Physician Loan was a not-so-popular concept in India until the recent past, but of late several financial institutions have begun to offer doctor loans in India. If you’re a physician looking to take a doctor loan, then you must first get acquainted with the subject at hand. Here are a few basic things to help you understand better about doctor loans.

1. What is a Doctor Loan and Who Can Avail it?
A doctor loan is a type of business loan available for physicians who own a clinic/facility and are looking forward to improving their basic infrastructure. Very few financial institutions in India offer this type of funding, and one of them is Bajaj Finserv, who helps doctors by providing loans with quick approval schemes.

2. What are the Eligibility Criteria?
All the finance companies, more or less, have the same criteria in providing a loan for professional doctors. Lenders like Bajaj Finserv, have clearly listed out the basic requirements and documents necessary to avail a loan:

  • An independent clinic owner with an own house.
  • A graduate doctor with an MBBS/BDS degree and a minimum work experience of 8 years.
  • A postgraduate doctor with a DM/MD/MS/MCH/MDS degree and a work experience of 5 years.

3. What is the Maximum Loan Amount You Can Get?
All the lenders offering doctor loans have different cap sizes on the amount (minimum and maximum) of monetary assistance they can provide. For instance, Bajaj Finserv offer up to INR 45 lakh, as an unsecured ticket size.

4. What are the Tenure Options Available?
Lending agencies offer repayment schedule depending on the requirement and the capacity of the borrower. The tenure can range from as low as 12 months to as high as 60 months.

5. How are the Doctor Loan Interest Rates in India?
The rate of interest on doctor loans in India is fairly low, with the rates starting from 10%, depending upon the lender and the amount of money borrowed.

6. Are There Any Benefits to Choosing a Doctor Loan?
Yes, there are a plenty. Doctor loans can be availed through easy instant approval schemes by online means. Also, most of the lenders in India have made it customary to not expect any guarantors or collateral in order to give a loan.
These aforementioned questions will help you secure the loan to improve your business and reach out to a larger crowd. If you’re one of those physicians who need immediate funding, you can apply online for a doctor loan and get it sanctioned very quickly.

 

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