan
As per data provided by the Medical Council of India, the number of registered medical practitioners in the country stands at 9.8 Lakh. With more than 479 medical schools having an annual intake capacity of 67,218 students for MBBS degree, the number is only set to increase. Considering the increase in the number of doctors as well as funding available for the healthcare sector standing at 4% of GDP, India is all set to witness improved facilities in medical care. However, doctors also need additional financing to meet both professional and personal requirements. The financial market thus brings these advances at affordable doctor loan interest rates to help medical practitioners meet their diverse funding requirements. Below mentioned are all the required details healthcare professionals can utilise when seeking to avail a loan for doctors.
Types of Loans for DoctorsHere are four things you should know.
- Business loans
- Personal loans
- Home loans
- Loan against property
Eligibility criteria and documents required to avail a loan for doctorsA doctor, however, needs to meet a few basic eligibilities to avail the loan. Here’s an outline of the basic eligibilities you should meet to avail doctor finance.
- He/she should be a qualified medical practitioner
- The doctor should also have a minimum experience required by the concerned lender.
- To avail secured doctor finance like loan against property, he/she should also own a residential or commercial property to the mortgage.
- Proof of identity
- Proof of address
- Degree of qualification as a doctor
- Certificate of practice
- Documents supporting business vintage
- Mortgage documents in case of loan against property