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 Doctors
Here are four things you should know.
- Business loans
Personal loans of up to Rs. 37 Lakh are available for doctors today. With this amount, they can conveniently meet their clinic’s big-ticket funding needs like the purchase of advanced equipment, business expansion, medical tourism for doctors and more. The availability of competitive doctor loan rates makes this financing affordable.
- Personal loans
With these loans of high value, it is now easy for healthcare professionals to meet their personal funding needs. Features of these advances like long tenor help repay the amount in easy EMIs.
- Home loans
Medical practitioners can also avail home loans of up to Rs. 2 Crore to purchase their dream home.
- Loan against property
Loan against property is another financing option that gives access to a credit of high value to meet big-budget funding needs. These secured advances also come with long repayment tenor and attractive doctor loan rates, thus increasing affordability.
Along with these, NBFCs like Bajaj Finserv also bring pocket-friendly, industry-first features like Flexi Loan facility, Balance Transfer facility and more on their professional loan for doctors.
Eligibility criteria and documents required to avail a loan for doctors
A 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.
Additionally, a doctor must also possess a few essential documents to avail this loan. The list of basic documents required for this loan is mentioned below.
- 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
Application process to avail a loan for doctors
Proceed with the following steps to apply for a doctors’ loan.
Step 1 – Choose the type of loan required
As a loan for doctors is customised to suit specific funding needs, you must decide on the purpose you require this loan for. Then, proceed to choose a suitable loan type from the available loans for doctors.
Step 2 – Select a suitable lender
Next, choose your lender as per the features offered like competitive doctor loan rates, maximum loan amount, repayment tenor, etc.
Step 3 – Submit the application form with required details
Make sure to recheck the details you filled before submitting.
Step 4 – Receive confirmation and submit documents
Now, once you have received the confirmation of loan application, submit the required documents.
Step 5 – Receive approval
Once all the details provided by you have been verified, you will receive approval of your loan application.
With these details, now you can decide on the loan required and the procedures involved in availing it. Make sure to use an EMI calculator to estimate a suitable tenor and loan amount that fits your repayment capacity.