Are you a doctor starting a private practice of your own? A professional loan for doctors can help simplify the financial aspect of your new venture.
Today, several lenders and NBFCs offer special loans to doctors tailored to their specific needs. What’s more, you can apply for your loan online and receive the loan amount in your account in just a few days. Owing to your busy schedule and myriad responsibilities, instant doctor loans are a godsend.
Read this article to learn more about doctor loans, understand the eligibility criteria, and how you can apply online.
What is a doctor’s loan? Is it the same as a professional loan?
A doctor loan or a professional loan is specially designed to meet the needs of doctors and medical professionals. It is an easy way to arrange quick funds for building your clinic, buying and leasing new equipment, and hiring staff.
These loans are different from business loans and professional loans because they are tailored to suit a doctor’s professional profile. Lenders generally offer preferential loan terms, affordable interest rates, and flexible repayment plans for doctor loans. This facility makes a doctor’s loan a better option than professional loans and business loans.
What are the benefits of a doctor’s loan?
While you can use a business loan for medical equipment purchase and hiring staff, loans to doctors are bespoke loan products. There are several benefits of availing of special loans extended to doctors. Let us have a look at some of them.
#1 They are multi-purpose l
You can apply for a doctor’s loan for the clinic and use it for several purposes, such as:
#● Medicalequipment finance: Using advanced medical technology and state-of-the-art medical tools and machines is the best way to make your practice stand out and win the trust of patients. A doctor’s loan comes in handy to fund this purchase.
#● Renovating or expanding your clinic: You can use the same funds from your doctor loan to buy medical equipment and renovate your clinic at the same time. This saves you the hassle of applying for a separate loan for renovation.
#● Hiring the staff for the clinic: To run your practice effectively and profitably, you must hire qualified and trained staff. This includes nurses, technicians, and receptionists. You can use a professional loan for doctors to make new hires.
#● Advertising and marketing your clinic: If you are just starting out, you will need to promote your practice with newspaper ads, flyers, and digital marketing. A doctor’s loan can be used for marketing your clinic, hiring marketing professionals, and paying ad agencies as well.
#2 Loans to doctors let you borrow higher loan amountsl
The cost of advanced medical equipment can go up to lakhs and crores of rupees. To cover these expenses without compromising on your savings, you need to borrow large loan amounts. Lenders who offer professional loans for doctors allow you to borrow large sums of money depending on your needs.
Often, the loan amount you can get with doctor loans exceeds the amount you get with personal loans and equipment loans.
#3 Flexible repayment tenurel
Most lenders offer flexible tenure options when they extend loans to doctors. Doctors have a high level of financial stability, which makes lenders likely to offer favourable terms such as longer tenure options. As your practice flourishes, you can adjust the tenure based on your convenience.
#4 Quick application and disbursal
You can apply for a doctor’s loan for your clinic online and get the amount you need within a few days. Using your lender’s internet portal or mobile app, you can complete the application process from the comfort of your home or office. This means that you don’t need to abandon your clinic or take time off of your busy schedule to approach lenders.
#5 Minimal documentationl
Doctors do not have time for complex paperwork, which is why lenders strive to make the application process as convenient as possible. Applying for a doctor’s loan involves minimal paperwork, and all you need to submit are KYC documents, address proof, income proof, and proof of your qualification as a doctor.
#6 They are collateral-freel
One of the greatest advantages of applying for doctors’ loans is that they are unsecured, i.e., they do not require you to offer collateral even for high loan amounts.
This means that you can go ahead and focus on the goals of your medical business without having to risk your business assets or personal assets.
Doctor loan eligibility criteria
While the eligibility criteria for a professional loan for doctors vary among lenders, here are some of the basic requirements:
#● The applicant must be a resident of India
#● The applicant must be a practising doctor with an MBBS, BDS, or BBS degree.
#● The applicant must be between 26 to 65 years of age
#● The applicant’s CIBIL score must be at least 750
Documents required for a doctor’s loan
While the exact documentation varies from lender to lender and the applicant’s needs, here are some of the basic documents you will require. So, before you apply, keep these documents handy.
#● Proof of Identity: Aadhaar card, PAN card, Passport, Driver’s licence, or Voter’s ID
#● Your address proof: Aadhaar card, Passport, Driver’s licence, or Voter ID
#● Address proof of your clinic: Electricity bills or phone bills for your clinic
#● Income Proof: Income tax returns or bank account statements for the past six months
#● Qualification proof: Your medical degree and licence to practise
Make sure that your documents are up to date and have the correct information.
Apply for a professional loan for doctors with Tata Capital
If you think that availing of a professional loan for doctors can boost your career and help you grow your practice, Tata Capital is here to help. We offer easy business loan at competitive interest rates and flexible EMI options. Visit our website to learn more about our offerings and check your eligibility.
03 October 2024
6 mins read
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