Research shows that around 10.41 million allopathic doctors had registration under the Medical Council of India a few years back. With continuous growth in the medical sector, there also arises a requirement for uplifting the professional services of a doctor. Not to mention, their personal funding needs are equally essential.
Also, there can be situations when they require taking loans as the need of the hour to expand their healthcare practice or fulfill emergency personal funding needs. However, before availing a loan, medical professionals must learn in detail about their doctor loan eligibility and other factors like loan types, the application process, and so on. So, here’s everything you would need to know about these advances.
Types of loans doctors can avail
- Business loans: These are unsecured loans through which a medical professional can avail funding to infuse in their practice for funding needs like the expansion of the clinic, the purchase of advanced medical equipment, etc. You can avail a maximum loan amount up to Rs. 25 lakhs with the best lenders as a business loan for doctors. However, make sure to identify the reasons to avail of business loans for doctors before applying.
- Personal loan: At times when they require the fulfillment of personal funding needs, they can avail a personal loan that comes with unrestricted end-use. Also, it helps them to avail funds without any collateral and come with flexible repayment tenors similar to business loans.
- Home loan: These are secured advances tailored to fulfill home purchasing needs of medical professionals. These advances come with an extended tenor and attract nominal interest rates when availed from leading lenders.
- Loan against property: Another secured loan for doctors, it can be availed against a mortgage of residential or commercial property. You can get a maximum loan approval of up to Rs. 2 crores under this advance.
Eligibility requirements for a loan for doctors
Reputed financial institutions offer doctor finance to medical professionals meeting specific loan qualifications. These renowned lenders understand the requisites of doctors both on a professional and personal font. Therefore, they offer a complete suite of loans with various doctor loan eligibility parameters, such as:
1. For business and personal loans: Medical professionals seeking these loans need to have specific doctor loan eligibility such as:
- They should hold an MBBS degree with registration from the Medical Council of India, along with other degrees like Post-graduate and specialized ones.
- Registration of BDS degree also comes under doctor loan eligibility criteria.
- Besides, they should have completed MBBS right after registration, and two years of experience.
2. For home loan and loan against property: The primary doctor loan eligibility requisites under these loans are:
- All super-specialist and graduate doctors must have a minimum of 3 years of post-graduate experience.
- All dentists must have five years of post-graduate experience for loan qualification.
- All Ayurveda and homeopathic doctors must possess six years of experience after post-graduation.
The application procedure to avail a loan for doctor
Once one decides to avail doctor finance, he/she should acquire a comprehensive understanding of the doctor loan application process. It can help with seamless application processing and approval.
The method of loan application is explained below:
1. Choosing a suitable lender: Doctors must select a suitable lender that ensures smooth loan processing and also lays down simple doctor loan eligibility. For instance, financial institutions like Bajaj Finserv provide doctors with a one-stop solution for all loan-related requisites.
Besides, they also offer pre-approved offers to their consumers to ensure a smooth and hassle-free loan processing. These offers are available on several financial products, including personal loans and business loans. You can check their pre-approved offer in a few seconds by providing the necessary credentials.
2. Check your loan qualification: Apart from selecting an appropriate lending institution, knowledge of doctor loan eligibility is also vital. Mostly, doctors can avail loans based on their education and years of work experience in the medical profession. Failure of meeting up to the qualification requirements can lead to application rejection.
3. Complete loan application via online or offline mode: Once an individual understands the ways to be eligible for a doctor loan, he/she should proceed with the loan application. Depending upon their loan provider, they can opt for an online or offline method of a loan application.
All medical practitioners must consider the above points before applying for any type of doctor finance. It lowers the chances of application rejection and reduces other hassles involved in loan processing.