Everything You Need to Know About Doctor Loans
Doctor loans or Physician Loans only picked up popularity among the lending institutions in India recently. But before you opt for a doctor loan, it’s important for you to know more about what a doctor loan is and the eligibility criteria you should meet to avail one.
A doctor loan is a type of business loan which can be availed by doctors (of any field in medical science) with a clinic/hospital, and who wish to improve the infrastructure or facilities provided by that clinic/hospital to provide better healthcare solutions to their patients. However, very few institutions in India actually provide doctor loans that are feasible to the applicant.
Are You Ready for a Doctor Loan?
Most lenders have, more or less, similar and standard criteria for eligibility documents for a Doctor Loan in India. For instance, companies like Bajaj Finserv requires an applicant to be:
- An independent clinic owner with an owned house
- A graduation degree of MBBS/BDS and work experience of a minimum 8 years.
- Or a Postgraduate degree of DM/MD/MS/MCH/MDS, and a work experience of a minimum 5 years.
- Doctors with self-owned clinics.
- Employed physicians in government or private hospitals, clinics, or consultants.
What are the Documents Needed for a Doctor Loan?
All the doctor loan applicants are required to submit a list of documents for their applications to be processed. These include:
- A minimum gross receipt of a certain amount of money depending upon the city of practice and residence.
- Income tax returns of previous two years.
- Bank statements of previous three months.
- Educational qualification certificates.
- Address proof.
- Identity proof, and
- Own property proof.
Interest Rates and Other Benefits
Doctor Loans can be availed at interest rates starting from as low as 10% in most of India, depending upon the choice of lender, loan amount, and loan tenure. Many NBFC’s like Bajaj Finserv, for instance, provide a loan of up to INR 45 lakh with flexible repayment tenures and instant approvals to choose from. Usually, doctor loan interest rates range from 10% to 15% in India.
Availing Doctor Loans Made Easy
Getting any loan these days is easy, for instance you can apply online for a doctor loan and get quick approval. Also, most of the lenders offering this type of loan have come up with no guarantor or no collateral schemes to attract more business so as to help budding doctors flourish their practise. There are also lenders who offer instant approvals on applications if the applicant meets the predefined criteria.
Thanks to the advance of technology and lenders realisation of an unexplored goldmine, availing a doctor loan has become rather easy. Several NBFCs like Bajaj Finserv, offer Doctor Loans with instant online approvals.